Agenda item

Consideration was given to the report of the Corporate Director Resources which informed Members of Government consultation on the revocation and replacement of the Local Government Pension Scheme (Investment and Management of Funds) Regulations 2009 (for copy see file of Minutes).

In response to a question from Councillor Lethbridge, Nick Orton advised that the proposed de-regulation would align the LGPS with other major funded pension schemes and relaxed constraints placed on Investment Managers in terms of asset classes and proportions.

Following a question from David Ford, Philip Williams advised that the proposals did not present a huge risk for the Durham Fund. Any pool would have to demonstrate sound governance and have good professional independent advice. This should be borne in mind by Officers and the Committee when determining which authorities to pool with.

The Chairman advised that a meeting had been arranged for the Chair and Vice-Chair of Pension Fund Committee to meet with the respective Chairs and Vice-Chairs of Teesside, Northumberland and Tyne and Wear authorities the following day to discuss options for a north east collaboration. Councillor Turner, Chairman and Councillor Martin in the absence of the Vice-Chairman were to attend with Officers.

Resolved:

That authority be granted to the Corporate Director Resources in consultation with the Chairman and Vice-Chairman of the Committee to respond to the consultation, after taking advice from the investment advisers.