Agenda and minutes

No additional declarations not previously made were received.

RESOLVED that the minutes be approved as a correct record and signed by the Chairman.

(1)          Councillor Reid updated the Joint Committee on the PLSA Conference that had been held 21 – 23 May 2018.

(2)          The keynote speakers included Rishi Sunak, the Parliamentary Under-Secretary for Housing, Communities and Local Government. He had spoken about the future of pools in a positive and encouraging way, showing good understanding of the key issues facing pension fund pools.

(3)          Teresa Clay, Head of local government pensions at the Ministry of Housing, Communities and Local Government (MHCLG), spoke about the Ministry’s focus on data, and ensuring that individual funds are in line with expectations. Those that are not will be expected to work to bring themselves in line with expectations. There appeared to be a difference in expectations between the MHCLG and The Pensions Regulator.

RESOLVED that the feedback from the PLSA Conference be noted.

(1)             Officers from Suffolk and Kent explained that work was ongoing to clarify assurance processes for the Committee’s accounts.  Both councils had instructed their auditors to look at the ACCESS spend last year in order to seek assurance.  An update would be provided at the next meeting, when the audits had been completed.

(2)             Rachel Wood (West Sussex) updated the Committee on the activities undertaken since the last Joint Committee. The 2018/19 budget was based on indicative costs that were available at the time and included a contingency. 

RESOLVED that the update be noted.

PROPOSED that under Section 100A of the Local Government Act 1972 the press and public be excluded from the meeting for the following business on the grounds that it involves the likely disclosure of exempt information as defined in paragraphs 3 & 5 of part 1 of Schedule 12A of the Act.

EXEMPT ITEMS

RESOLVED That, under Section 100A of the Local Government Act 1972, the press and public be excluded from the meeting for the following business on the grounds that it involves the likely disclosure of exempt information as defined in paragraphs 3 and 5 of Part 1 of Schedule 12A of the Act.

(1)          John Wright from Hymans Robertson introduced his presentation which had been circulated with the agenda.

RESOLVED that the update on progress and future challenges be noted.

(1)          Andrew Boutflower (Hampshire) updated the Committee on the progress of finalising the ACS prospectus, Link’s proposal for the second tranche of sub-funds and a contract clarification in relation to fees.

(2)         Karl Midl (Director) and Eamonn Gough (Senior Relationship Manager) from Link presented an update.

RESOLVED that;

a)    ACCESS make recommendations to the administering authorities that the contract clarification be agreed;

b)    The second tranche of sub-funds, as proposed by the operator, be noted;

c)    The progress in finalising that ACS prospectus be noted.

(1)          Nicola Mark (Norfolk) updated the Committee on the development of the ACCESS governance framework. The Committee discussed the various documents in development, providing feedback and making suggestions for amendments.

(2)          Future review of the Inter-Authority Agreement was discussed, with comments from Members regarding maintaining clear records of the committee’s powers and responsibilities.  It was agreed that further work on the IAA review would be progressed.

RESOLVED that;

a)    progress on producing the Governance Manual be noted;

b)    a review of the IAA be undertaken, with a primary focus on updating terminology and improving clarity.

c)    the combined training session for Members and Officers on roles and responsibilities in relation to the ACCESS Pool be approved.

d)    other aspects of Phase 3 work would be further developed by Officers, in consultation the Chair, for further consideration by the Committee at a future meeting.

e)    any additional spend required for continued Governance work, prior to the next Committee meeting, to be identified and approved by Nicola Mark (Norfolk), in consultation with the Chair.

(1)          Nicola Mark (Norfolk) outlined the structure for the ACCESS Support Unit (ASU), explaining the proposal for the Committee’s consideration.

RESOLVED that;

a)    the proposed structure of the ACCESS Support Unit be approved;

b)    the proposal for Essex County Council to become the host authority for ACCESS be agreed (pending development of the ASU);

c)    The request for Essex County Council (as future Hosting Authority) to commence recruitment for the hosted roles be agreed.

(1)                          Kevin McDonald (Essex) explained that the Local Authority Pension Fund (LAPF) Investment Awards for local authority pension funds were accepting entries until 15 June 2018, including one award for “Pool of the Year”. The awards ceremony would be held on 20 September 2018.

RESOLVED that an LAPF award entry be developed and entered on their behalf by Mr McDonald.

RESOLVED that the date of the next meeting be noted.