To receive the minutes of the meeting held on 29 September 2008 which were received or approved by the Council.

The Director of Law, HR and Asset Management submitted the minutes of the meeting held 29 September 2009.

Resolved – That the minutes be received.

Members are asked to consider whether they have personal or prejudicial interests in connection with any item(s) on this agenda and, if so, to declare them and state what they are.

Members were asked to consider whether they had any personal or prejudicial interests in connection with any item on the agenda and if so to declare them and state the nature of the interest.

No declarations were made.

The Director of Finance submitted a report informing Members of the result of the exercise carried out to seek nominations for a deputy to the non district council representative on the Pensions Committee.

He reported that Pensions Committee had considered a request for an increase to the representation of the non district council employers on the Pensions Committee at its meeting held 29 September 2008 but rejected the proposal that an additional representative should be appointed and instead agreed that a deputy be appointed for the non district council employers representative to attend meetings when Jayne Brown was unable to do so (Minute 37 refers)..

The Director informed members that he had written to the 111 non district council employers including educational institutions, voluntary organisations, private contractors undertaking best value contracts for local authorities, housing organisations and a number of other commercial organisations, to seek nominations for the role.

He reported that no nominations had been received by the specified closing date of 27 October 2008.  Therefore, a ballot will not now take place and no deputy will be appointed at this time.

Resolved – That the report be noted.

The Director of Finance submitted a report informing Members of progress with the production of regulations by the Department for Communities and Local Government (DCLG) in connection with the introduction of the revised LGPS from 1 April 2008.

Resolved – That the report be noted.

The Director of Finance submitted a report requesting that Members approve a procurement exercise to maintain a framework list of transition managers for the purpose of moving assets between investment managers in a cost effective manner following changes in investment strategy.

Resolved - That the procurement process for the selection of a retained list of transition managers be approved.

The Director of Finance submitted a report requesting the Committee to consider if it wished to be represented at the Pension Fund Investment Conference organised by Local Government Chronicle to be held in Chester on 26-27 February 2009, and if so, to determine the number and allocation of places.

Resolved – That the Chair, Vice-Chair and one member from each political party attend the conference plus one co-opted member.

The public may be excluded from the meeting during consideration of the following items of business on the grounds that they involve the likely disclosure of exempt information.

Resolved – That the public be excluded from the meeting on the grounds that the following matters to be considered contain exempt information by virtue of paragraph 1 of Part 1 of Schedule 12A of the Local Government Act 1972.

The Director of Finance submitted a report informing Members of the outcome of the recent tendering exercise in respect of the reinstatement, repair and redecoration work to the Cunard Building which is owned by MPF as part of the direct property investment portfolio. The tendering exercise had been conducted on behalf of MPF by CB Richard Ellis (CBRE).

Resolved - That the acceptance, under delegation of the lowest tender in the sum now reported for the reinstatement, repair and re-decoration work at the Cunard Building, Liverpool be noted.

The Director of Finance submitted a report informing Members of the details of the annual review of potential unfunded liabilities for admission bodies, undertaken by the Actuary Mercer, following an actuarial review of the Fund as at 31 March 2008.

Members were recommended to confirm that having regard to the current difficult financial circumstances that bond requirements are not increased based on the latest figures provided by the Actuary but instead are retained at the 2007 levels for the remainder of this financial year.

Resolved -

1. That having regard to the current difficult financial circumstances bond requirements be not increased based on the latest figures provided by the Actuary but instead be retained at the 2007 levels for the remainder of this financial year.

2. That action be taken to ensure that any bodies that have not already done so provide the increased level of bond recommended at March 2007 and that a further review be undertaken at March 2009.

3. That the potential liabilities of admission bodies continue to be monitored on a regular basis.

The Director of Finance submitted the minutes of the Investment Monitoring Working Party held on 22 October 2008.

Resolved – That the minutes be agreed.

Report to follow.

The Director of Finance submitted a report requesting that Pensions Committee agree, subject to appropriate due diligence, four investment mandates for UK equities.

Resolved - That subject to appropriate due diligence, the appointment of the four investment mandates for UK equities now submitted be agreed.

Report to follow.

The Director of Finance submitted a report requesting that Pensions Committee approve, subject to appropriate due diligence, the appointment of Unigestion to a mandate to manage European Equities.

Resolved - That this committee approves, subject to appropriate due diligence, the appointment of the investment mandate for European equities now submitted.