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Agenda and decisions

Venue: Delyn Committee Room, County Hall, Mold CH7 6NA

Contact: Maureen Potter 01352 702321  Email: maureen.potter@flintshire.gov.uk

Items
No. Item

3.

Appointment of Vice Chair and note that the Chair and Vice Chair are therefore appointed as Member and Deputy respectively of the Joint Governance Committee for the Wales Pension Partnership.

Decision:

(a)  Following nominations, Cllr Bateman was appointed as the Vice Chair.

4.

Minutes pdf icon PDF 129 KB

Purpose:  To confirm as a correct record the minutes of the last meeting held on the 20 February 2019

 

 

Decision:

(a)  It was agreed the minutes could be received, approved and signed by the Chairman.

 

5.

2018/19 Financial Statements and Annual Governance Statement pdf icon PDF 79 KB

Purpose:  To provide Committee Members with the Draft Clwyd Pension Fund Financial Statements for approval.

Additional documents:

Decision:

(a)  The Committee members considered the draft accounts and Annual Governance Statement and noted the WAO Audit Plan.

 

6.

Responsible Investments – Clwyd Pension Fund Beliefs pdf icon PDF 72 KB

Purpose: To provide Committee Members with an update on the Clwyd Pension Fund Responsible Investments Policy

Additional documents:

Decision:

(a)  The Committee noted and commented on the presentation, and agreed the process for the review of the Fund’s policy.

 

7.

Pooling Investments in Wales pdf icon PDF 94 KB

To provide Committee Members with an update on implementation of Pooling Investments in Wales.

 

 

Additional documents:

Decision:

(a)  The Committee noted the report and discussed progress being made by the Wales Pension Partnership.

 

8.

Governance Update pdf icon PDF 117 KB

Purpose:  To provide Committee Members with an update on governance related matters

 

 

Additional documents:

Decision:

(a)  That the Committee considered the update and provided any comments.

9.

Communication and Administration Strategies pdf icon PDF 107 KB

Purpose:  To provide Committee Members with updated Administration and Communication Strategies for approval.

Additional documents:

Decision:

(a)          The Committee considered and approved the proposed amendments to the Administration and Communication Strategies, subject to consultation with stakeholders.

 

(b)          The Committee delegated any final minor changes, following consultation, to be made by the Clwyd Pension Fund Manager and Pensions Administration Manager, with any more substantive changes being brought back to Committee for consideration.

 

10.

LGPS Update pdf icon PDF 102 KB

Purpose:  To provide Committee Members with current matters affecting the management of the LGPS.

 

 

Additional documents:

Decision:

(a)  All Committee members noted this report and make themselves aware of the various current issues affecting the LGPS, some of which are significant to the operation of the Fund.

11.

Pension Administration/Communications Update pdf icon PDF 135 KB

Purpose:  To update Committee Members on administration and communication matters for the Clwyd Pension Fund.

 

 

Additional documents:

Decision:

(a)          The Committee considered the update and provided any comments.

(b)          The Committee approved the change in timescales to the business plan as outlined in paragraph 1.01.

(c)          The Committee approved the proposed response to the £95k exit cap consultation as attached in Appendix 7.

 

12.

Employer Care Pay pdf icon PDF 115 KB

Purpose:  To provide Committee Members with the final update on this project.

 

 

Additional documents:

Decision:

(a)  The Committee noted this report.

13.

Investment and Funding Update pdf icon PDF 100 KB

Purpose:  To provide Committee Members with an update of investment and funding matters for the Clwyd Pension Fund.

 

 

Additional documents:

Decision:

(a)  The Committee considered and noted the update for delegated responsibilities and provided any comments.

14.

Economic and Market Update pdf icon PDF 90 KB

Purpose: To provide Committee Members with an economic and market update

 

 

Additional documents:

Decision:

(a)       The Economic and Market Update 31 March 2019 was noted and discussed.

(b)       To note how the information in the report effectively “sets the scene” for what the Committee should expect to see in the Investment Strategy and Manager Summary report in terms of the performance of the Fund’s asset portfolio.

 

15.

Investment Strategy and Manager Summary pdf icon PDF 87 KB

Purpose:  To update Committee Members on the performance of the Fund’s investment strategy and Fund Managers

 

 

Additional documents:

Decision:

(a)       The investment strategy and manager performance in the Investment Strategy and Manager Summary 31 March 2019 was noted and discussed.

(b)       The Committee considered the information in the Economic and Market Update report to provide context in addition to the information contained in this report.

 

16.

Funding and Flight Path Update pdf icon PDF 129 KB

Purpose:  To update Committee Members on the progress of the funding position and liability hedging undertaken as part of the Flight Path strategy for managing liability risks.

 

 

Additional documents:

Decision:

(a)  The Committee noted the updated funding position (on assumptions consistent with the 2016 valuation) and hedging position for the Fund and the progress being made on the various elements of the Risk Management Framework.

(b)  The Committee noted that Insight have implemented the collateral waterfall process previously agreed with the Officers and their advisors. It has also been agreed that c. £30m will be removed from the Insight QIAIF to be invested in infrastructure as directed in due course.

(c)  The Committee noted that any currency risk associated with the market value of the synthetic equity portfolio with the Flightpath strategy has now been hedged.

 

17.

2019 Actuarial Valuation pdf icon PDF 105 KB

Purpose:  To update Committee Members on the progress of the 2019 Actuarial Valuation

Additional documents:

Decision:

(a)  All Committee members noted this report, the progress being made with the actuarial valuation project and the planned meetings with employers.

(b)  The Committee members considered the draft response to the consultation and provided comments and required amendments. The Committee then delegated the finalisation of the response to officers.

 

18.

LOCAL GOVERNMENT (ACCESS TO INFORMATION) ACT 1985 - TO CONSIDER THE EXCLUSION OF THE PRESS AND PUBLIC

19.

Multi Asset Credit Transition

Purpose:  To provide Committee Members with the progress of the Fixed Income mandate within the Wales Pension Partnership and that the Committee ratify the decision to invest in the WPP Multi Asset Credit Fund which will be funded from the current mandate with Stone Harbor Investment Partners.

Decision:

(a)  The Committee ratified the decision to invest in the Wales Pension Partnership Multi Asset Credit Fund which will be funded from the current mandate with Stone Harbor Investment Partners.

(b)  That, in accordance with the reserved matter requirements of the IAA regarding the timing of the transition, the Committee agreed that these assets should be transitioned in the coming months having regard to the advice of a specialist transition manager.

(c)  The Committee delegated the specific timing of the transition to the Clwyd Fund officers on the Officer Working Group (OWG) after considering advice from that specialist transition manager.

 

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