Agenda item

The Pension Fund Committee agenda including reports from the last meeting that took place on 8 September 2015 are attached.

4.1      The Board had before them papers of the last Pension Fund Committee meeting that took place on 8 September. In respect of the item on the Admission Agreement for Sanctuary Housing, the importance of researching materials in the report prior to the meeting was emphasised in order to prevent unnecessary discussion at the meeting. A member commented that he was satisfied with the Committee’s challenging of the material that had been presented to them and of the Fund’s performance.  Another Member queried whether the Committee received sufficient information for the admitted bodies reports. A Member stated that synergy between the Committee and the Pension Board could be strengthened if Board Members attended the same workshops as Committee Members. Members concurred that attending Pension Fund Committee meetings and workshops did add value for Board Members.

4.2      Carolyn Beech emphasised that the Pension Fund Committee took its responsibilities very seriously. In respect of admitted bodies, the Fund had incurred costs three years previously when an admitted body went out of business and so the Committee wanted to receive assurance on such matters. It was noted that authority to admit bodies to the Pension Scheme was now delegated to the City Treasurer.

4.3      Members agreed to Neil Sellstrom’s (Tri-Borough Pensions Team) suggestion that future Board agendas include the list of agenda items only and the approved minutes of the previous Pension Fund Committee meeting, as the Board already received the full set of Pension Fund Committee papers upon date of publication.