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Issue - meetings

LGPS Central Update

Meeting: 16/11/2018 - Pensions Board (Item 37)

Transition to the Central Pool and LGPS Central Update

To receive a verbal update from the Head of Treasury and Pensions.

 

Contact:  Justin Bridges (01743) 252072

Minutes:

37.1  The Head of Treasury and Pensions gave a verbal update on LGPS Central.  He informed the Board that officers from the LGPS Central Fund had attended the Shropshire County Pension Fund AGM to give a presentation to Members.  The Head of Treasury and Pensions updated Board Members and touched on the governance structure of LGPS Central.  The Central Fund hoped to make £250m savings and currently employed 46 members of staff.  He confirmed that no assets from the Shropshire County Pension Fund had gone into the Central pool yet but it was hoped that the first assets (Active Global Equity) would be transferred by the end of March 2019.  Other funds to be launched in the next 12 to 18 months were Private Equity, Emerging Market Equity, Infrastructure and Corporate Bonds.

37.2  The Head of Treasury and Pensions reported that three active global equity managers had recently been appointed, one of which was an existing Shropshire County Pension Fund manager.  He confirmed that officers from LGPS Central Fund could attend the next meeting of the Board to give a presentation, if Members wished.  A brief discussion ensued in relation to the structure of any such presentation to ensure the right questions were asked for their role.  The Chair agreed to confer with officers outside of the meeting.

37.3  It was confirmed that the LGPS Central website had been launched and a link to it had been put on the Shropshire County Pension Fund website. 

 


Meeting: 13/04/2018 - Pensions Board (Item 25)

LGPS Central Update

Justin Bridges will give a verbal update.

Minutes:

25.1  The Head of Treasury and Pensions gave a verbal update on LGPS Central, which was ahead of the other pools and went live on 3 April 2018 with £12million of assets.  He reported that staff from the West Midlands and Derbyshire funds had been TUPED over and there were now 32 permanent members of staff, some on an advisory basis.  The CEO and Chairman of the Board will be attending future meetings of the Pensions Committee.  The fund was progressing well and managing its money and was on target to achieve £250 million of savings.  He reported that the Governance structure was in place and that the Executive Committees and Joint Committee were up and running.

 

25.2  The Head of Treasury and Pensions reported that himself and the Section 151 Officer were receiving monthly updates.  The fund was currently out to tender for a global equities manager and hoped to be in a position to appoint a manager by September 2018.  It was confirmed that the first asset from Shropshire would be transferred in September.  Finally, the Head of Treasury and Pensions drew attention to the key priorities for 2018/19 and informed the Board that the CEO and Chairman of the Board could be invited to present to a future meeting of the Pensions Board.


 

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