Pension Sub-committee And Pension Board - 20/08/2003

At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE of the FINANCE COMMITTEE held at Dundeeon Wednesday, 20th August, 2003.

Present:-

Bailie

C D P Farquhar

Councillors

George Regan

Nigel Don

In attendance:-

Mr W Gowans, Tayside Full Time Trade Union Officers' Group

Councillor Regan, Convener, in the Chair.

The minute of meeting of this Sub-Committee of 4th June, 2003 was noted.

Unless marked thus * all items stand delegated.

I MATTER ARISING

The Principal Treasury and Investment Officer advised that the COSLA Pension Funds training day, due to take place in Edinburgh in September, had fallen through. Three separate training days on 14th October, 11th November and 4th December to be held by the LGC Public Sector Pension Fund were not suitable to members.

It was agreed to ask COSLA to arrange another training event so that members should have the opportunity to attend.

The Depute Chief Executive (Finance) pointed out that, meantime, members could attend a Fidelity training day in Glasgow on 17th September and any interested member should contact him as soon as possible.

The Sub-Committee resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the public and press be excluded from the meeting in order that the undernoted items of business be considered in private on the grounds that they involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 7(A) of the Act.

II OUTCOME OF TRANSITION EXERCISE

Reference was made to Article III of the minute of meeting of this Sub-Committee of 4th June, 2003 wherein it was advised that the appointment of a Transition Manager and the use of a consultant had been approved to carry out a transition exercise.

There was submitted Report No 558-2003 by the Depute Chief Executive (Finance) advising that the transition exercise had gone very smoothly and estimated savings of 3.2 million had been achieved despite the very tight timescales involved.

Thanks were expressed to the Principal Treasury and Investment Officer and the Corporate Finance Manager for the work successfully carried out.

The Sub-Committee noted the report and the satisfactory outcome of the exercise.

III TAYSIDE SUPERANNUATION FUND

(a) W M PERFORMANCE SUMMARIES (BALANCED PORTFOLIOS)

There was tabled Report No 559-2003 by the Depute Chief Executive (Finance) who explained that the figures detailed in the reports were best estimates as the detailed W M Performance figures were not yet to hand.

The Sub-Committee noted the information provided.

(b) PERFORMANCE SUMMARY - PROPERTY PORTFOLIO

There was submitted Report No 560-2003 by the Depute Chief Executive (Finance) reviewing the investment performance of the Property Portfolio managed by Schroder Property Investment Management Ltd for both the quarter and the year to 30th June, 2003.

The Sub-Committee noted the information contained in the above report with regard to the performance of the Property Portfolio management by Schroder Property Investment Management Ltd.

The Sub-Committee noted that as the portfolio was in transition as at 30th June, 2003, it was not possible to compile the standard report for the quarter.

IV TAYSIDE TRANSPORT SUPERANNUATION FUND

(a) W M PERFORMANCE SUMMARIES

There was tabled Report No 561-2003 by the Depute Chief Executive (Finance) who explained that W M Performance figures for the quarter to 30th June, 2003 were not yet available and therefore, the figures submitted were best estimates.

The Sub-Committee noted the information provided.

(b) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

The Sub-Committee noted that as the portfolio was in transition as at 30th June, 2003, it was not possible to compile the standard report for the quarter.

V PRESENTATION

Bill Hughes and Jenny Buck of Schroder Property Management Ltd provided an overview of the UK property market, explained their investment philosophy, reviewed the current portfolio and also the current strategy. Bill Hughes pointed out that rental growth recovery was dependent upon improvement in the wider economy.

The speakers answered questions and were thanked by the Convener on behalf of the Sub-Committee.

GEORGE REGAN, Convener.

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