The Committee considers all issues concerning
the administration and investment of the Pension Fund. In
particular:
1.
To exercise all functions concerning the Pension Fund including,
but not limited to: governance; funding;
actuarial valuations; policies; accounting and audit; risk
management, budgets and resourcing; investment, and
administration.
2.
To review and approve all aspects of investment policy relating to
the Pensions Fund, including agreeing the strategic asset
allocation and authorisation or prohibition of particular
investment activities.
3.
To review the Investment Strategy Statement and amend it when
necessary.
4.
To agree benchmarks and performance targets for the investment of
the Fund’s assets and review periodically.
5.
To agree to transfer funds into mandates managed by the London
Collective Investment Vehicle (CIV) as soon as appropriate
opportunities become available.
6.
To receive regular reports from investment managers including the
London CIV and to agree resultant actions from a review of the
investments held.
7.
To keep the performance of the investment managers under regular
review and extend or terminate their contracts as required. To
appoint new managers when necessary.
8.
To agree policy guidelines for the exercise of voting rights
attached to the Fund’s shares.
9.
To review the appointment of specialist advisors and service
providers and make new appointments as necessary.
10.To approve the
appointment of persons to hear appeals under the Internal Dispute
Resolution Procedure.
11.To set up a Pensions
Sub-Group, should it be required, comprising 3 Elected Members
politically balanced and relevant officers and advisors to:
i.
Be consulted on urgent decisions that are required to be taken by
the Corporate Director of Finance in the absence of a Committee
meeting;
ii.
Assist in strategic discussions with regard to the Pensions Fund
and Investment Strategy, including the monitoring of fund manager
performance and associated actions or investigations and making any
recommendations on such matters to the Pensions Committee for
decision.
12.The Corporate
Director of Finance be authorised to take urgent decisions in
relation to the pensions fund and investment strategy on behalf of
the Committee, and if established, in consultation with any Pension
Sub-Group, reporting back to the Pensions Committee for
ratification.