Item 3 - Pensions CIV Update (L9/16)

Summary:    

Leaders’ Committee received its last update on progress towards establishing a Collective Investment Vehicle (CIV) in July 2015. Since then work has continued to the point that the CIV is now operational with the first £500 million of assets under management.
This report provides an update on the work that has happened, notes that the Board is working with borough officers and Members on a number of aspects of future development, and provides an overview of the government’s current position with regard to the wider LGPS reform agenda.
Lord Bob Kerslake (London CIV’s non-executive Chair) will be attending the meeting to discuss any aspects of the report.