Agenda and minutes
Venue: C1, 1st Floor, Town Hall, Mulberry Place, 5 Clove Crescent, London E14 2BG
Contact: Daniel Hudson, Democratic Services Tel: 020 7364 4881, E:mail: daniel.hudson@towerhamlets.gov.uk
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ELECTION OF VICE-CHAIR FOR THE MUNICIPAL YEAR 2010/2011 To receive nominations for the position of Vice-Chair of the Pensions Committee for the Municipal Year 2010/2011.
Minutes: Councillor Shafiqul Haque moved, the Chair seconded and it was
RESOLVED
That Councillor Shafiqul Haque be elected Vice-Chair of the Pensions Committee for the remainder of the Municipal Year 2010-2011.
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APOLOGIES FOR ABSENCE To receive any apologies for absence. Minutes: Apologies for absence were received on behalf of Councillor Mohammed Abdul Mukit MBE.
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DECLARATIONS OF INTEREST PDF 48 KB To note any declarations of interest made by Members, including those restricting Members from voting on the questions detailed in Section 106 of the Local Government Finance Act, 1992. See attached note from the Chief Executive. Minutes: No declarations of interest were made.
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UNRESTRICTED MINUTES PDF 51 KB To confirm as a correct record of the proceedings the unrestricted minutes of the Pensions Committee meeting held on 5th August 2010.
Minutes: The Chair Moved and it was
RESOLVED
That the unrestricted minutes of the ordinary meeting of the Pensions Committee held on 5th August 2010 be approved and signed by the Chair as a correct record of the proceedings.
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DEPUTATIONS & PETITIONS To receive any deputations or petitions Minutes: Nil items.
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UNRESTRICTED REPORTS FOR CONSIDERATION |
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LGPS (Management and Investment of Funds) Regulation 2009 PDF 116 KB Minutes: The Chief Financial Strategy Officer introduced the report. In response to queries he confirmed that proposals to co-mingle cash assets would ensure the best possible returns on investments.
RESOLVED
(1) That the operation of a separate bank account be approved to hold monies held and received on behalf of the Pension Fund to ensure pension fund cash assets are clearly ring-fenced from other monies of the Council. (2) That pension fund cash assets continue to be co-mingled with Council Treasury assets to ensure efficient and effective treasury management. (3) That pension fund cash assets be invested on a co-mingled basis to ensure that pension fund cash enjoys the same economic rights and return as Council cash assets.
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Absolute Return Manager Interviews PDF 117 KB Minutes: The Service Head, Corporate Finance, Resources introduced the item and clarified the process and reasons for the appointment of an absolute return manager for the Pension Fund.
RESOLVED
(1) That Ruffer LLP and Baillie Gifford be appointed to manage absolute manager portfolios for the Fund and that £70m (£35m each) be transferred from cash held and existing equity holdings to fund the mandates. (2) That the contracts referred to in (1) above be completed to the satisfaction of the Assistant Chief Executive (Legal Services).
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Investment Panel for Quarter Ending 30 September 2010 PDF 141 KB Minutes: The Service Head, Corporate Finance, Resources presented the report and commented that references to the quarter ending 30 September should be replaced throughout the report by the quarter ending 30 June. The results of the quarter ending 30 September would be reported to the next meeting of the Committee.
He then commented on the performance of the Fund and, in response to queries, confirmed that volatility in the economies of Ireland and Portugal had the potential to have a knock-on effect on other economies which would not be a positive effect on markets. However, all efforts would be made to minimise losses in that scenario.
REOLVED
That the report be noted.
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2009/10 Local Government Pension Fund Annual Report PDF 94 KB Additional documents: Minutes: The Chief Financial Strategy Officer introduced the Pension Fund Annual Report, which had been audited and contained minor amendments to the version presented to the Committee on 5th August 2010. The report would now be published before the due date of 1st December 2010.
RESOLVED
That the report be noted.
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ANY OTHER UNRESTRICTED BUSINESS CONSIDERED TO BE URGENT Minutes: 7.1 LAPFF Annual Conference
The Chair stated that this conference would be held from 1st to 3rd December in Bournemouth and would be attended by the Chief Financial Strategy Officer. The Chair regretted that he would be unable to attend but pointed out that two further places were available for representatives of the Council.
Mr John Gray (Unison) indicated that he would be prepared to attend and agreed to provide an update at the next meeting of the Committee.
7.2 Awards Evening
The Chair indicated that he would provide an update of the event at the next meeting of the Committee. |