Issue - meetings

NORTHERN POOL

Meeting: 26/07/2018 - West Yorkshire Pension Fund Joint Advisory Group (Item 12)

12 NORTHERN POOL pdf icon PDF 122 KB

 

The report of the Director, West Yorkshire Pension Fund, (Document “G”) sets out the progress in establishing the Northern Pool covering:-

 

·         Drafting the Northern Pool Operating Agreement, including the Terms of Reference for the Joint Committee.

·         Procuring a joint custodian for all assets of the Pool.

·         Developing the GLIL Infrastructure Vehicle (including FCA regulation to facilitate it becoming the national LGPS vehicle for infrastructure investment)

·         Developing a joint private equity vehicle.

 

It seeks the approval of the Northern Pool Operating Vehicle which is attached at Appendix A, subject to review by the City Solicitor.

 

Recommended –

 

That progress on pooling arrangements to date be noted, and the inter authority agreement, be approved, subject to review by the City Solicitor, known as the Northern Pool Operating Agreement (Appendix A to Document “G”) for submission to the Governance and Audit Committee and, in due course, Council, and the Director West Yorkshire Pension Fund, be authorised to amend it as expedient or necessary and put in place any ancillary documentation.

 

(Rodney Barton – 01274 432317)

Additional documents:

Decision:

Resolved –

 

That progress on pooling arrangements to date be noted, and the inter authority agreement, be approved, subject to review by the City Solicitor, known as the Northern Pool Operating Agreement (Appendix A to Document “G”) for submission to the Governance and Audit Committee and, in due course, City of Bradford Metropolitan District Council, and that the Director West Yorkshire Pension Fund, be authorised to amend it as expedient or necessary and put in place any ancillary documentation.

 

ACTION: Director, West Yorkshire Pension Fund

 

(Rodney Barton – 01274 432317)

 

Minutes:

The report of the Director, West Yorkshire Pension Fund, (Document “G”) set out the progress in establishing the Northern Pool covering:-

 

·         Drafting the Northern Pool Operating Agreement, including the Terms of Reference for the Joint Committee.

·         Procuring a joint custodian for all assets of the Pool.

·         Developing the GLIL Infrastructure Vehicle (including FCA regulation to facilitate it becoming the national LGPS vehicle for infrastructure investment)

·         Developing a joint private equity vehicle.

 

Document “G” sought the approval of the Northern Pool Operating Agreement which was appended to the report, subject to review by the City Solicitor.

 

A Member questioned the purpose of an infrastructure vehicle and it was explained that the rationale was to invest in UK infrastructure.   Investments which had already commenced included off shore wind; East Anglia rail stock; South West Railways and Anglian Water.

 

The report revealed that in March 2018, after a complex competitive tender process, the Northern Pool Shadow Joint Committee had approved the appointment of a common custodian bank, Northern Trust.  It was confirmed that the bank had provided services for Merseyside Pension Fund for a number of years.  Northern Trust was one of six major international providers of custody services.  Specialist advisors had been used to advise on the legal agreements required and the tender process had been based on the condition that a legal agreement be made. The length of the legal agreement would depend on performance compliance and would be re-tendered in due course.

 

Resolved –

 

That progress on pooling arrangements to date be noted, and the inter authority agreement, be approved, subject to review by the City Solicitor, known as the Northern Pool Operating Agreement (Appendix A to Document “G”) for submission to the Governance and Audit Committee and, in due course, City of Bradford Metropolitan District Council, and that the Director West Yorkshire Pension Fund, be authorised to amend it as expedient or necessary and put in place any ancillary documentation.

 

ACTION: Director, West Yorkshire Pension Fund