The full agenda, reports and minutes of today's Strathclyde Pension Fund Committee meeting provide more information on the topics below.

The Committee agreed the process for the formation and implementation of a Pension Board with 4 employer and 4 trade union members. The Board will be established by 1st April 2015 and will assist the Committee in matters of compliance. The Committee also noted the Fund's response to draft LGPS governance regulations.

The Fund's value as at 31 October 2014 was £14,492m up from £14,385m as at 30 September. The Fund's return for the quarter to 30 September 2014 was +2.0%. The FTSE All Share index ended the quarter -1.0%.

The Committee received the preliminary results of the actuarial valuation as at 31st

March 2014. Headlines are a total funding level of 94.4% (assets as a % of liabilities) and a baseline employer contribution rate held at 19.3% for the three years 2015/16 to 2017/18. On this basis the Committee approved a draft Funding Strategy Statement for consultation.

The Committee approved the appointment of GES Investment Services for a responsible investment engagement overlay service.

The Committee approved four new investments within the Fund's New Opportunities Portfolio:

  • £15 million in the Alpha Real Capital Social Infrastructure Fund to provide finance for the construction and provision of supported living units, which provide both accommodation and care to vulnerable individuals who need support due to a physical or learning disability, thereby enabling them to live in a home of their own
  • a revolving credit facility to East Lothian Developments Limited of up to a maximum of £11m
  • an investment of £10 million in the Renshaw Bay Real Estate Finance Fund
  • US$50 million in the Terra Firma Infrastructure Fund for Global Renewable Energy that invests in substantial renewable power generation assets and businesses, primarily operational but also in construction-ready development opportunities

The Fund will also provide a top up of £160m to its existing Pantheon phase IX private equity allocation, an additional allocation of £150m to its private equity programme with Partners Group and £70m to its global real estate programme also with Partners Group.

Audit Scotland have given an unqualified audit opinion on the Fund's 2013/14 financial statements