Greenwich Council

Agenda and minutes

Venue: Committee Room 4 - Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Jasmine Kassim  0208 921 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 Olu Babatola.

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 34 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 41 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 20 March 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 20 March 2017, be agreed and signed as a true and accurate record.

5.

Early Retirement 01/10/2016 - 31/03/2017 pdf icon PDF 40 KB

To note a report on early retirements covering the period 1 October 2016 to 31 March 2017 and review the financial effect.  To agree that the appendix to this report be considered in closed session as information as defined in paragraph 2 of Schedule 12A of the Local Government Act 1972 (Schedule 1) is likely to be made known:

 

Additional documents:

Minutes:

The Panel considered the report presented by the Head of Financial Operations, and

 

Resolved –

 

1.            That the report on early retirements covering the period 1 October 2016 to 31 March 2017 and the financial effect, be noted.

 

2.            That it be agreed that the appendix to the report be considered in closed session as information as defined in paragraph 2 of Schedule 12A of the Local Government Act 1972 (Schedule 1) is likely to be made known.  (Information which is likely to reveal the identity of an individual.

 

3.            That it be agreed that the information detailed in the exempt appendix to this report be not subsequently released to the press or public.

6.

Pension Fund Statement of Accounts 2016/17 pdf icon PDF 80 KB

To consider and comment upon the draft Pension Fund Annual statement of Accounts for the year ended 31 March 2017 as submitted to Grant Thornton for audit on 26 May 2017, at Appendix A of the reprot.

Additional documents:

Minutes:

The Panel received the report presented by the Senior Principal Accountant.  On behalf of the Panel, the Chair, Councillor Don Austen, thanked staff for their efficiency in producing the draft Pension Fund Annual Statement of Accounts in working with the relevant stakeholders.

 

The Panel

 

Resolved –

 

That the draft Pension Fund Annual Statement of Accounts for the year ended 31 March 2017, as submitted to Grant Thornton for audit on 26 May 2017 (Appendix A), be noted.

7.

Fund Manager Performance to 31 March 2017 pdf icon PDF 75 KB

To note a report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 31 March 2017 and to consider the information detailed in the Exempt Appendix to this report in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3.

Additional documents:

Minutes:

The Panel received the report presented by Senior Principal Accountant, and commented on the proposals.

 

In response to questions raised, the Senior Principal Accountant advised the Panel that the financial status of the Royal Borough of Greenwich Pension Fund was progressing well.  Partners had invested money over a period of time, and the valuation report highlighted good performance.  Notwithstanding that, monitoring of the fund would continue to ensure alignment of actual portfolio against the benchmark set by the Council.

 

Revolved –

 

1.            That the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 31 March 2017, be noted.

2.            That it be agreed that the appendix to the report be considered in closed session as information as defined in paragraph 2 of Schedule 12A of the Local Government Act 1972 (Schedule 1) is likely to be made known.  (Information which is likely to reveal the identity of an individual.

 

3.            That it be agreed that the information detailed in the exempt appendix to this report be not subsequently released to the press or public.

8.

Business plan update 2017/18 pdf icon PDF 55 KB

To agree the Pension Fund’s updated Business Plan for 2017/18, at Appendix A of the report.

Additional documents:

Minutes:

The Panel considered the report presented by the Senior Principal Account, and

 

Resolved –

 

That the Pension Fund’s updated Business Plan for 2017/18 (Appendix A), be agreed.