Introduction by Councillor Gmmh Rahman Khan, Chair of the Pensions Committee
Minutes:
In his introductory speech, the Chair advised the meeting that the AGM could commence on an informal basis only, until a further trustee arrived to make the meeting quorate.
On behalf of the trustees of the Pension Fund, Cllr Khan, Chair of the Pensions Committee, welcomed all those attending the 7th Pension Fund AGM. It was reported that, following the meeting of the Full Council on 14 July 2008, the number of trustees of the Pension Fund had reduced from eight to seven. At this point in proceedings the meeting became a quorate meeting with the arrival of a trustee member, Cllr Adje, within the admissable time limit at 18:15hrs. The Chair assured all members of the Fund that the Members, as well as the Council’s officers, were closely monitoring the performance of the Fund Managers.
The Chair reported that a Pensioner Representative had, for a considerable period of time, been sought to assist in the management of the Fund and would be appointed during the AGM.
The Chair reported on some of the key actions taken by the Pensions Committee during 2007/08, including the approval of the Statement of Investment Principles and Communications Strategy, becoming a member of the Local Authority Pension Fund Forum and adopting the United Nations Principles for Responsible Investment. The Committee had also been working to ensure that the Fund’s administrative and investment expenses were competitive and that best practice was being followed at all times. The meeting was advised that the Annual Report was in circulation, and that the Chief Financial Officer would be further explaining some of the information contained within the Annual Report during the course of the meeting.
The Chair further reported that delays in passing the relevant legislation had led to delays in the implementation of the new Local Government Pension Scheme, and hoped that these issues would be resolved very soon.
The most recent full actuarial valuation of the Fund, carried out every three years, was as at March 2007 and showed an increased funding level of 77.7 per cent compared with 69 per cent as at the previous triennial valuation as at March 2004. As a result of the present global economic climate, the Chair reported that an interim valuation in June 2008 had shown a decrease in the level of funding to 66 per cent.
Closing his introductory speech, the Chair advised the meeting that Council officers would be available after the close of the meeting to discuss any specific points or queries that fund members might have.