The full agenda, reports and minutes of today's Strathclyde Pension Fund Committee meeting provide more information on the topics below.
The Committee approved a number of developments to the Fund's investment strategy, including:
- the next phase of investment in the Pensions Infrastructure Platform (PiP) - involving an investment of £20 million in Aviva Investors PiP Solar PV Fund and a loan of £770k development finance
- an increase in the funds available for the New Opportunities Portfolio from 3% to 5% of total Fund assets
- a new risk-based investment framework which will be used to develop proposals to reduce equity positions and increase diversification into other asset categories.
To conclude the 2014 actuarial valuation of the Fund and No. 3 Fund, the Committee approved:
- draft 2014 Valuation Reports and
- revised Funding Strategy Statements.
With the 1st April start date for LGPS 2015 fast approaching, the Committee approved:
- final details of the Pension Board arrangements
- a revised Pension Administration Strategy
- a Communications Policy and
- the 2015 / 2016 Business Plan.
The Fund's value as at 31 January 2015 was £15,214m up from £14,915 as at 31 December 2014.
The Fund's return for the quarter to 31 December 2014 was +3.5%. The FTSE All Share index ended the quarter +0.6%.
As at 31 December 2014 the Fund's estimated funding level was 84.3%.
The Committee approved the appointment of Nabarro to provide conveyancing services for the Fund's property portfolio in England and Wales.