Updating the myners principles

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Officers were not financial advisers and any financial advice would also assist in assessing the performance of the fund managers compared to others.

The Chairman suggested that any costs would be offset by the costs incurred in seeking advice from the Council’s actuaries, Barnett , from whom advice is currently sought on an ad hoc basis.

if £15m was to be invested, taking a 5 to 10 year view and having considered the range, it was suggested that more should go in when the market was low.

Less would then be needed at a future stage to reduce the deficit.

Professional Pensions Investment Conference has gathered a great following and is a widely respected event which brings together senior decision makers within public and private sector pension schemes.

The Pensions Act 1995 brought in a requirement for UK occupational pension schemes to prepare and maintain a written Statement of Investment Principles (SIP).

An independent adviser to the Sub Committee would not be linked to a Fund Manager and the Director proposed that an adviser be trialled for a year with an option of terminating the appointment early if it wasn’t working.

We also recommend that SIPs be written in plain English and be made available to members on request.Subsequent legislation has evolved the requirements: In our view, there has been a huge amount of unnecessary and counterproductive legislation aimed at pension schemes.However, we do not count the requirement to have a SIP as one of these.The FSS for the London Borough of Bromley Pension Fund was previously updated in 2009 and following a detailed review a revised statement was presented for approval.The regulations also require the Council to prepare, publish and maintain a written statement of the principles governing its decisions about Pension Fund investments.The Finance Director referred to actuaries taking a long term view.

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