Decision details

42a.1   The Committee considered a report by the Chief Operating Officer 1) informing it of the Department of Community and Local Government (DCLG) criteria regarding the Local Government Pension Scheme (LGPS) Investment Pooling and the Department’s Consultation on the Investment Regulations; and 2) seeking the Committee’s approval regarding a pooling option proposal.

42a.2     The Committee resolved to:

1.    note the DCLG Criteria regarding the LGPS Investment Pooling Proposals and Consultation on the Investment Regulations;

2.    approve option 3 (work with other authorities to create a new FCA registered Joint Vehicle to cover all asset classes) as the option for pooling the East Sussex Pension Fund assets, and approve this option as the basis on which to submit the consultation response. Officers will consequently cease to explore pooling with Borders to Coast, Lancashire/LPFA, and London CIV, and will instead concentrate on negotiating with ACCESSas the preferred option, in addition to exploring the Northern (Manchester) option.

3.    Authorise the Chief Finance Officer to consult with agreed like-minded funds to draft the consultation response for review and approval by the Pension Committee on 8 February 2016.