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

The Committee now meets alongside the newly-formed Pension Board which held its latest quarterly meeting on 24 August.

The Committee approved strategic proposals including:

  • procurement for a multi-asset credit mandate with a value of around £300m and
  • a process to source private debt investment opportunities with a value of around £300m

The Committee approved two new investments within the New Opportunities Portfolio:

  • an investment of £15m in the Panoramic Growth Fund 2 Limited Partnership
  • an investment of £10m in Albion Community Power PLC

The Committee considered a paper on fossil fuel divestment and agreed to re-state the Fund's commitment to active ownership and responsible investment.

The Fund's value as at 31 July 2015 was £15,531m down from £15,735 as at 30 April 2015.

The Fund's return for the quarter to 30 June 2015, a quarter in which the FTSE North American Index fell by 5.4%, was -2.0%.

As at 30 June 2015 when the fund's value was £15,391m the Fund's estimated funding level was 88.1%.

The committee noted a paper on recent developments that may impact the LGPS:

  • annual allowance tapering
  • a consultation on pensions tax relief
  • a proposal to cap exit payments in the public sector
  • pooling of investments in England & Wales.