Government Pooling Agenda: Latest

08 Jun 2016 Government Pooling Agenda: Latest

The government has confirmed that responses to the investment pooling criteria and guidance can be collated at a pool level so funds do not need to respond individually. We have circulated the government’s response template to funds in London for information only and will circulate a draft response in advance of our Sectoral Joint Committee meeting on the 14 June. This certainly does not preclude funds from submitting an individual response if they want to do so but it is hoped that we will be able to capture these and include in the response which is being submitted by the London CIV.

The London CIV is also working closely with the other seven pools to ensure that key items are being addressed nationally. This includes the formation of two cross-pool work streams considering infrastructure investment and how this might be addressed by the LGPS, and how pools might address the issues surrounding stewardship and responsible investment.

A huge thank you goes to everyone who worked so hard to complete the CEM benchmarking data; we appreciate that this was no easy task particularly in the middle of financial closedown. Most of you will now be receiving those reports and we would be grateful if you could provide the London CIV with a copy. Having received the reports, if you feel that the data needs adjusting, please submit revised data to CEM by 10 June and they will issue an updated report free of charge. After that date they will be charging funds for additional reports.  The London CIV will be receiving a report which covers the London funds data at an overall level and this will be reported as part of the submission to government. Other pools will also be submitting their pool data on this basis.

Once you’ve had a chance to review the draft submission on behalf of London funds and as most of you will want to take this through Pension Committees, please feel free to contact (020 7934 9968) to discuss or provide feedback on the draft.