Decision details

(a)          That the recommended and revised Strategic Asset Allocation and Conditional Asset Allocation ranges be approved;

(b)          That the amendments (shown in bold) to the Fund’s Delegation of Functions to Officers in Appendix 1 be approved as follows:

(i)         The addition of a new delegation of responsibility for decisions relating to the ‘best ideas’ section of the Tactical portfolio to the Pension Fund Manager, having regard to the advice of JLT with ongoing monitoring by both the Pension Advisory Panel and the Pension Fund Committee; and

(ii)        Two further clarification amendments

(c)        That appropriate objectives and monitoring be developed in relation to the new ‘best ideas’ section of the Tactical portfolio; and

(d)       That the existing Delegation of Functions which already provides powers for officers to implement the strategy, including the appointment of suitable investment managers, be subject to final ratification by the Pension Fund Committee.