Minutes:
a. BCPP was formed out of a set of shared principles. Its overarching aim was to ensure the LGPS was a success. This holistic approach recognised that success of the industry was the best thing for the partnership and its members.
b. BCPP would be the largest asset pool in the UK. It was committed to ensure that the Kent Fund’s voice would be heard within the partnership and the wider industry.
c. The timeline set out a plan for the new joiners to formally become partners of the Pool by the end of March 2026.
d. Some assets would be transferred quickly, but others, such as real estate, may take up to five years to complete the transition.
e. BCPP had a Joint Committee that was typically made up of the Chairs from each of the partners’ Pension Fund Committees. A shadow Joint Committee meeting was planned for March 2026.
a. BCPP usually had three to six managers for each of its Funds.
b. BCPP were accustomed to providing information for responses to Freedom of Information requests about investments. They were developing a new platform that would allow commonly requested information to be easily accessed.
c. Barnett Waddingham would continue to be the Fund’s Actuary following the transition to BCPP, and Mercer would continue as the Fund’s investment consultant.
d. The Government’s guidance advised that principal investment advice should come from the Fund’s Pool.
e. The Committee would have a less direct relationship with asset managers following the move to BCPP. The Committee’s role would be to hold the Pool to account for the performance of the asset managers.
f. Recent Government guidance had helped to define the term local investment. It was intended to mean investment within Kent or the Pool region. The Fund’s Investment Strategy would need to include a proportion of local investment.
g. BCPP had an asset manager would assess if a proposed local investment was beneficial to the Partnership.
h. Historically BCPP have been very successful in negotiating competitive asset management fees.
i. The transition from ACCESS to BCPP would generate significant costs, however it was anticipated that these costs could be outweighed by the advantages over the medium term.
j. The report to be considered by Full Council was drafted with input from the Council’s Monitoring Officer, Legal Department, Finance Officer and Cabinet Member of Finance, to ensure that the correct processes and governance were followed.
a. Note the progress made since the last meeting in progressing the move to Border to Coast
b. Delegate authority to the Head of Pensions and Treasury, in consultation with the Chair to respond to the Government’s consultation on statutory guidance on asset pooling, Investment Strategy statements and governance.
And recommend to Full Council that it:
c. Agree that Kent County Council, as Administering Authority for the LGPS Kent Pension Fund, agree to enter into the Pension Pooling arrangements with Border to Coast Pensions Partnership
d. Agree to join the Border to Coast Joint Committee
e. Approve the appointment of the Chair of the Pension Fund Committee as the Kent County Council Representative on the Joint Committee
f. Delegate authority to the Pension Fund Committee to manage required updates or amendments to the ACCESS Inter-authority Agreement as required to support the transition to Border to Coast
g. Delegate authority to the Pension Fund Committee to manage future appointments to the Joint Committee
h. Delegate authority to the s151 Officer to take required actions, including but not limited to entering into contracts or other legal agreements, as necessary to implement this decision.