Agenda and minutes

Pension Committee - Friday 28 November 2014 10.00 am

Venue: Meeting Room 1&2 - Shire Hall, Gloucester. View directions

Items
No. Item

62.

Minutes - pdf icon PDF 104 KB

To approve as a correct record the public summary minutes of the meeting held on 7 November 2014.

Minutes:

RESOLVED

 

That the minutes of the meeting held on 7th November 2014 be approved and signed by the Chairman

63.

Declarations of Interest -

Members of the Committee are invited to declare any financial or pecuniary interest related to specific matters on the agenda.

 

Please see note b at the end of the agenda.

Minutes:

Cllr Brown made a non-prejudicial declaration as a member of Gloucester City Council.

 

Cllr Cooper made a non-prejudicial declaration as a member of Stroud District Council.

 

Cllr Hay made a non-prejudicial declaration as a member of Cheltenham Borough Council.

 

Cllr Stowe made a non-prejudicial declaration as a member of Cotswold District Council.

 

64.

Public Questions -

To answer any written questions about matters that are within the powers and duties of the Committee. The closing date/time for the receipt of questions is 10.00am on 21 November 2014.

 

To answer any oral question(s) put by members of the public.

 

Depending on the nature of the oral questions asked it may not be possible to provide a comprehensive answer at the meeting, in which case a written answer will be supplied as soon as reasonably possible after the meeting.

Minutes:

No public questions were received.

 

 

65.

Members' Questions -

To answer any written members’ questions. The closing date/time for the receipt of questions is 10.00am on 21 November 2014.

Minutes:

No members’ questions were received.

66.

Local Pension Board - Draft Terms of Reference pdf icon PDF 46 KB

To consider and comment upon the first draft of the terms of reference for the Local Pension Board, due to be finalised by 1 April 2015.

Additional documents:

Minutes:

Graham Burrow, Head of Pension Fund, introduced the report and the first draft of the Terms of Reference for the Pension Board. The national consultation had not yet closed and therefore the guidance provided on the matter so far was not final. The time line to get the terms of reference finalised for 1 April 2015 was tight, with the final draft due to be considered by Constitution Committee before going to Council on 18th February 2015.

 

The draft terms of reference took note of comments from Hymans Robertson and were presently with Head of Legal Services. There would be further changes to the wording.

 

In discussion it was clear that there were still a significant number of matters to be clarified. The need to set out the conditions regarding removal of a member from the committee was explored. This should reference breaches of the Code of Conduct as set out in the Council’s Constitution taking into account those members of the board who were not elected members.

 

With regard to the term of office, following discussion it was agreed that a four-year term that was not contiguous with the Council’s four-year cycle had merit.

 

Some inconsistencies in format and terminology were noted and would be resolved.

 

Graham Burrow explained the method to be used to identify board members – there would be a selection process and communication with the relevant groups had commenced.

 

It was agreed that the Pension Committee should seek another date in January for the sole purpose of discussing the terms of reference once more before the final draft went to Constitution Committee and Council.

 

RESOLVED

 

That the report be noted and a date in January 2015 be sought.

67.

Training Update

To receive an oral update

Minutes:

There were no training sessions to report that had taken place since the last meeting on 7th November 2014.

68.

Exclusion of the press and public

Resolved

 

THAT in accordance with Section 100 A (4) of the Local Government Act 1972 the public be excluded from the meeting for the business specified in minute 9, 10 and 11 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

 

Minutes:

RESOLVED

 

THAT in accordance with Section 100 A (4) of the Local Government Act 1972 the public be excluded from the meeting for the business specified in minute 9, 10 and 11 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

 

69.

Exempt Minutes

To approve as a correct record the exempt minutes of the meetings held on 7 November 2014.

Minutes:

As it appeared that the wrong version of the exempt minutes of the meeting that took place on 7th November 2014 had been provided, the agenda item would be carried forward to February 2015.

 

70.

Investment Report -CBRE

(commencing at 10.30am for 40 minutes)

Minutes:

CBRE gave a presentation on the performance of their mandate, invested in UK and global property funds. They described recent movements in the property markets which have been recovering well.

 

RESOLVED

 

That the presentation be noted.

71.

Date of next meeting

10am on Friday 13 February 2015 in Meeting Rooms 1 & 2, Shire Hall, Gloucester

Minutes:

A meeting in January to be sought to consider the draft terms of reference for Gloucestershire’s Pension Board.

 

The next scheduled meeting will take place on Friday 13 February 2015.