Greenwich Council

Agenda and minutes

Venue: Committee Room 6 - Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Jasmine Kassim  Email: jasmine.kassim@royalgreenwich.gov.uk tel 020 8921 5146

Items
No. Item

1.

Apologies for Absence

To receive apologies for absence from Members of the Panel.

Minutes:

An apology for absence was received on behalf of Councillor Mick Hayes.

2.

Urgent Business

The Chair to announce any items of urgent business circulated separately from the main agenda.

Minutes:

There was no urgent business.

3.

Declarations of Interest pdf icon PDF 35 KB

Members to declare any personal and financial interests in items on the agenda.  Attention is drawn to the Council’s Constitution; the Council’s Code of Conduct and associated advice.

Additional documents:

Minutes:

Resolved –

 

That the list of Councillors’ memberships as Council appointed representatives on outside bodies, joint committees and school governing bodies be noted.

4.

Minutes pdf icon PDF 58 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 18 September 2017.

 

No motion or discussion may take place upon the Minutes except as to their accuracy, and any question on this point will be determined by a majority of the Members of the body attending who were present when the matter in question was decided.  Once confirmed, with or without amendment, the person presiding will sign the Minutes.

Minutes:

Resolved -

 

That the minutes of the meeting of the Pension Fund Investment & Administration Panel held on 18 September 2017 be agreed and signed as a true and accurate record.

5.

Annual Allowance - Voluntary Scheme Pays pdf icon PDF 86 KB

The Panel to agree the use of “Voluntary Scheme Pays” under the criteria set out in section 5 of the report.  To agree that each case outside of the set criteria in section 5 is considered on its own merits, with the decisions delegated to the Director of Finance.

 

 

 

Additional documents:

Minutes:

The report was introduced by the Assistant Director of Finance (Financial Operations).

 

The Panel noted the report, and that the recommendation was to agree the “Voluntary Scheme Pays”

 

In response to a question, the Assistant Director advised the Panel that the word “vires” in paragraph 4.2 of the report referred to the formality of making a payment, and claiming it back in another way.  It was clarified that members of the pension fund would be able to access information relating to the Voluntary Scheme Pays because the approved documentation would be publicised on the Council’s website.

 

The Assistant Director continued with her response, advising the Panel that the Council was issuing an annual newsletter to fund members with notification on updates.  However, the Council would not necessarily be aware of changes to fund members’ circumstances in regard to the tapered annual allowance provision, but it would undertake revisions when informed of individual circumstances.

 

Resolved –

 

1.            That the use of the “Voluntary Scheme Pays” under the criteria set out in section 5 of the report, be agreed.

 

2.            That it be agreed that each case outside of the set criteria in section 5 is considered on its own merits, with the decisions delegated to the Director of Finance.

6.

Fund Manager presentation - Partner Group pdf icon PDF 51 KB

The Panel to receive a presentation from Partner Group providing an update on the Pension Fund’s Diversified Alternative mandate.  To consider the information detailed in this Presentation in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3 “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”.  To agree that the information detailed in the Exempt Presentation to this report be not subsequently released to the press or public.

Minutes:

The Panel received a presentation by representatives of the Partner Group in a “closed session”, and it welcomed performance outcomes and future plans in relation to access of Partners Group’s global investment platform against targets, allocations, and selectivity of investments.

 

In response to a question, the representatives advised the Panel that the Partner Group was influential in risk-based decision-making by its clients, and would not enter into an investment contract without ensuring that environmental, social and governance factors were taken into account in a satisfactory and ethical fashion.

 

Resolved –

 

That an update on the Royal Borough of Greenwich’s Pension Fund’s Diversified Alternative mandate, be noted.

7.

Knowledge and Understanding Policy and Framework pdf icon PDF 84 KB

The Panel is requested to agree the Fund’s Knowledge and Understanding Policy and Framework.

 

Additional documents:

Minutes:

The Panel received and noted a report presented by the Acting Finance Manager and

 

Resolved –

 

That the Pension Fund’s Knowledge and Understanding Policy and Framework attached as Appendix A to the report be agreed.

8.

London Collective Investment Vehicle Update pdf icon PDF 59 KB

The Panel is requested to receive a presentation given by representatives from the London Collective Investment Vehicle (CIV).  To consider the information detailed in the Exempt Appendix to the report and presentation in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3 “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”.   To agree that the information detailed in the Exempt Appendix to this report and presentation be not subsequently released to the press or public.

Additional documents:

Minutes:

The Panel received a presentation by representatives of the London Collective Investment Vehicle (CIV) in a “closed session”.  It welcomed performance updates and future plans in relation to the CIV’s governance and decision-making arrangements specific to the Royal Borough of Greenwich’s pension fund development.

 

In response to a question, the representative stated that they would take on board the Panel’s suggestion of having trade union contributions as part of the CIV’s stakeholders’ involvement in its decision-making process.

 

Resolved –

 

That the presentation by the representatives of the London Collective Investment Vehicle, be noted.