Issue - meetings

(a)       That the review of Additional Voluntary Contributions (AVCs) be deferred and included in the 2016/17 Business Plan; and

(b)       That the reclassification of Private Equity Investments to Private Equity/Debt within the Statement of Investment Principles (SIP) be approved.

Debbie Fielder, Pensions Finance Manager, introduced a report to provide an update on investment and funding related issues.  She advised that the report provided an update for quarter 4 (up to 31 March 2016) on the following items:

·         Business Plan 2015/16

·         current developments and news

·         funding and investment related policy/strategy implementation and monitoring

·         delegated responsibilities

            The Pensions Finance Manager advised that a summary of progress against the investment funding section of the Business Plan was appended to the report.  She explained that the Plan was complete for 2015/16 except for the review of Additional Voluntary Contributions (AVCs) which it was recommended be deferred and included in the 2016/17 Business Plan.

            The Pensions Finance Manager reported on the main considerations as detailed in the report and referred to developments around the Working Together in Wales project, annual accounts and investment costs, and reclassification of private equity investments to private equity/debt within the Statement of Investment Principles (SIP). 

Councillor Haydn Bateman raised a query concerning the underlying fees for Fund of Fund managers. The Pension Finance Manager explained revisions had been made to the previous guidance issued by CIPFA. The Fund is no longer required to identify underlying fees in the accounts. These are fees which are payable but outside the control of the Fund. The Chief Executive confirmed that although these are not disclosed in the Fund accounts, they will be reported in the Fund’s Annual Report.

RESOLVED:

(a)       That the review of Additional Voluntary Contributions (AVCs) be deferred and included in the 2016/17 Business Plan; and

(b)       That the reclassification of Private Equity Investments to Private Equity/Debt within the Statement of Investment Principles (SIP) be approved.