A meeting of the Investment and Pension Fund Committee will be held on the above date at 10.00 am at County Hall, Exeter to consider the following matters.

P NORREY

Chief Executive

A G E N D A

1. Apologies for absence

2. Minutes

Minutes of the meeting held on 16 May 2014, attached (Page 1).

3. Items Requiring Urgent Attention

Items which in the opinion of the Chairman should be considered at the meeting as matters of urgency.

4. Pension Fund Annual Report and Accounts 2013/14

Report of the County Treasurer (CT/14/55 - text only | pdf | supplementary information CT/14/55) attached (Page 5).

5. Administering Authority Administration Discretions

Report of the County Treasurer (CT/14/56 - text only | pdf | supplementary information CT/14/56) attached (Page 7).

6. Funding Strategy Statement

Report of the County Treasurer (CT/14/57 - text only | pdf | supplementary information CT/14/57) attached (Page 23).

7. 2014/15 Training Plan

Report of the County Treasurer (CT/14/58 - text only | pdf | supplementary information CT/14/58) attached (Page 37).

8. Investment Management Report

Report of the County Treasurer (CT/14/59 - text only | supplementary information CT/14/59) attached (Page 43).

9. Pension Fund Risk Register

Report of the County Treasurer (CT/14/60 - text only | pdf | supplementary information CT/14/60) attached (Page 47).

10. Applications for Admitted Body Status

The following applications for admitted body status have been approved since the last meeting of the Committee:

(a) 4Children has entered into two contracts with Plymouth City Council to run a number of children s centres (replacing The Children s Society who pulled out of the contracts). 19 staff will transfer on 1st October 2014.

(b) Churchill has entered into a cleaning contract with a Torbay school. 6 employees will transfer on 1st October 2014.

(c) Chartwells (part of Compass) has entered into a contract with Cockington Academy and the prospects Academy Trust to run catering services. 28 staff transferred on 1st August 2014.

(d) Delt Shared Services Limited is a company set up by Plymouth City Council and North East West Devon Clinical Commissioning Group, to run IT services. 76 staff transferred on 1 September 2014.

(e) South West Heritage Trust is being set up by Devon and Somerset County Councils to run Heritage services. 18 staff will transfer on 1st October 2014.

(f) ISS has entered into a contract with Torbay Council and a number of academies to run catering services. The number of staff transferring is to be confirmed although they transferred on 1st August 2014.

(g) Sanctuary Housing has entered into a contract with Torbay to run the domestic abuse service 2 employees are transferring on 1st October 2014.

(h) Strata is a company being set up by Exeter City Council, East Devon District Council and Teignbridge District Council to run IT services. 71 employees will transfer on 1st November 2014.

11. Dates of Future Meetings

The Committee will meet at 10.00am on the following dates:

21 November 2014

27 February 2015

PART II ITEMS WHICH MAY BE TAKEN IN THE ABSENCE OF THE PRESS AND PUBLIC

12. Exclusion of the Press and Public

Recommendation: that the press and public be excluded from the meeting for the following

items of business under Section 100(A)(4) of the Local Government Act 1972 on the

grounds that it involves the likely disclosure of exempt information as defined in Paragraph 3

of Schedule 12A of the Act, namely information relating to financial and business affairs of a

person other than the County Council and disclosure of which would be likely to inhibit the free

and frank provision of advice and exchange of views for the purposes of deliberation, in

accordance with Section 36 of the Freedom of Information Act 2000, by virtue of the fact that

the public interest in maintaining the exemption outweighs the public interest in disclosing the

information.

13. Investment Management Review

Report of the County Treasurer (CT/14/61) attached (Page 61).

14. Independent Advisor Arrangements

Report of the County Treasurer (CT/14/62) attached (Page 67).

Members are reminded that Part II Reports contain exempt information and should therefore be treated accordingly. They should not be disclosed or passed on to any other person(s). Members are also reminded of the need to dispose of such reports carefully and are therefore invited to return them to the Democratic Services Officer at the conclusion of the meeting for disposal.

MEMBERS ARE REQUESTED TO SIGN THE ATTENDANCE REGISTER

Membership

Devon County Council Councillors Gilbert (Chairman), Brook, Dezart, Edgell, Gilbert, Greenslade, Hannon, Hill, Hosking, Radford, Randall Johnson, Squires and Wright. Unitary and District Councils Councillors Parker and Stark (Plymouth), Edwards (Exeter - LGA Devon), Thomas (Torbay) Substitute Members: Councillor Hicks (for Cllr Edwards), Councillor J Smith (for Cllr Parker), Councillor Dr Mahony (for Cllr Stark) Union and Retired Members: Observers Non-Voting Mr. Franceschini, Mr. Lomax and Ms. Rimron

Declaration of Interests

Members are reminded that they must declare any interest they may have in any item to be considered at this meeting, prior to any discussion taking place on that item.

Access to Information

Any person wishing to inspect any Minutes, Reports or Background papers relating to any item on this agenda should contact Vicky Moffat on 01392 383691. Agendas, Reports and Minutes of this Committee are published on the Council s Website at:http://www.devon.gov.uk/index/councildemocracy/decision_making/cma/index_inv.htm

Webcasting, Recording or Reporting of Meetings and Proceedings

The proceedings of this meeting may be recorded for broadcasting live on the internet via the Democracy Centre on the County Council s website. The whole of the meeting may be broadcast apart from any confidential items which may need to be considered in the absence of the press and public. For more information go to:http://www.devoncc.public-i.tv/core/ In addition, anyone wishing to film part or all of the proceedings may do so unless the press and public are excluded for that part of the meeting or there is good reason not to do so, as directed by the Chairman. Any filming must be done as unobtrusively as possible from a single fixed position without the use of any additional lighting; focusing only on those actively participating in the meeting and having regard also to the wishes of any member of the public present who may not wish to be filmed. As a matter of courtesy, anyone wishing to film proceedings is asked to advise the Chairman or the Democratic Services Officer in attendance so that all those present may be made aware that is happening. Members of the public may also use Facebook and Twitter or other forms of social media to report on proceedings at this meeting. An open, publicly available Wi-Fi network (i.e. DCC) is normally available for meetings held in the Committee Suite at County Hall. For information on Wi-Fi availability at other locations, please contact the Officer identified above.

Emergencies

In the event of the fire alarm sounding, leave the building immediately by the nearest available exit, following the fire exit signs. If doors fail to unlock press the Green breakglass next to the door. Do not stop to collect personal belongings, do not use the lifts, do not re-enter the building until told to do so.

Mobile Phones

Please switch off all mobile phones before entering the Committee Room or Council Chamber.

If you need a copy of this Agenda and/or a Report in another format (e.g. large print, audio tape, Braille or other languages), please contact the Information Centre on 01392 380101 or email to: centre@devon.gov.uk or write to the Democratic Services and Scrutiny Secretariat at County Hall, Exeter, EX2 4QD.

Induction loop system available