Issue - meetings
Update on Pension Fund Procurement Plans 2017/18
Meeting: 29/11/2017 - Pensions Committee (Item 6)
6 Update on Pension Fund Procurement Plans 2017/18 PDF 135 KB
Minutes:
Bola Tobun, Investment and Treasury Manager presented a report which provided an update on the ongoing procurement activity in relation to the Pension Fund. The outcome from the current activity will be to secure a new contract with a global custodian and the appointment of the independent adviser to the Fund. In both of these cases, the contracts or arrangements have been in place for long periods of time and therefore it is appropriate to carry out a formal review of the requirements, followed by the appropriate procurement activity.
The Council has an overarching responsibility to maintain the Pension Fund. It is essential that the Fund has the right range of advisers to support the Pension Fund Trustees (Pension Committee) to discharge its responsibilities. It is therefore essential to have both a Global Custodian and an Independent Investment Adviser for the Fund.
Within the terms of reference for the Pensions Committee, they are required ‘to make arrangements for the appointment of and to appoint suitably qualified pension fund administrators, advisers, investment managers and custodians and periodically to review those arrangements.
The contents of this report and the procurement process demonstrate that this Committee is meeting both its regulatory and constitutional requirements.
The Committee held a brief discussion about the vacancies and agreed that the Chair, Councillor Candida Ronald, Councillor Andrew Wood and also Kehinde Akintunde be involved with the appointment of the Independent Advisor. Officers agreed to canvass Members about possible dates and times for holding interviews. It is anticipated that the above vacancy will be filled before the next Committee. Members commented about their current Independent Advisor and noted that his delivery of the economic forecast was clear and easily understood.
RESOLVED
1. To note the contents of this report in respect to the update on the Pension Fund Procurement Plans 2017/2018; and
2. That Officer canvasses Members about possible dates and times to hold interviews for the Independent Advisor.
</AI10>
<AI11>