The Committee is made up of one elected councillor from the pension committee of each of the following constituent councils:
•Cambridgeshire County Council
•East Sussex County Council
•Essex County Council
•Hampshire County Council
•Hertfordshire County Council
•Isle of Wight Council
•Kent County Council
•Norfolk County Council
•Northamptonshire County Council
•Suffolk County Council
•West Sussex County Council.
Terms of Reference of the Joint Committee
Part 1 Functions in relation to the Operator
1. Specifying Operator services: Deciding, in consultation with the Councils, the
specification of services and functions that the Operator will be required to deliver including
the sub-funds and classes of investments required to enable each Council to execute its
2. Procuring the Operator: agreeing the method and process for the procurement and
selection of the Operator.
3. Appointing the Operator: Making a recommendation to the Councils as to the identity of
the Operator and the terms upon which the Operator is to be appointed.
4. Reviewing the Performance of the Operator: Keeping the performance of the Operator
under constant review and making arrangements to ensure that the Joint Committee is
provided with regular and sufficient reports from the Officer Working Group to enable it to
do so including but not limited to:
4.1 the performance of the Operator against its contractual requirements and any other
performance measures such as any Service Level Agreement (SLA) and key performance
indicators (KPIs) and Officer Working Group recommendations on any remedial action;
4.2 sub-fund investment performance;
4.3 investment and operational costs including the annual review of investment manager costs;
4.4 performance against the strategic business plan agreed by the Councils.
5. Managing the Operator: The Joint Committee shall:
5.1 Make recommendations to the Councils on the termination or extension of the Operator
5.2 Make decisions about any other action to be taken to manage the Operator Contract
including the giving of any instruction or the making of any recommendation to the
Operator including but not restricted to recommendations on investment managers (within
any regulatory constraints that may apply).
6. Appointment of Advisers
6.1 The Joint Committee may appoint such professional advisers on such terms as it thinks fit.
Any procurement of advisers must comply with the constitution of the Authority designated
to undertake the procurement and that Authority will enter into a contract with the
appointed adviser on behalf of the Authorities.
6.2 The Joint Committee shall decide which tasks shall be performed by the Client Unit and
which Council shall manage the Client Unit including the employment arrangements for
employees in the Client Unit.
Part 2 Functions in relation to management of Pool Assets
7. The Joint Committee shall make recommendations to the Councils on the strategic plan for
transition of assets that are to become Pool Assets.
Part 3 Functions Concerning Pool Aligned Assets
8. Making recommendations to the Councils about Pool Aligned Assets (including proposals
concerning the migration of investments-such as passive investments via life fund policiesto
become Pool Aligned Assets) in accordance with this Agreement or any other delegation
to the Joint Committee by the Councils.
Part 4 Functions concerning Business Planning and Budget
1. Make recommendations to the Councils about the annual strategic business plan for the
2. Determine the budget necessary to implement that plan and meet the expenses of
undertaking the Specified Functions (insofar as they will not be met by individual
transaction costs paid by Councils to the Operator) in accordance with Schedule 5 hereof.
3. Keep the structures created by this Agreement under review from time to time and make
recommendations to the Councils about:
3.1 the future of the Pool;
3.2 any changes to this Agreement; and
3.3 as to the respective merits of continuing to procure operator services by means of a third
party or by creation of an operator owned by the Councils.
4. The Joint Committee is required to commence the first review of this Agreement by the
second anniversary of its first meeting.
5. The Joint Committee is required to undertake a review of the Pool and this Agreement:
5.1 to be completed 18 months before the expiry of each and every Operator Contract including
as a result of the exercise of any option to terminate the Operator Contract;
whenever a Council gives notice of withdrawal under clause 12 of this agreement
This committee meets generally every quarter but there have been some ad hoc meetings as well when there is business that needs immediate attention. The dates of the next two meetings are as follows: 19th September and 10th December at 11am. Both these meetings will take place at Islington Town Hall in London.
Papers for the meeting can be found here: