Pensions Committee

  The Committee considers all issues concerning the administration and investment of the Pension Fund. In particular:  

1.    To exercise all functions concerning the Pension Fund including, but not limited to: governance; funding; actuarial valuations; policies; accounting and audit; risk management, budgets and resourcing; investment, and administration.

2.    To review and approve all aspects of investment policy relating to the Pensions Fund, including agreeing the strategic asset allocation and authorisation or prohibition of particular investment activities.

3.    To review the Investment Strategy Statement and amend it when necessary.

4.    To agree benchmarks and performance targets for the investment of the Fund’s assets and review periodically.

5.    To agree to transfer funds into mandates managed by the London Collective Investment Vehicle (CIV) as soon as appropriate opportunities become available.

6.    To receive regular reports from investment managers including the London CIV and to agree resultant actions from a review of the investments held.

7.    To keep the performance of the investment managers under regular review and extend or terminate their contracts as required. To appoint new managers when necessary.

8.    To agree policy guidelines for the exercise of voting rights attached to the Fund’s shares.

9.    To review the appointment of specialist advisors and service providers and make new appointments as necessary.

10.To approve the appointment of persons to hear appeals under the Internal Dispute Resolution Procedure.

11.To set up a Pensions Sub-Group, should it be required, comprising 3 Elected Members politically balanced and relevant officers and advisors to: i.              Be consulted on urgent decisions that are required to be taken by the Corporate Director of Finance in the absence of a Committee meeting; ii.            Assist in strategic discussions with regard to the Pensions Fund and Investment Strategy, including the monitoring of fund manager performance and associated actions or investigations and making any recommendations on such matters to the Pensions Committee for decision.

12.The Corporate Director of Finance be authorised to take urgent decisions in relation to the pensions fund and investment strategy on behalf of the Committee, and if established, in consultation with any Pension Sub-Group, reporting back to the Pensions Committee for ratification.