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 12 June 2015 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 2014/15

Report of the County Treasurer (CT/15/71 - text only | pdf | supplementary information CT/15/71), attached (Page 5) - Annual Report Accounts separately attached.

5. LGPS Update: Pooling of Investments

Report of the County Treasurer (CT/15/72 - text only | pdf CT/15/72), attached (Page 7)

6. Pension Board

Report of the County Treasurer (CT/15/73 - text only | pdf CT/15/73), attached (Page 10)

7. Investment Management Report

Report of the County Treasurer (CT/15/74 - text only | pdf CT/15/74), attached (Page 13)

8. Pension Fund Risk Register

Report of the County Treasurer (CT/15/75 - text only | pdf | supplementary information CT/15/75), attached (Page 18).

9. Applications for Admitted Body Status

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

(a) Action for Children - Devon County Council transferred 7 Children s Centre staff on 1 May 2015.

(b) Chartwells - Great Torrington Academy and St Michael s Academy transferred catering staff to Chartwells on 1 September 2015.

(c) Cormac (1) - Devon and Somerset Fire and Rescue Service transferred 15 cleaning staff to Cormac on 1 April 2015.

(d) Cormac (2) - Plymouth City Council transferred 2 staff from Ham Drive Nursery to Cormac on 1 April 2015.

(e) Mitie - South Devon College transferred 3 employees on 1st September 2015.

(f) Sodexo - 20 staff transferred from Carillion, an existing admitted body, on 1 September 2015 (Exeter Schools PFI contract).

10. Committee Training

A joint training day with the Cornwall Pension Fund for Committee members and Pension Board members has been arranged for Friday 16 October 2015. The event will take place at St Mellion International Resort in Cornwall. A full programme will be sent out to Members in the next few days. Members are also asked to note that a further training session will be held in the afternoon following the Committee meeting on 20 November 2015, finishing at 3.30pm.

11. Dates of Future Meetings

The Committee will meet at 10.00am on Friday 20 November 2015 and Friday 26 February 2016.

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 they involve the likely disclosure of exempt information as defined in Paragraphs 1, 2 and 3 of Schedule 12A of the Act, namely information relating to, and which is likely to reveal the identity of, an individual (Item 15) and information relating to the financial or business affairs of an individual and the County Council (Items 13, 14 15) and, 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/15/76), attached (Page 33)

14. Investment Briefing

Report of the County Treasurer (CT/15/77), attached (Page 72)

15. Relationship with RWC

County Treasurer to report.

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) Edgell, Hannon, Hill, Hosking and Radford. Unitary and District Councils Councillors Parker Delaz Ajete (Plymouth), Edwards (Exeter - LGA Devon), O Dwyer (Torbay) Substitute Members: Councillor Hicks (for Cllr Edwards) and Councillor Fox (for Cllr Parker Delaz Ajete) Other Employment Rep Ms D Healy (Dartmoor National Park Authority) 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 Church 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 and Scrutiny Secretariat at County Hall, Exeter, EX2 4QD.

Induction loop system available