Meeting documents

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To Members of the Pension Fund Committee

Notice of Meeting

Chris Impey
Assistant Chief Executive March 2002

Membership

Councillors:

Co-opted Members:

The agenda follows overleaf. Decisions taken at the meeting will become effectiveat the end of the working day on Thursday 18 April 2002unless called in by that date for review by the appropriate Scrutiny Committee..

AGENDA

Election to Chair and Deputy Chair

Apologies for Absence and Temporary Appointments

Declarations of Interest



Minutes

To approve the minutes of the meeting held on 22 February 2002 (PF4) and to receive for information any matters arising therefrom.

Petitions and Public Address



Asset Liability Study

The Director of Business Support reports as follows:

Watson Wyatt Partners 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.

Members decided to ask the officers to consult with the Independent Financial Adviser and Watson Wyatt and to recommend a fund specific benchmark for approval at this special meeting. It was also decided that, in the light of an agreed change to the benchmark, this meeting should further consider whether any changes should be made to the existing fund management arrangements.

Officers and the Independent Financial Adviser have a meeting with Watson Wyatt on 4 April 2002, to draw up an appropriate fund specific benchmark for the Pension Fund based on the findings of the Asset Liability study. The outcome of this will be reported to the meeting.

In the meantime members are asked to bring along their copy of the Asset/Liability Study report to this meeting.

The Committee is RECOMMENDED to consider an appropriate fund specific benchmark for the Pension Fund based on the findings of the Asset/Liability Study; and in the light of any change to the benchmark to consider whether any changes should be made to the existing fund management arrangements.

Outcomes of Best Value Review –

Oxfordshire Pension Fund Administration

The Best Value Committee on 27 March 2002 resolved to:

1. endorse the Oxfordshire Pension Fund Administration report and Action Plan (as amended by the erratum) and thank the members of the review team for their work;
2. RECOMMEND the Review and Action Plan to the Executive;
3. 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.
   
   

The Review and Action Plan are attached at PF7.(Download as .rtf file)

Members’ Training

The Director for Business Support reports as follows:

The 10th LGC Members' Role in Pensions Seminar, which is run by LGC and sponsored by Schroders will be held in London on 28th May 2002. The publicity suggests that this seminar offers an insight for elected members into the current issues and problems of pension arrangements and will include a Members' Forum where delegates can seek advice from and ask questions to a panel of experienced Members. The cost is £290 and one officer can attend free of charge if the Council sends 2 or more members. Four places were booked for the 9th Seminar last year (including the free officer place) and Councillors Gatehouse and Moley attended with Barry Phillips. In light of the changes facing the Oxfordshire Fund this seminar could provide some timely training for Members.

The Committee is RECOMMENDED to decide whether to send any delegates to this Seminar.

Representation on Pension Fund Committee