Issue - meetings

The Committee had before it a report by the Director of Resources which sought approval to use the National Local Government Pension Scheme (LGPS) Framework for Global Custody Services, noting that the existing contract was entered into on 1 April 2018 using the Framework and was due to expire.

The report recommended:-

that the Committee –

(a)      approve the use of the Norfolk LGPS Framework for Global Custody Services and the appointment of a service provider following the completion of a successful mini competition by Officers for a period of 7 years (with the option to extend for a further 3 x 1 years);

(b)      approve the estimate expenditure associated with granting such approval as set out in the recommendations section of the main report; and

(c)      agree to continue with the existing HSBC global custody contract until a new provider was appointed and transition of the assets is complete.

The Committee resolved:-

to approve the recommendations.