London Councils Pensions Committee elects Mark Boleat as chair
The Pensions Collective Investment Vehicle (CIV) Sectoral Joint Committee has met for the first time, with members electing Mark Boleat, Chairman of Policy and Resources at the City of London Corporation, as chair.
Discussions have been taking place since 2012 around how the Local Government Pension Schemes (LGPS) across London might work more closely together.
In 2013 London Councils Leaders’ Committee gave the go ahead for a designated fund, with contributions from those boroughs interested in looking at a London LGPS Collective Investment Vehicle (CIV). This collaborative approach to local government pensions has been recognised by the Government as helping to achieve economies of scale and deliver savings.
The CIV is being developed for and on behalf of the London boroughs and the City of London, and each will participate on an entirely voluntary basis. There is great focus on ensuring that the proposed governance and operational structures of the CIV reflect the wishes and needs of the boroughs, both on day one and into the future, and this is the role of the Sectoral Joint Committee.
Mark Boleat, Chair of the Pensions CIV Sectoral Joint Committee, said:
“This project is a significant milestone on the journey toward a more joined up and effective investment strategy for London’s pensions funds, while maintaining the democratic accountability that is so important to elected members and residents. I am very pleased to be asked to chair this committee and look forward to helping the plans unfold over the coming months and years.”
The CIV aims to launch in the summer of 2015, but key to this will be defining the company’s operating model and taking this to the FCA for authorisation.
Reports will go to future meetings of the committee to ensure that members are kept fully informed and have regular opportunities to comment on and steer implementation over the coming months.
The Pensions CIV Sectoral Joint Committee has been established in accordance with recommendations made to London Councils’ Leaders’ Committee on 11 February 2014 and decisions taken by participating London boroughs and the City of London Corporation in accordance with those recommendations.