Issue - meetings

Members received the London Collective Investment Vehicle (CIV) and Investment Pooling Update.

The report provided an update on the current position on Investment Pooling and Harrow Pension Fund’s own pooling arrangements with the London CIV. 

Members inquired about the “direction of travel” with the London CIV, and the various categories on the list of funds, given the Mansion House Speech delivered by the Chancellor of the Exchequer 10 July 2023.

It was advised that the Mansion House Speech outlined a number of important issues on pensions.  These included the “perverse situation”, which in the Chancellor’s opinion, UK institutional investors were not investing as much in UK high-growth companies as their international counterparts did in their high-growth companies.  This, in his view, might lead some defined contribution schemes to not provide adequate returns for their pension fund holders.  Reforms had been proposed, which were subject to consultation.

It was also advised that for the Harrow Pension Fund, the deadline for responding to the consultation was 2 October 2023.

The Chair requested that the draft consultation document relating to the pensions issues raised in the Mansion House Speech be distributed to Members.

RESOLVED:  That the contents of the update be noted.