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Report to: |
Governance Committee
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Date of meeting:
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22 March 2022 |
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By: |
Chief Finance Officer
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Title: |
Local Government Pension Scheme Investment Pooling: Appointment of a substitute Fund representative to the Joint Governance Committee
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Purpose: |
To appoint a substitute Pension Fund representative to the ACCESS Joint Governance Committee |
RECOMMENDATIONS
The Governance Committee is recommended to appoint Councillor Redstone as the East Sussex Pension Fund’s substitute representative on the ACCESS Joint Governance Committee for the period until May 2025
1. Background
1.1 The UK Government has sought to improve the efficiency of funds within the Local Government Pension Scheme by requiring them, where possible, to unite their buying power in the acquisition of investment managers.
1.2 As a result, 8 investment pools were set up across England and Wales to meet this requirement. The East Sussex Pension Fund (ESPF) is linked with the ACCESS investment pool.
1.3 The ACCESS investment pool’s governance is overseen by the Joint Committee with each of the 11 participating funds being represented by a single person. The Joint Committee takes the key decisions around how the pool operates.
1.4 The County Council appointed Councillor Fox as its representative on the Joint Committee in May 2021. If Councillor Fox is unable to attend a meeting this would leave ESPF without a voice as a substitute representative has not been appointed.
1.5 The Pension Committee’s Terms of Reference call for it to make recommendations to the Governance Committee around who should attend the ACCESS Joint Committee.
2 Appointment of a substitute
2.1 The Pension Committee has agreed that a substitute should be appointed for Councillor Fox so the Council can be represented at the Joint Committee.
2.2 At its meeting on 24 February 2022, the Pension Committee agreed to propose that Councillor Redstone be appointed as the substitute.
3. Conclusion
3.1 The Governance Committee is asked to approve the appointment of Councillor Redstone to act as the nominated substitute for Councillor Fox, should Councillor Fox be unable to attend a meeting of the ACCESS Joint Committee.
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IAN GUTSELL |
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Chief Finance Officer |
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Contact Officer: |
Sian Kunert, Head of Pensions |
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Tel. No. |
01273 337177 |
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Email: |
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