Issue - meetings

[To review and approve the Investment Strategy Statements updated for the West Midlands Pension Fund and West Midlands Integrated Transport Authority Pension Fund]

Jill Davys, Assistant Director - Investments and Finance presented for review and approval the Investment Strategy Statements updated for the West Midlands Pension Fund and West Midlands Integrated Transport Authority Pension Fund (WMITA PF).

In response to questions from Malcolm Cantello (Unison), the Assistant Director confirmed that the smaller employer within the WMITA PF referred to in the report was Preston Bus Limited. 

Councillor Stephen Simpkins informed the Committee that he was Champion for Air Quality on the West Midlands Combined Authority (CA).  Issues relating to climate change would also be captured within the Transport Delivery Committee at the Combined Authority.

The Chair thanked the Fund’s Senior Management team and employees who had been involved in the work behind the drafting and finalisation of the strategy statements included in this agenda item and elsewhere on the agenda for today’s meeting.

Resolved:

That the revised Investment Strategy Statements (ISSs) drafted for the West Midlands Pension Fund (WMPF) and West Midlands Integrated Transport Authority Pension Fund (WMITAPF) be approved and it be noted that:

1.      The ISSs have been prepared in line with the statutory requirements under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016

2.      The WMPF ISS has been updated to reflect changes to wider Fund policies referenced within the Statement, as well as reflecting changes following the launch of LGPS Central Ltd

3.      The WMITA PF ISS has been updated to reflect further restructuring of the strategic asset allocation benchmarks in line with a risk reduction strategy for both employers in the Fund

4.      A copy of both Statements will be published on the Fund’s website.