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Agenda and minutes

Venue: Committee Room 1, Town Hall, Upper Street, N1 2UD. View directions

Contact: M. Green 

Items
No. Item

105.

Apologies for absence

Minutes:

None.

106.

Declaration of substitutes

Minutes:

None.

107.

Declaration of interests

If you have a Disclosable Pecuniary Interest* in an item of business:

         if it is not yet on the council’s register, you must declare both the existence and details of it at the start of the meeting or when it becomes apparent;

         you may choose to declare a Disclosable Pecuniary Interest that is already in the register in the interests of openness and transparency. 

In both the above cases, you must leave the room without participating in discussion of the item.

 

If you have a personal interest in an item of business and you intend to speak or vote on the item you must declare both the existence and details of it at the start of the meeting or when it becomes apparent but you may participate in the discussion and vote on the item.

 

*(a)      Employment, etc - Any employment, office, trade, profession or vocation carried on for profit or gain.

(b)        Sponsorship - Any payment or other financial benefit in respect of your expenses in carrying out duties as a member, or of your election; including from a trade union.

(c)        Contracts - Any current contract for goods, services or works, between you or your partner (or a body in which one of you has a beneficial interest) and the council.

(d)        Land - Any beneficial interest in land which is within the council’s area.

(e)        Licences- Any licence to occupy land in the council’s area for a month or longer.

(f)        Corporate tenancies - Any tenancy between the council and a body in which you or your partner have a beneficial interest.

 (g) Securities - Any beneficial interest in securities of a body which has a place of business or land in the council’s area, if the total nominal value of the securities exceeds £25,000 or one hundredth of the total issued share capital of that body or of any one class of its issued share capital. 

 

This applies to all members present at the meeting.

 

Minutes:

None.

108.

Minutes of the previous meeting pdf icon PDF 124 KB

Minutes:

RESOLVED:

That the minutes of the meeting held on 5 September 2017 be confirmed as a correct record and the Chair be authorised to sign them.

 

109.

Protecting the Recovery Plan - Equity protection pdf icon PDF 113 KB

Minutes:

The Head of the Pension Fund and Treasury Management introduced her report, which had been produced at the request of Sub-Committee at the previous meeting. The report detailed aspects of the recovery plan agreed at the 2016 Actuarial Valuation and the current funding position of the Fund and recommended strategy options to capture some of the gains. The improvement in the funding level of the Pension Fund since March 2017 was due to the increase in equity markets. The funding level of the Fund was now at around 90%, compared to 78% at the 2016 actuarial valuation.  Officers had been asked to submit options for the Sub-Committee’s consideration to protect the equity accrued in the Fund, to reduce the likelihood that further deficit contributions would be required at the 2019 valuation of the Fund.

 

Members considered an exempt presentation from Mercer on options for this protection strategy.

 

RESOLVED:

(a) That the confidential written and verbal presentation by Mercer be noted.                             

(b) That an equity protection strategy be used to maintain some of the improved asset valuation in the Pension Fund.

(c)  That officers explore the impact on contributions and investment outcomes for different levels of equity protection

(d) That Officers and Mercer explore the combination of a spread collar option to protect the Fund, with the Fund paying a premium and foregoing future benefits.

 

 

110.

Protecting the Recovery Plan - Equity protection - exempt appendix

Minutes:

Noted.