Issue - meetings

The Committee considered the LGPS Central update.

In the ensuing debate, the following points were raised:

·         Rob Wilson indicated that the Committee would be kept updated on the progress of the appointment to the position of Director for Responsible Investment and Engagement at LGPS Central

·         Had the location of offices in Matlock and Wolverhampton had an impact on recruitment at LGPS Central? The Chairman indicated that at a recent LGPS Central general meeting, it was disclosed that the offices at Wolverhampton were being leased and there was concern expressed by some fund members about the approach being taken to find new accommodation. It should also be borne in mind that any change in location would have implications for LGPS Central staff. Rob Wilson added that future location options were due to be reported to the Practitioners Advisory Forum (PAF) on 5 November and would then be reported back to this Committee

·         Although the Government had indicated that pooling arrangements would continue, they had also suggested that there would be changes to the process. Did this imply that an element of competition would be opened up between the pools? Rob Wilson commented that feedback was awaited on a recent Government consultation but apart from the continuation of pooling, no further information had been made available. Philip Hebson added that the Government consultation had been legally challenged on the basis that it had been incorrectly carried out and therefore should be declared null and void. As a result, the consultation would need to be rerun correctly. There was always the underlying threat from the Government that if pooling did not work then the LGPS funds could be merged into one unfunded scheme 

·         In response to a concern about the late realisation by LGPS Central about the need to keep costs within the base budget, Rob Wilson commented that this principal should have been implicit in the company from the outset but unfortunately partner funds had had to press home this message

·         In relation to a query about the factors that were blocking the delivery of the pooling arrangements, Rob Wilson indicated that issues had arisen around the delivery agreement process amongst partner funds, how LGPS Central operated in delivering products and ensuring LGPS Central understood partner funds governance arrangements. The aim was to examine these blockages to make the company more efficient and effective going forward

·         The Chairman recognised the valuable but difficult work undertaken by Rob Wilson on behalf of the Fund in liaising with both partner funds and LGPS Central, especially in his current role as Chairman of PAF.

RESOLVED: that the LGPS Central Update be noted.