Decision details

6.1       The Committee considered a report by the Chief Operating Officer providing an update on the Government’s requirement for Local Government Pension Scheme (LGPS) funds to pool investments.

6.2       The Committee raised concerns about:

·         whether the ACCESS pooled fund managers would perform as well as the East Sussex Pension Fund (ESPF);

·         the complexity in holding poorly performing investment managers to account under the new system;

·         the delays in being able to pool the property portfolios of the separate pension funds ;

·         being responsible for the performance of the ESPF – as the Pension Committee – but not having sufficient influence over the appointment of fund managers.

6.3       The Committee RESOLVED to:

1)         note the report and its appendices; 

2)         authorise the Chief Operating Officer, in consultation with Chair of the Pension Committee, to submit the refined, detailed response of the East Sussex Pension Fund and ACCESS Pool to the Government by 15 July 2016; and

3)         communicate any significant changes to the submission to the rest of the Committee, Chair of the Pension Board, and independent advisor, prior to submission on 15 July 2016.