Issue - meetings
Collaborative Working in Wales
Meeting: 26/11/2015 - Clwyd Pension Fund Committee (Item 23)
23 Collaborative Working in Wales PDF 63 KB
Report of Chief Officer (People and Resources)
Additional documents:
Decision:
That the report be noted and the developments supported.
Minutes:
The Clwyd Pension Fund Manager introduced a report to update the Committee on the on-going collaborative work across the 8 Welsh Pension Funds. He provided background information and drew attention to the Mercer Report on All Wales Collaboration which was appended to the report. He advised that the principle recommendation in the report was for the 8 funds in Wales to ‘rent’ a collective investment vehicle (CIV) from a third party provider. A governance structure would be developed to include both officers and elected members from across the 8 funds. Whilst there was no compulsion to participate, each fund would need to consider their own position in terms of the UK Government’s requirements to pool investments.
The Clwyd Pension Fund Manager reported on the current position and timetable and the implications to the Clwyd Pension Fund as detailed in the report. He also commented on the need to provide a response to the proposals in the LGPS Investment Reform and Criteria Guidance by 19 February 2016 and gave an outline of the approach to be taken. Steve Hibbert asked that the response be circulated to members for consideration and comment prior to being sent to the LGPS. The Corporate Finance Manager advised that a letter had been sent to DCLG on behalf of the Society of Welsh Treasurers (Pension Sub Group) advising of the work undertaken to date and the planned course of action in relation to the pooling of investments and collaboration across Wales. He said no response had been received to date.
During discussion Officers responded to the questions and concerns raised by members on the impact of ‘pooling’ assets to reduce costs.
RESOLVED:
That the report be noted and the developments supported.