URL: https://iow.moderngov.co.uk/ieDecisionDetails.aspx?ID=776

Decision Maker: Full Council

Outcome:

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: The Strategic Manager for Pensions presented the report advising that the Isle of Wight Pension Fund Committee had made an expression of interest to join the Central pool in July 2025. He went on to explain the risks in delaying the decision, one of which was that Government could merge the Isle of Wight Pension Fund with another pension pool.   Members of the IW Pension Fund Committee advised council that they had discussed this matter at length however they believed they had not been provided with enough information to make a high risk recommendation, It was noted that this was not the unanimous view of the IW Pension Fund Committee.   It was noted that if the pool underperformed the Isle of Wight Council would be liable to top up the Pension Fund.   Concern was raised by council that the IW Pension Fund had believed they had not had enough information to make a recommendation to Full Council therefore they questioned how they could make a decision given the limited information they had been provided with.   The Chair called for the vote on the recommendations within the report which were:   That the Council notes: 1.               ACCESS will no longer be able to continue to provide investment pooling solutions for the Council’s pension fund after 31 March 2026. 2.               The Pensions Bill 2025 is currently passing through Parliament and specifies that Scheme managers are to participate in an asset pool company (which must be Financial Conduct Authority regulated) by: (a) being a shareholder of the company, or(b) contracting with the company for it to manage the funds and other assets for which the scheme manager is responsible. 3.               The views of the Pension Committee, as set out in this report, and who have considered this matter at its meeting on 29 July 2025 and also 3 September 2025. 4.               The timetable from Government, including a deadline of 30 September for an ‘in principle’ decision on which new pool to join.  Government also expects shareholder agreements between funds and their new pools to be in place for March 2026; And that the council supports 5.               The Expression of Interest made to join the Central Pool and confirms the Fund reports an ‘in principle’ decision to Government by the deadline of 30 September to join the Central Pool, as initially agreed by the Pension Committee on 29 July 2025. 6.               A delegated authority be given to the S151 officer,  in consultation with the chairman of the pension committee, to take any action or decision he considers necessary where a decision is required on investment pooling work, to reduce the risks the pension fund may face including (but not limited to) authority to enter into a memorandum of understanding with Central Pool and also a further memorandum of understanding to help govern the disbanding arrangements within ACCESS.    a vote was taken the result of which was:   RESOLVED;   THAT all the recommendations fell  

Date of Decision: September 17, 2025