To receive any apologies for absence.

Apologies for absence were received by Councillors Rankin, Hilton, Hill, Stanton, Usmani and from Sue Nichols.

To receive any declarations of interest.

The Pension Fund Manager declared an interest on behalf of Berkshire Pension Fund officers in LGPS Investment Pooling due to TUPE implications.

The Pension Fund Manager declared he was one of RBWM’s authorised representatives for Glassford LLP, a prospective director of Technology Oil Enhanced PLC and would become a director of the special purpose vehicles established to hold farms in Australia and New Zealand by Milltrust Agicultural Investments. All of these interests were in investments held by the Pension fund.

To approve the Part I minutes of the meeting held on 6 June 2016.

The Part I minutes of the meeting held on 6^th June 2016 were approved as a true and correct record subject to Cllr Denise should read Cllr Dennis in the  attendance record.

To consider the report.

The Panel considered the report that requested an increase limit for investments in Limited Partnerships be increased to 30% following a change in the LGPS Regulations. 

Resolved unanimously:  That the Panel adopts the higher limit of 30% investment in Limited Partnerships as permitted by the LGPS (Management and Investment of Funds) (Amended) Regulations 2013.

To consider the report.

The Chairman of the Panel informed that the need for investment pooling was imposed on LGPS by the Government initially with the view to increased investment in large scale infrastructure projects.  Although the need to invest into infrastructure seems no longer to be a requirement Pooling was still being forced through.

It was noted that there was a new Prime Minister and that a new Cabinet may take a different view on the requirement for LGPS investment Pooling.

The discussion on this item was undertaken in Part II (Private Session) with the Panels recommendation being in Part I.

Resolved Unanimously: That the Panel:

i.           notes the Letter of Intent at Annex 1, the Stakeholder briefing note at Annex 2 , the Stakeholder Briefing Summary and the draft letter from the Chairman be circulated as necessary

ii.          has the intention that the Berkshire Pension Fund should pool its assets with Local Pensions Partnership Limited subject to satisfactory negotiations

iii.         agrees that Berkshire should become a party to the Local Pensions Partnership submission at Annex 3 to the Department for Communities and Local Government by 15^th July 2016

iv.         notes that a formal legal review of legal documentation in respect of any relationship with Local Pensions Partnership has not yet started.

To consider passing the following resolution:-

“That under Section 100(A)(4) of the Local Government Act 1972, the public

be excluded from the remainder of the meeting whilst discussion takes place

on item 9 on the grounds that it involves the likely disclosure of exempt

information as defined in Paragraphs 1-7 of part I of Schedule 12A of the Act"

RESOLVED UNANIMOUSLY: That under Section 100(A)(4) of the Local

Government Act 1972, the public be excluded from the remainder of the

meeting whilst discussion takes place on the grounds that they involve

the likely disclosure of exempt information as defined in Paragraphs 1-7

of part I of Schedule 12A of the Act.

To approve the Part II minutes of the meeting held on 6 June 2016.

To consider the report.

To note the minutes.

To consider the report.