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  • Agenda and minutes
  • Agenda and minutes

    Venue: Committee Room 1, Camden Town Hall, Judd Street, Kings Cross, WC1H 9JE

    Contact: Joel Cook 

    Items
    No. Item

    44.

    Declaration of interests in items on the agenda

    Minutes:

    Rachel Wood made the Committee aware that her husband worked for the East Sussex Pension Fund.

     

    45.

    Minutes of the meeting held on 13 December 2017 pdf icon PDF 111 KB

    Minutes:

    RESOLVED that the open minutes be approved as a correct record and signed by the Chairman subject to minute no 35 paragraph (1) being amended by Sharon Tan’s name being correctly recorded.

     

    46.

    Communications - ACCESS website update

    Minutes:

    (1)          Glenn Cossey and Nicola Mark (Norfolk) referred to the new ACCESS website which had been developed by colleagues from Suffolk, West Sussex and Norfolk County Councils. The website was now live and the format worked on all devices. A link to this website had been circulated to all Members.  

     

    (2)          Members were invited to provide feedback outside of the meeting to Officers on the look and feel of the website. There would be an update report to the March meeting of the Committee which would include information on the secure login facility.

     

    (3)          RESOLVED that the ACCESS website and the verbal update be noted. 

     

    47.

    Motion to Exclude the Press and Public

    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 paragraph 3 of Part 1 of Schedule 12A of the Act.

     

    EXEMPT ITEMS

     

    Minutes:

    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 paragraph 3 of Part 1 of Schedule 12A of the Act.

     

    48.

    Exempt minutes of the meeting held on 13 December 2017

    Minutes:

    RESOLVED that the exempt minutes be approved as a correct record and signed by the Chairman subject to;

     

    a)     The words “restricted items” being added before minute no 31.

    b)     The wording minute no 34 – paragraph 8 - be corrected to clarify the Committee’s agreement, rather than recommendation in relation to consideration and decision to award the provider contract.

    c)  minute no 35  paragraph (1) being amended by Sharon Tan’s name being correctly recorded.

     

    49.

    Operator appointment / implementation progress update (verbal update)

    Minutes:

    (1)          Rachel Wood (West Sussex) updated the Committee on progress with the appointment of the Operator, following the Committee’s decision at their meeting on 13 December 2017.

     

    (2)          RESOLVED that the update be noted

     

    50.

    Sub-fund Stock lending & Voting instructions

    Minutes:

    (1)          Andrew Boutflower (Hants) introduced a report which updated the Committee the proposed plan for the creation of ACCESS’ sub-funds and emerging decisions on stock-lending and Environmental, Social and Governance terms that were required for the sub-fund prospectuses to be submitted to the Financial Conduct Authority (FCA).

     

    (2)          Officers answered questions and noted comments from Members. It was agreed that a list of Officers on various steering groups and their roles in relation to ACCESS would be circulated to Members of the Committee.

     

    (3)          RESOLVED that:

     

    a)            the ACCESS Authorised Contractual Scheme will have the ability to stock-lend where required in portfolios and that the Operator will be asked to create stock-lending and nonstock-lending sub-funds as and when required.

     

    b)            the task of agreeing the specific parameters of the stock-lending programme, taking appropriate third-party advice where necessary, be delegated to the Officer Working Group.

     

    c)            subject to the inclusion of wording in respect of the responsibility of Funds to pay benefits, the Environmental Social and Governance terms be approved

    51.

    Governance update

    Minutes:

    (1)          Nicola Mark introduced a report which updated the Committee on progress with the ACCESS governance review supported by MUSE Advisory.  A copy of the proposal for the scope of the review and the revised budget was circulated with the report and had been discussed with the Chairman and Vice-Chairman.

     

    (2)          Officers answered questions from Members to clarify aspects of the proposed revised budget for the period up until the end of June 2018.

     

    (3)          RESOLVED that:

     

    a)            the progress with the governance review and briefing for Section 151 and Monitoring Officers be noted.

     

    b)            the revised budget be approved for the Governance review subject to confirmation of the timetable for delivery.

    52.

    Contract Manager / Interim arrangements

    Minutes:

    (1)          Nicola Mark introduced a paper which updated the ACCESS Joint Committee on proposed interim contract management and ACCESS support arrangements and potential associated budget during the establishment phase to June 2018.

     

    (2)          The Committee discussed the proposed arrangements and asked questions of officers regarding the practical arrangements for the recruitment and hosting of the Contract Manager post and the interim arrangements.

     

    (3)          RESOLVED that the proposal for the contract management and interim arrangements between now and June, together with associated estimated establishment phase costs to June 2018, be approved.

     

    (John Wright – Hymans - left the meeting during consideration of this item)

     

    53.

    Workplan and budget update

    Minutes:

    (1)          Kevin McDonald (Essex) introduced a report which updated the Committee on the anticipated expenditure for 2017/18 and provided an indication of the likely spend in 2018/19.  In response to a question, Kevin McDonald explained that the accounts would reflect the Pooling arrangements and provide clarity on what was deliverable.  The Chartered Institute of Public Finance & Accountancy (CIPFA) template would be used for the 2018/19 accounts.

     

    (2)          RESOLVED that:

     

    a)            the 2017/18 updated budget be approved.

    b)            the indicative budget position for 2018/19 be noted

     

    (John Wright left the meeting during consideration of this item)

     

    54.

    DCLG reporting requirements

    Minutes:

    (1)          Circulated with the agenda was a copy of a letter to Teresa Clay, Ministry of Housing, Communities and Local Government (MHCLG), which had been sent by the Chairman on behalf of the Committee and the Committee were updated on the response received.

     

    (2)          The Committee noted that the recent reshuffle meant the existing arrangements may change and further discussion with Ministry of Housing, Communities and Local Government (MHCLG) would be required.

     

    (3)          RESOLVED that the update from MHCLG in response to ACCESS’s January letter be noted.

     

    55.

    Passive Management transition update

    Minutes:

    (1)          Paul Tysoe (Northamptonshire) introduced a report which updated the Committee on progress with the transition of the passive assets of the constituent Funds to UBS from the legacy providers. 

     

    (2)          Officers confirmed that they would be collaborating to share information on their experience in relation to their engagement with UBS.

     

    (3)          RESOLVED that the report be noted.

     

    56.

    Local Pension Boards - briefing paper

    Minutes:

    (1)          Ola Owolabi (East Sussex) introduced an update on the work associated with the ACCESS pooling arrangement, which would be shared with the ACCESS Local Pension Board Chairmen.

     

    (2)          RESOLVED that the update be noted and an amended version of the ACCESS progress report, making clear the Committee’s views regarding the requirement to establish Pooling arrangements and the appropriate vehicle for those formal pooling arrangements, be circulated to the ACCESS Authorities’ Local Pension Board Chairmen.

     

    57.

    Risk Summary

    Minutes:

    (1)          John Wright (Hymans) made observations and answered questions on the risk summary which had been circulated with the agenda.

     

    (2)          RESOLVED that the risk register be noted.

     

    58.

    Date of next meeting

    Minutes:

    It was noted that the next meeting would be held on 12 March 2018 at 11.00am in Camden Town Hall.

    59.

    Items for information or advice from the Committee

    Minutes:

    Kevin McDonald informed the Committee of a case involving Essex CC in the High Court.  The High Court had declared that the requirement under the 2008 Regulations for a nomination form before a cohabitee could receive a survivor pension under the Local Government Pension Scheme could be dis-applied