Wrthi'n llwytho
Does dim crynodeb o'r cyfarfod hwn eto. Caiff un ei ysgrifennu pan fydd y cyngor yn cyhoeddi'r cofnodion. Mae'r agenda a'r papurau isod.
1.1 Apologies were received from Councillor Nicholas Simons.
2.1 Members confirmed the following declarations of personal interest: Councillor In Receipt of Pension Contributor Karl Gauden NONE Self, wife, step-daughter and step-daughter’s partner Jon Horlor NONE Self David Williams Self and wife Self and wife Nathan Yeowell Father and two other family members (aunts) Self 2.2 In addition to the above, Councillor Gauden also declared a personal interest due to his work as a Unison official. 2.3 The PS left the meeting.
3.1 The minutes of the meeting held on 3 October 2022 were confirmed as an accurate record.
4.1 The minutes of the meeting held on 21 November 2022 were confirmed as an accurate record.
5.1 The Committee noted the minutes.
6.1 The Committee noted the minutes.
7.1 The HoP outlined the report and provided an update on the work undertaken by the WPP on behalf of the eight Local Government Pension Scheme (LGPS) funds in Wales. 7.2 The HoP reminded members of the Committee that the Fund currently had exposure to six of the ten sub-funds as of 30 September 2022, and a snapshot, including the values of the investments was available in paragraph 4.3 of the report. Work that had been recently ongoing was shown on page 48 of the agenda, including the addition of a new investment manager to the Global Opportunities fund. 7.3 The HoP confirmed that negotiations were still ongoing regarding the proposed acquisition of Link Group, as per page 50 of the agenda; however there was nothing substantive to report at this stage. 7.4 The Pensions Committee agreed to note the contents of the report.
8.1 The HoP outlined the report on Pension Fund investment performance in the period 1 July 2022 through to 30 September 2022 (quarter 3 of 2022). 8.2 The HoP confirmed that a lot of market volatility still existed, and the Fund had posted a moderately negative return; however it had outperformed the benchmark. He reminded members of the Committee that the Fund was a long-term investor and long-term performance remained positive and ahead of the benchmark. He highlighted the Blackrock World Low Carbon Equity Passive Fund as one that had performed strongly during the quarter. 8.3 The HoP explained that some action was required in order to address the Strategic Asset Allocation (SAA), and that steps towards achieving this would be addressed via a later report within the agenda and a review in the new year. 8.4 The IA outlined Appendix 1 of the report and made the following comments: · The UK market had seen a lot of focus recently, following the mini budget that markets had little tolerance for, and she highlighted the role of UK Gilts, the Bank of England and currency. She added that the UK market had now significantly recovered. · The IA highlighted the main factors that affected inflation and confirmed that the Bank of England and the US Fed had raised interest rates eight and six times respectively this year, which was extraordinary. · Interest rate rises had been affected by energy prices; however oil and food prices were returning to normal. · Despite being a difficult year for bonds and some equities investments; it had been a good year for global equities investments. · Some areas of Emerging Markets had recently been deemed untouchable, with China sitting on the edge of the debate due to its lack of transparency. · The recent US election results had provided stability to the markets. · The IA did not believe the current recession would be prolonged due to the job availability that existed. 8.5 Following questions from the Committee, the HoP, IA and RA made the following points: • The IA explained that the UK markets had been significantly affected by debt levels, the Brexit aftermath and a lack of foreign demand for UK Gilts. • The IA confirmed that Asia was the dominant sector of Emerging Markets, and that China was the largest market within that. • The IA explained that inflation was driven by both supply and wages, and she expected wage changes to occur in large lumps, as they were overdue, but did not expect it to continue at the same level thereafter. • The IA explained that ‘over-regulating’ could occur due to one or two bad actors within an industry, and regulations that were too complex would result in less investments in that area. • The RA believed that regulation in terms of digital and bitcoin investments had worked quite well, as mainstream finance and pension funds had been protected by holding to existing standards. • The HoP confirmed that performance had improved during quarter 4 of 2022, with the value of the Fund increasing by £24m during October and £163m during November. He added that the Fund’s diversified approach to investments had helped regarding performance. 8.6 The Pensions Committee agreed to note the investment performance that had taken place during quarter three of 2022.
9.1 The HoP outlined the report and provided an overview of the key updates discussed during the most recent RIWG meeting that was held on 14 November 2022. The key updates were outlined within paragraph 3.1 of the report and the HoP confirmed that a lot of good work had been undertaken, which was complementary to the work of the WPP. 9.2 The HoP reminded everyone that the RIWG was not a decision-making body, and its work did not extend beyond matters relating to responsible investments. He also referred to the attendance of the RA and Russell Investments at the November meeting of the RIWG, which enabled members to draw upon their expertise. 9.3 The Chairs of the Pensions Committee and Pension Board agreed that the RIWG was a very effective forum, and they were happy with the progress that had been made. Councillor Williams added that the review of the Terms of Reference had been deep and thorough. 9.4 The Pensions Committee: (i) Noted the contents of the update; and (ii) Approved the revised Terms of Reference as set out within Appendix 1 of the report.
10.1 The PM outlined the report and provided a brief update on the administration services provided by the Pension Section and indicated a number of areas of current activity and development. 10.2 Since the report was published, the PM confirmed that the number of members registered for My Pension Online (MPO) had increased to 15,306, which equated to 23.65% of the Fund’s total membership. 10.3 The PM confirmed that 26 employers had been represented at the employer meeting regarding the Actuarial Valuation on 23 November 2022, which was attended by the Actuary. 10.4 Following questions from the Committee, the PM confirmed that there were no backlogs within the Administration Team, so they were able to focus on McCloud and the Actuarial Valuation. The HoP and the PM added that the Fund was in a good position in terms of engagement with employers around the Actuarial Valuation, with some anticipated discussions still ongoing; however the process had been expedited by the data available to the Fund. 10.5 The Pensions Committee praised officers for the outcome of the Pension Administration Audit that took place in June 2022, where full assurance had been provided to management. 10.6 The Pensions Committee agreed to note the content of the report.
11.1 The PM outlined the report and provided an update on training already undertaken by members of the Pensions Committee, for information, and to aid consideration of future training requirements. 11.2 The PM thanked all members of the Pensions Committee who had participated in the 2022 National Knowledge Assessment. She confirmed that the results would be presented at the next meeting of the Pensions Committee, and she would provide feedback to Hymans Robertson regarding the views of members of the Pensions Committee and Pension Board. 11.3 A discussion took place around member training, particularly regarding the amount, the length of sessions and the use of remote meetings and presentations. It was agreed that officers and members of the Committee would discuss potential future training options outside of the meeting. 11.4 The IA reminded members of the Committee that advisors were there to help them navigate issues and could direct them to bitesize training materials. The RA suggested that the upcoming review of the SAA would help around knowledge and understanding, particularly around opportunities and risks for investments. 11.5 Councillor Williams confirmed that he had attended the Responsible Investment training on 14 November 2022 and asked for this to be amended within Appendix 1 of the report. 11.6 The Pensions Committee agreed to note the training update provided within the report.
12.1 The next meeting is scheduled to take place on 13 March 2023.
13.1 The Committee agreed to the exclusion of the press and public from the meeting as presentations and meeting papers were not for publication because in accordance with paragraphs 12 and 14 of part 4 of Schedule 12a of the Local Government Act 1972 (as amended by the Access to Information Variation Order Wales 2007), it contained information about a particular individual and information relating to the financial and business affairs of particular persons including the Council and in all the circumstances of the case the public interest in maintaining the exemptions outweighs the public interest in disclosing the information. 13.2 The Chair invited the five members of the Pension Board to continue observing the meeting. Items 14 to 17 were exempt from the press and public.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
Caiff datganiadau eu darllen o'r cofnodion unwaith y byddan nhw wedi'u cyhoeddi.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.