Agenda item

12.50pm

This report provides Committee with an update on and seeks approval of the:

-        2025 valuation and certification of employer results

-        Strategic Asset Allocation

-        Investment Strategy Statement

-        Funding Strategy Statement and supporting policies

The Committee is RECOMMENDED to:

i)      Note the progress on finalising the 2025 valuation; and

ii)    Review the responses to the consultation exercise and note the comments from employers; and

iii)   Approve the final version of the Funding Strategy Statement (and linked policies) to support the 2025 Valuation exercise

iv)   Note the Strategic Asset Allocation Review report and instruct officers to use the proposed detailed asset allocation for the basis of discussions with LGPS Central on portfolio construction and implementation.

v)    Approve the Investment Strategy Statement to be issued for consultation.

vi)   Approve the Local Investment Policy to be issued for consultation.

vii) Approve the Cash Management Policy to be issued for consultation.

The Committee received a report from the Deputy Chief Executive (Section 151 Officer) which provided an update on and sought approval of the:

-        2025 valuation and certification of employer results

-        Strategic Asset Allocation

-        Investment Strategy Statement

-        Funding Strategy Statement and supporting policies.

The Committee discussed the item in private session. 

Following discussion, the Committee requested that LGPS Central work through the concerns raised by the Committee in this meeting, and that they present detailed estimates of transition costs for each asset class and provide a post-transition report comparing estimated and actual costs to the Committee.  (ACTION)

The Committee RESOLVED to:

i)                Note the progress on finalising the 2025 valuation; and

ii)              Review the responses to the consultation exercise and note the comments from employers; and

iii)             Approve the final version of the Funding Strategy Statement (and linked policies) to support the 2025 Valuation exercise.

iv)             Note the Strategic Asset Allocation Review report and instruct officers to use the proposed detailed asset allocation for the basis of discussions with LGPS Central on portfolio construction and implementation.

v)              Approve the Investment Strategy Statement to be issued for consultation.

vi)             Approve the Local Investment Policy to be issued for consultation.

vii)           Approve the Cash Management Policy to be issued for consultation.