Agenda and minutes

(1)       Mr Vickers updated the Committee on the pensions administration system framework (minute no 32) and the decision to stay with the current provider, a contract had been entered into which would end in December 2016.

(2)       RESOLVED that the minutes of the meeting held on 15 November 2013 are correctly recorded and that they be signed by the Chairman as a correct record.

The Chairman informed the Committee that he had decided to take item C4, Admissions to the Fund, which was not available when the agenda was published, as an urgent item due to the need for the Committee to decide before the next meeting of the Committee whether to admit this organisation to the fund.

RESOLVED that under Section 100A of the Local Government Act 1972 the public be excluded from the meeting for the following business on the grounds that it involves the likely disclosure of exempt information as defined in paragraph 3 of part 1 of Schedule 12A of the Act.

RESOLVED that the exempt minutes of the meeting held on 15 November 2014 are correctly recorded and that they be signed by the Chairman as a correct record.

(1)       Mr Vickers introduced a report which set out the options available for the management of the Fund’s UK Equities.

(2)       Mr Vickers, Mr Elliott and Mr McKissack answered questions from Members in relation to the options set out in the report.

(3)       RESOLVED that the Fund’s UK equity exposure through State Street be retained and that the Committee consider this again at its meeting in June.

(1)       Mr Vickers presented a report on a number of issues relating to the structure and management of the Fund, including a transition update on the transfer of funds between investment managers.  Mr Vickers commended the work undertaken on behalf of the Committee by Ms Mings (Treasury & Investments Manager) and Ms Surana (Senior Accountant -Treasury and Investments).

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(2)       RESOLVED that the report be noted.

(1)       The Chairman welcomed Mr George Anson and Ms Hannah Tobin from Harbourvest to the meeting and invited them to give a brief presentation to the Committee on their management of the Fund’s private equality portfolio and answer questions from Members.

RESOLVED that the presentation and the comments made by Members of the Committee be noted.

(1)       Mr Vickers introduced a report on an application to join the Pension Fund.

(2)       RESOLVED that the successful tenderer for the contract for the delivery of inward investment services in Kent, be admitted to the Kent County Council Pension Fund, subject to the organisation providing a bond and KCC as letting authority providing a limited guarantee, and that once legal agreements have been prepared the Kent County Council seal can be affixed to the legal documents.

(Committee open to the press and public)

(1)       Mr Vickers introduced a report which set out information on applications from organisations to become admitted bodies within the Pension Fund. It also advised of the need to extend admission agreements, a termination, a name change and the closure of an admission agreement to new members. The Committee’s approval was sought to enter into these agreements.

(2)       In response to a question from a Member on the admission of Parish Councils to the Kent County Council Fund Pension scheme, Mr Tagg explained that Parish Councils did not have to offer this facility to their staff. However, if they decided to join the scheme they needed to pass a resolution and he would advise them to reflect in this resolution that there could be a potential long term liability for the Parish Council.

RESOLVED that:

(a)       the successful bidder(s) for the East Kent total facilities management contract be admitted to the Kent County Council Pension Fund,

            (b)       the successful bidder(s) for the Mid Kent total facilities management contract be admitted to the Kent County Council Pension Fund,

(c)        the successful bidder(s) for the West Kent total facilities management contract be admitted to the Kent County Council Pension Fund,

            (d)       Medway Community Healthcare CIC be admitted to the Kent County Council Pension Fund,

(e)       an amended agreement be entered into with Superclean Services Wothorpe Limited,

            (f)         an amended agreement be entered into with Mytime Active,

            (g)       a termination agreement be entered into with Quadron Services Limited,

(h)        an amended agreement be entered into with HOPE (Kent) Limited,

(i)         an amended legal agreement be entered into with Ashford Leisure Trust,

(j)         once legal agreements have been prepared for (a) to (i) above, the Kent County Council seal can be affixed to the legal documents.

(1)       Mr Vickers referred the Committee to the report by Grant Thornton on key issues facing the LGPS which had been published in November 2013. 

(2)       RESOLVED that the report be noted.    

The next meeting of the Committee will be held on Friday 21 March 2014 at 10.00am

It was noted that the next meeting of the Committee would be held on Friday 21 March 2014.