Present:-

Devon County Council:-

Councillors Boyd (Chairman), Brook, Dezart, Gilbert, Greenslade, Hannon, Hill, Radford, Squires and Wright.

Unitary and District Councils:-

Councillors Fox and Stark (Plymouth), Hicks (Exeter LDA-Devon).

Union and Retired Members: Non-Voting Observers:-

Mr Franceschini, Mr Lomax and Mrs Parker.

Apologies:-

Devon County Councillors Edgell and Randall-Johnson

Unitary and District Councillors Smith and Thomas

*1 Minutes

RESOLVED that the minutes of the former Committee held on 1 March 2013 be signed as a correct record.

*2 Investment Management Report

The Committee considered the report of the County Treasurer (CT/13/25 - text only | pdf CT/13/25) on the total Fund performance for the year to 31 March 2013 and the current asset allocation against target. The County Treasurer highlighted the Funds good performance over the last year which achieved 1.9% ahead of the benchmark.

The County Treasurer also stated that the fund was currently 5% over its target equity allocation and outlined the action required to reallocate funding from Equities to Property and Infrastructure to bring the asset allocation back in line with the Committee s strategic target.

It was MOVED by Councillor Brook, SECONDED by Councillor Squires and

RESOLVED that the Investment Management Report be noted; that a new commitment to infrastructure assets be agreed and that no further new money be allocated in the current quarter.

*3 LGPS Scheme Governance

The Committee considered the report of the County Treasurer (CT/13/26 - text only | pdf CT/13/26) outlining the proposed changes to governance of the LGPS in-line with The Public Service Pensions Act 2013, including the possibility of future pension fund mergers.

It was MOVED by Councillor Brook, SECONDED by Councillor Radford and

RESOLVED that the Committee notes the implications of the Public Service Pensions Act 2013 and the on going review of the LGPS Scheme Governance.

*4 Rebalancing Policy

The Committee considered the report of the County Treasurer (CT/13/26 - text only | pdf CT/13/26) outlining potential approaches to the rebalancing of the Pension Fund.

It was MOVED by Councillor Hannon, SECONDED by Councillor Greenslade and

RESOLVED that the Committee approves the suggested rebalancing policy for the Pension Fund.

*5 Infrastructure Strategy

The Committee considered the report of the County Treasurer (CT/13/28 - text only | pdf CT/13/28) outlining the suggested Infrastructure strategy, specifically increasing the Pension Fund s target allocation in Infrastructure from 2% to 4% by investing in an Infrastructure offering from Aviva.

It was MOVED by Councillor Brook, SECONDED by Councillor Hannon and

RESOLVED that the Committee approves the suggested Infrastructure strategy for the Pension Fund, but would wish to further examine the proposed next investment in the asset class through Aviva funds.

*6 Proposed Shared Services Arrangement for Pension Administration

The Committee considered the report of the County Treasurer (CT/13/29 - text only | pdf CT/13/29) on the current position of the proposed shared service arrangement with Somerset County Council for pension administration. Members noted that Somerset County Council were undertaking a further consultation exercise, and that the TUPE transfer date was likely to now be in the Autumn.

It was MOVED by Councillor Brook, SECONDED by Councillor Greenslade and

RESOLVED that Members note the progress towards the shared service arrangement for Pension Administration Services with Somerset County Council.

*DENOTES DELEGATED MATTER WITH POWER TO ACT

The meeting started at 10.45am and finished at 11.50am.

The Minutes of the Committee are published on the County Council s Website at: