Decisions

Use the below search options at the bottom of the page to find information regarding recent decisions that have been taken by the council’s decision making bodies.

 

Decisions published

28/11/2018 - LOCAL GOVERNMENT PENSION SCHEME EMPLOYER DISCRETIONS ref: 197    Recommendations Approved

To approve The Pension Scheme Policy Statement as outlined in Appendix 1, which sets out the required employer discretions under the Local Government Pension Regulations.

To agree to review the policy statement on a three yearly basis in accordance with the pension schemes valuation cycle, to ensure financial and operational viability.

Decision Maker: Executive Cabinet

Decision published: 13/10/2018

Effective from: 28/11/2018

Decision:

SERVICE AREA:

GOVERNANCE & RESOURCES – PEOPLE & WORKFORCE DEVELOPMENT

SUBJECT MATTER:

LOCAL GOVERNMENT PENSION SCHEME EMPLOYER DISCRETIONS

DECISION:

To approve The Pension Scheme Policy Statement as outlined in Appendix 1, which sets out the required employer discretions under the Local Government Pension Regulations.

To agree to review the policy statement on a three yearly basis in accordance with the pension schemes valuation cycle, to ensure financial and operational viability.

DECISION TAKER(S):

Executive Cabinet

DATE OF DECISION:

28 November 2018

REASON FOR DECISION:

To meet the pension legislation requirements to formulate, publish and keep under review a policy statement in relation to theexercise of its discretions. 

ALTERNATIVE OPTIONS REJECTED (if any):

The alternative approaches would include:

1.   Do nothing which would not be lawful.

2.   Adopt alternative discretion decisions, which would lead to increased costs incurred by the Council.

CONSULTEES:

None Applicable

FINANCIAL IMPLICATIONS:

(Authorised by Borough Treasurer)

Employer discretions provide flexibility within the pension regulations for employers to determine how individuals can access their benefits.  This flexibility can facilitate organisational needs however the exercising of these discretions, affording extra benefits to scheme members, will incur additional costs to the Council.

All employer discretions have been determined to ensure financial sustainability whilst supporting individuals accessing their pension benefits.

LEGAL IMPLICATIONS:

(Authorised by Borough Solicitor)

The Council is responsible under the regulations to ensure robust and fair processes are in place to manage employer responsibilities in respect of individuals accessing their pension benefits.

CONFLICT OF INTEREST:

The pension discretions contained within the report will impact on a number of deferred Councillor members.

DISPENSATION GRANTED BY STANDARDS COMMITTEE ATTACHED:

Not applicable.

REFERENCE DOCUMENTS:

The background papers relating to this report can be inspected by contacting the report author, Jenny Dickie, HR Manager – Policy, Strategy & Reward, by:

Telephone: 0161 342 2938

E-mail: jenny.dickie@tameside.gov.uk

 

Wards affected: (All Wards);

Lead officer: Tracy Brennand

12/10/2018 - MACQUARIE EUROPEAN INFRASTRUCTURE FUND 6 - KEY DECISION ref: 196    Recommendations Approved

Decision Maker: Director of Governance and Pensions

Decision published: 12/10/2018

Effective from: 12/10/2018

Decision:

EXEMPT - GMPF - EXECUTIVE DECISION NOTICE

 

SUBJECTMATTER:

MACQUARIE EUROPEAN INFRASTRUCTURE FUND 6

DECISION:

To APPROVE an investment of €80 million (approximately £70 million) in Macquarie European Infrastructure Fund VI (MEIF6), subject to satisfactory completion of outstanding legals

DECISION TAKER:

Sandra Stewart

DESIGNATION OF DECISION TAKER:

Director of Pensions

DATE OF DECISION:

12 October, 2018

REASON FOR DECISION:

The Panel has allocated 5% of total assets to Infrastructure Fund investments.  An annual strategy report on this activity is approved by the Fund’s Management Panel.  The report includes an analysis of the required pacing of commitments necessary to meet the target allocation within a reasonable and sensible timeframe, whilst also prescribing appropriate diversification targets on the portfolio.  The Private Markets team are responsible for selecting managers and funds consistent with the approved strategy.

The Director has delegated authority to sign off investments of this nature.

 

ALTERNATIVE OPTIONS REJECTED (if any):

This investment has been selected by the GMPF team as part of the annual Infrastructure Funds commitment programme.  The team, in conjunction with its specialist adviser, continually reviews the Infrastructure Funds universe for the best investment opportunities.  Recent competitor funds have been assessed but not progressed.

CONSULTEES:

The team has taken appropriate reference calls with relevant parties and consulted with GMPF’s Investment Committee.  There is a consensus on Macquarie being a credible manager and this being an appropriate investment for GMPF’s Infrastructure Funds portfolio.

FINANCIAL IMPLICATIONS:

The commitment to this Fund, will increase the total commitments to Infrastructure Funds consistent with the implementation plans described the strategy paper as approved by the Fund’s Management Panel. 

There are no issues arising from portfolio concentration or overall Infrastructure Fund exposure from this investment.

LEGAL IMPLICATIONS:

A Subscription Agreement and, as necessary, a side letter will be entered into to formalise the commitment to the Fund, subject to approval of the Head of Pension Fund Legal.  The Limited Partnership Agreement is the main controlling document and is subject to review by GMPF officers, and review and approval by Pension Fund Legal.

 

RISK MANAGEMENT:

Whilst Macquarie is a highly-regarded and long-standing infrastructure investment manager, there is always a risk that any individual fund will not deliver on its promised returns due to either specific issues with investments or due to broader asset market factors.  The use of leverage in infrastructure transactions increases the risk that an investment that performs poorly against plan will result in significant capital loss. 

The approach to mitigating these risks is through diversification along manager, market segment, geographic and fund vintage dimensions.

 

CONFLICTOF INTEREST:

None

DISPENSATION GRANTED BY STANDARDS COMMITTEE ATTACHED:

N/A

ACCESS TO INFORMATION:

Not for Publication: This report contains exempt information relating to paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended).  On balance, under paragraph 10 of Part 2 of Schedule 12A, it would not be in the public interest to disclose this information to the public because disclosure would, or would likely to, prejudice the commercial interests of the Fund and/or its agents which, in turn, could impact upon the interests of the local taxpayer and/or the beneficiaries of the Fund.

REFERENCE DOCUMENTS:

Any further information can be obtained bycontacting:Nigel Frisby, Investments Manager by phone on 0161 301 7145 or by email: nigel.frisby@gmpf.org.uk.