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ITEM PF3
PENSION
FUND COMMITTEE – 24 MAY 2002
PENSION
FUND COMMITTEE – 8 APRIL 2002
Minutes
of the Meeting commencing at 10.00 am and finishing at 12.20 pm
Present:
Voting Members:
Councillor Dawes - in the Chair
Councillor
Richard Farrell
Councillor Barbara Gatehouse
Councillor Brian Law
Councillor Jim Moley
Councillor Christine Witcher
District
Council Representatives:
City Councillor Jean Fooks
Other
Members in Attendance:
Councillor Dermot Roaf
Mr A. Bushell (Independent Financial Adviser)
Mr J. Wigley (Watson Wyatt Partners)
Mr D. Atkins (Watson Wyatt Partners)
Mr M. Leeding – Beneficiaries Observer
Officers:
Whole
of meeting: J. Dean (Chief Executive’s Office); B. Phillips
and T. Wheeler (Directorate for Business Support).
The
Committee considered the matters, reports and recommendations contained
or referred to in the agenda for the meeting together with a schedule
of addenda and a revised Asset Allocation Strategy produced by Watson
Wyatt Partners and tabled at the meeting; and decided as set out below.
Except insofar as otherwise specified, the reasons for the decisions are
contained in the agenda, reports, schedule and additional document, copies
of which are attached to the signed Minutes.
19/02. ELECTION TO CHAIR
RESOLVED: that
Councillor Dawes (Conservative) be elected as chair of the Committee
for the current Council Year.
20/02. ELECTION TO DEPUTY
CHAIR
RESOLVED: that
Councillor Farrell (Liberal Democrat) be elected as deputy chair of
the Committee for the current Council Year.
21/02. MINUTES
The
Minutes of the meeting of the Committee held on 22 February 2002 were
approved and signed.
22/02. ASSET LIABILITY
STUDY
(Agenda
Item 6)
Watson
Wyatt Partners had presented their Asset Liability Study report to
the last meeting. The Committee were asked to implement a fund specific
benchmark based on the findings of the report.
The
Committee had decided to ask the officers to consult with the Independent
Financial Adviser and Watson Wyatt Partners and to recommend a fund
specific benchmark for approval at this special meeting. It had also
been decided that, in the light of an agreed change to the benchmark,
this meeting should consider further whether any change should be
made to the existing fund management arrangements.
Officers
and the Independent Financial Adviser had a meeting with Watson Wyatt
Partners on 4 April 2002 for the purpose of drawing up an appropriate
fund specific benchmark for the Pension Fund based on the findings
of the Asset Liability Study. As a result of this meeting an Asset
Allocation Strategy was drawn up which was circulated to committee
members for consideration.
RESOLVED: to:
- (on a motion
by Councillor Dawes, seconded by Councillor Law and carried by 5 votes
to 1) adopt a phased move to suggested Policy E, as set out on page
13 of the Asset Allocation Strategy prepared by Watson Wyatt Partners;
- (on a motion
by Councillor Dawes, duly seconded and carried by 5 votes to 0) ask
the Director for Business Support to report to the 24 May 2002 meeting
on;
- the phased
implementation of the Asset Allocation Policy;
- any necessary
changes to existing benchmarks, having consulted with the fund managers
and fund advisers; and
- the selection
of an external consultant to advise on fund management structure
and any consequential changes in existing arrangements.
23/02. OUTCOMES
OF BEST VALUE REVIEW – OXFORDSHIRE PENSION FUND ADMINISTRATION
(Agenda Item 7)
The Best Value
Committee on 27 March 2002 had resolved to:
- endorse the
Oxfordshire Pension Fund Administration report and Action Plan (as
amended by the erratum) and to thank the members of the review team
for their work;
- RECOMMEND the
Review and Action Plan to the Executive; and
- refer the outcomes
of the Review to the Pension Fund Committee for them to make any observations
on the Review and Action Plan to the Executive.
Councillor
Roaf, as the designated member to the review, spoke to the recommendations
and urged the Committee to recommend the Executive to accept them.
RESOLVED: (on
a motion by Councillor Farrell, seconded by Councillor Moley and carried
nem con) to inform the Executive that:-
- this
Committee also endorses the Review and Action Plan, in
particular the stated preference for option A; and
- thank
the Best Value Review Panel for all their work and the
direction which the review has given.
24/02. MEMBERS’ TRAINING
(Agenda
Item 8)
The
Committee were invited to send delegates to the tenth LGC ‘Members Role
in Pensions’ seminar, to be held on 28 May 2002.
RESOLVED: to
send 3 members, (City Councillor Fooks. Councillor Moley and Councillor
Dawes, or their substitutes) to the seminar.
25/02. REPRESENTATION
ON PENSION FUND COMMITTEE
(Agenda
Item 9)
The
Oxford City Branch of UNISON were seeking UNISON representation on
the Pension Fund Committee in order to oversee the Fund, on the basis
that councillors representing local authorities were not accountable
to employee contributors, nor beneficiaries of the scheme.
Council,
at their forthcoming meeting on 2 April 2002 had decided to refer
this request to this Committee for consideration.
RESOLVED: (on
a motion by Councillor Farrell, seconded by Councillor Gatehouse and
carried nem con) to request the officers to provide a written report
to the 24 May 2002 meeting on the options available to the Committee
in the light of best practice adopted by other councils and guidance
on who is entitled to serve on this Committee.
in
the Chair
Date
of signing 2002
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