Issue - meetings

1.            The Committee considered and noted the update including the delegated responsibilities and progress.

            Mrs Fielder introduced this section; she noted that the Fund had received three additional requests from managers for updated documentation in relation to MIFID II but the expectation is that all opt-ups will be completed by the deadline of 3^rd January.

            Mrs Fielder summarised the key points in the report and highlighted that there are no issues with liquidity requirements to pay benefits and it is being monitored carefully.

            Mr Hibbert asked Mrs Fielder whether it would be possible to have a graphical interpretation of the cash movements in relation to the cash held.

            Mrs Fielder highlighted page 61 contained details of the 3 year cashflow monitoring and projections. It was noted that the cashflow has been skewed for 2017 as some employers had paid 3 years of deficit contribution payments in April 2017.

            It was also noted that Mr Hibbert and Mrs Fielder has attended a seminar on cost transparency.  Mr Hibbert was grateful for the opportunity to input on this.

            The issue of infrastructure investment was discussed and in particular the opportunities in Wales.   Mr Everett highlighted the discussion across North Wales and that the opportunities need to be discussed with the Pension Funds.   As noted in the report the Fund has been actively looking at opportunities for some time subject to a strong business case for the investment.

RESOLVED:

1.            The Committee considered and noted the update including the delegated responsibilities and progress.