Issue - meetings

(a)       That the Committee supports the recommendation to rent a provider; and

(b)       That the minutes should formally record that the Committee welcomes the infrastructure opportunities pooling should provide and encourages greater engagement from the other Welsh administering authorities in relation to infrastructure matters.

The Clwyd Pension Fund Manager introduced a report to provide an update on pooling investments in Wales.  He advised that the UK Government had agreed that work on a Wales Pool could continue despite not meeting size criteria.  He provided background information and a verbal update on the current position and explained that a detailed submission from the Wales Pool was required by 15 July 2016.    

            The Clwyd Pension Fund Manager reported on the main considerations as detailed in the report.  He advised that following a risk analysis of the options available, the SWT (Pension Sub Group) had agreed to continue developing the business case in relation to the rent option, which was the option also supported by the Clwyd Fund practitioners and investment advisor.  He explained that Pension Finance Managers were representing the Welsh Pool on the Cross Pool Collaboration Working Groups for both Responsible Investing and Infrastructure and invited Alwyn Hughes and Debbie Fielder, Pensions Finance Managers, to give an overview of the inaugural meetings of both the Cross Pool groups. 

The Clwyd Pension Fund Manager commented that Clwyd Fund officers would continue to work on the project and express the views of the Fund to enable the best possible outcome for the management of the Clwyd Fund and its stakeholders.  The Committee would be kept updated of future developments.

Councillor Steve Wilson asked for confirmation of the plans in relation to how the Pension Fund Committee would receive full information to make the appropriate decisions in relation to the proposed solution.  Mr Latham confirmed this would be a key part of the additional Pension Fund Committee meeting on 5 July and future meetings.  Councillor Wilson requested  information about the size of the proposed pooling arrangements in Wales and the voting arrangements.  Mr Latham confirmed these were areas where proposals were still to be developed.  The Chief Executive highlighted that there was much still to be considered in relation to the governance arrangements and how the platform will be managed, and these were fundamental to the success of the arrangement.  He also confirmed that WLGA were now fully engaged in the process.  Mrs Debbie Fielder highlighted that very little input had been received in relation to infrastructure discussions.

Mrs McWilliam highlighted some concern over the pace and clarity of progress and level of detail being considered by the Welsh group, compared with other pooling arrangements, although she noted there had been some improvement in recent weeks.  She advised the Pension Fund Committee that the Advisory Panel are having weekly discussions with the Clwyd Pension Fund officers to provide ongoing support.  Mr Harkin raised similar concerns about the progress of the Welsh Pool. 

RESOLVED:

(a)       That the Committee supports the recommendation to rent a provider; and

(b)       That the minutes should formally record that the Committee welcomes the infrastructure opportunities pooling should provide and encourages greater engagement from the other Welsh administering authorities in relation to infrastructure matters.