The confidential supporting papers for the Full Business Case are circulated for Committee’s consideration.
Background documents are available as a Part 2 Agenda Supplement
Minutes:
The Treasurer to the Pension Fund introduced a proposal for the Committee to recommend to Full Council that the Fund enter into asset pooling arrangements as part of Brunel Pension Partnership, it was explained that the proposals sought to delegate to the Committee and to Officers, as appropriate, to authorise the work as it progressed.
The Committee considered the Business Case.
Resolved:
To thank officers for their dedication and hard work to support Brunel Pension Partnership.
To note the tax implications of asset pooling and to encourage that action be taken to mitigate this.
To recommend that the Chairman of the Pension Fund prioritise investment in client group interests through the Shadow Operations Board and that resource is made clear to the Committee following that discussion.
The Committee endorses the Full Business Case for Brunel Pension Partnership and recommends the following to Full Council:
In its capacity as the Administering Authority for the Wiltshire Pension Fund, and having received and reviewed the recommendation of the Wiltshire Pension Fund Committee on 15 December 2016 and the Business Case attached to it, Wiltshire Council hereby resolves to enter into investment pooling as part of the Brunel project with respect to the Wiltshire Pension Fund’s investments.
Such Resolution is made on and subject to the following terms and conditions:
a) That the Brunel Pension Partnership investment pool be developed, funded and implemented substantially in accordance with the terms and provisions described in the Business Case considered by the Pension Committee, and more particularly that:
• a Financial Conduct Authority (FCA) regulated company to be named Brunel Pension Partnership Limited be established and operated with all necessary and appropriate arrangements as to its ownership, structure, governance and services capability.
• a new supervisory body comprising representatives of the Council and all other participants in the Brunel Pension Partnership be established to ensure oversight of Wiltshire Pension Fund investments and participation in the Brunel Pension Partnership.
b) That subject to the continued viability of investment pooling, financial or otherwise Wiltshire Pensions Committee is authorised to undertake such tasks, after consideration of advice from its Chief Legal Officer, Chief Financial Officer and Pension Fund Manager, as it thinks appropriate to progress implementation of investment pooling. To take such decisions and do all other things deemed necessary in order to promote the interests of the Administering Authority with respect to pooling, which without limitation shall include agreeing and authorising any documentation, contracts, terms of reference, financial expenditure or investment that may be required consequential upon the Fund's participation in the Brunel Pension Partnership. For the avoidance of doubt this includes the right of the Pension Committee to authorise the Chief Legal Officer and Chief Financial Officer to take such steps as are necessary to progress the project.
c) That subject to the above, all such matters be carried out with the aim of achieving a target date for beginning investment pooling of 1 April 2018, and otherwise subject to such intermediate steps and timescales as may be considered appropriate and necessary by the Pensions Committee.