Agenda and minutes

36.1     The Committee approved the minutes of the meeting held on 24 November 2015.

37.1     Cllr David Tutt sent his apologies but gave his opinion on items 9a and 9b (minutes 44a and 44b) via a teleconference call at the commencement of the meeting.

Disclosures by all Members present of personal interests in matters on the agenda, the nature of any interest and whether the Members regard the interest as prejudicial under the terms of the Code of Conduct.

38.1     Councillor Godfrey Daniel declared a personal interest as a scheme member of three East Sussex Pension Funds.

38.2     Councillor Richard Stogdon declared a personal interest as a Trustee of certain private trust funds managed by Ruffer.

38.3     William Bourne, Independent Pensions Advisor, declared a personal interest in items 9a and 9b (minutes 44a and 44b) as the Joint Independent Local Pension Board Chair of Lancashire County Pension Fund and the London Pensions Fund Authority.

39.1     The Committee considered a report by the Chief Operating Officer outlining the outcomes of a procurement exercise carried out by the Appointments Panel – under delegated authority from the Pension Committee – with a view to appoint service provider(s) regarding Investment Consultancy Services, and Actuarial and Benefit Consultancy Services.

39.2     The Committee RESOLVED to:

1.    note the award of contract for Investment Consultancy, Actuarial and Benefit Consultancy Services to Hymans Robertson until 1 February 2020 subject to one year extension; and

2.    authorise the Chief Finance Officer to finalise terms and conditions of the appointment and the Deputy Chief Executive be authorised to complete the necessary agreement.

To consider excluding the public and press from the meeting for the remaining agenda item on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in paragraph 3 of Part 1 of the Local Government Act 1972 (as amended), namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

40.1     The Committee agreed to exclude the public and press from the meeting for the remaining agenda item on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in paragraph 3 of Part 1 of the Local Government Act 1972 (as amended), namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

41.1     The Committee considered a report by the Chief Operating Officer outlining the outcomes of a procurement exercise carried out by the Appointments Panel – under delegated authority from the Pension Committee – with a view to appoint service provider(s) regarding Investment Consultancy Services, and Actuarial and Benefit Consultancy Services.

41.2     The Committee RESOLVED to note the bidder’s scores for the Investment, Actuarial and Benefit Consultancy Services contract.

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.

42b.1   The Committee discussed a report and presentation by Hymans Robertson providing an analysis of the LGPS asset pooling options.