Greenwich Council

Agenda and minutes.

Venue: Committee Room 4 - Town Hall, Wellington Street, Woolwich SE18 6PW

Contact: Clare Chapman  Email: Clare.chapman@royalgreenwich.gov.uk tel 020 8921 3988

Items
No. Item

1.

Apologies for Absence

To receive apologies for absence from Members of the Panel.

Minutes:

Apologies for absence were received from Cllr Pat Greenwell and Anne Jefferson.

2.

Urgent Business

The Chair to announce any items of urgent business circulated separately from the main agenda.

Minutes:

There was no urgent business.

3.

Declarations of Interest pdf icon PDF 37 KB

Members to declare any personal and financial interests in items on the agenda.  Attention is drawn to the Council’s Constitution; the Council’s Code of Conduct and associated advice.

Additional documents:

Minutes:

Resolved –

 

That the list of Councillors’ memberships as Council appointed representatives on outside bodies, joint committees and school governing bodies be noted.

4.

Minutes pdf icon PDF 66 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 25th March 2019.

 

No motion or discussion may take place upon the Minutes except as to their accuracy, and any question on this point will be determined by a majority of the Members of the body attending who were present when the matter in question was decided.  Once confirmed, with or without amendment, the person presiding will sign the Minutes.

Minutes:

Resolved -

 

That the minutes of the meeting of the Pension Fund Investment & Administration Panel held on 25th March 2019 be agreed and signed as a true and accurate record.

5.

Business Plan Update 2019/20 pdf icon PDF 60 KB

The Panel is asked to note the Panel’s Business Plan for 2019/20.

 

 

 

Additional documents:

Minutes:

The report was presented by the Finance Manager. 

 

He informed the panel that in addition to the dates provided in Appendix A attached to the report, an away day would be scheduled for December 2019 which would focus on the triannual valuation.  The date would coincide with the publication of the triannual valuation report.

 

Resolved:

 

That the Business Plan for 2019/20 be noted.

6.

Pension Fund Statement of Accounts 2018-19 pdf icon PDF 66 KB

The Panel to consider and comment upon the draft Pension Fund Annual Statement of Accounts for the year ended 31 March 2019 as submitted to Grant Thornton for audit on 24 May 2019.

 

 

 

 

Additional documents:

Minutes:

The report was presented by the Finance Manager. 

 

He informed the Panel that the Pension Fund Account net asset value had increased by an above inflation figure of 4.48%.  The Panel noted this achievement and thanked those responsible.

 

Resolved:

 

That the Pension Fund Annual Statement of Accounts for the year ended 31 March 2019 be noted. 

7.

Fund Manager Performance to 31 March 2019 pdf icon PDF 69 KB

The Panel is asked to Note a report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 31 March 2019.  Also to consider the information detailed in the exempt appendix to the report in closed session and agree that the information detailed therein not be released to the press or public.

Additional documents:

Minutes:

The report was presented by Paul Potter, Hymans Robertson.

 

He advised the Panel that the Fund had benefited from strong markets which were due in part to a nil increase in interest rates by the Federal Reserve and European Central Bank thus resulting in an increase in bond prices. 

 

He confirmed that in terms of portfolio performance, all managers were ahead of benchmarks. 

 

With regard to the Invesco Perpetual Multi Asset fund, he submitted that conditions had been difficult and that the Panel may wish to consider pooling options from the London CIV. 

 

The Finance Manager would invite representatives from Invesco Perpetual to attend the September 2019 meeting of the Pension Fund Investment and Administration Panel. 

                                                                                                             

                                                                  Action: Finance Manager

 

 

The Hymans Robertson representative continued that the property portfolio managed by CBRE had outperformed its benchmark.  The top performer had been the Industrial Property Investment Fund, with shopping centres and retail warehouses largely responsible for any falls. 

 

The Chair asked that a representative from CBRE be invited to the next meeting of the Pension Fund Investment and Administration Panel to talk about investment opportunities in relation to affordable housing. 

 

 

                                                                  Action: Finance Manager

 

Resolved:

 

That the report on the performance of the Royal Borough of Greenwich’s Pension Fund for the period ending 31st March 2019 be noted.

8.

Early Retirements 1 October 2018-31 March 2019 pdf icon PDF 61 KB

The Panel is asked to note a report on early retirements covering the period 1 October 2018 to 31 March 2019 and review the financial effect.  Also to agree that the appendix to the report be considered in closed session and that the information detailed therein not be released to the press or public.

Additional documents:

Minutes:

This item was considered in closed session therefore the discussions were not open to members of the public. 

 

The report was presented by the Finance Manager.

 

Resolved:

 

That the report on early retirements covering the period 1st October 2018 to 31st March 2019 be noted. 

Agreed that the appendix to the report be considered in closed session and that the exempt appendix to the report not be released to the press or public.

 

 

9.

London Collective Investment Vehicle (LCIV) Update pdf icon PDF 45 KB

The Panel is asked to receive a presentation given by representatives from the London Collective Investment Vehicle (LCIV) in closed session.

Minutes:

This item was considered in closed session therefore the discussions were not open to members of the public. 

 

The Panel received an update from Mike O’Donnell and Will McBean of London CIV regarding progress made and the current investment activities of the CIV. 

 

Members noted the following:

·          95% of local authority funds were now invested. It was not clear what penalties would be enforced if local authorities did not invest.

·          Pooling would commence with liquid investments to avoid penalties.

·          The Royal Borough of Greenwich Pension Fund would continue as a separate account.

·          Subscriptions would soon be ready for infrastructure, private debt and global equity core.

 

In response to a question from the Panel, the representatives advised that savings could be demonstrated through pooling the initial set of savings through fee reduction. 

 

Resolved:

 

That the presentation from representatives of London CIV be noted.

 

Agreed that the presentation be received in closed session. 

 

10.

Training - Financial Markets pdf icon PDF 30 KB

The Panel to receive training from Fidelity on Financial Markets.

Minutes:

Resolved:

 

The Panel received training from Fidelity on Financial Markets.