The Barking and Dagenham Pension Fund Committee has agreed to delegate the final approval of a crucial investment management agreement to the Strategic Director of Resources. This decision follows a modification to the agreement that limits liability to the assets managed by the London CIV (Collective Investment Vehicle).
The committee, meeting on Tuesday, 30 June 2026, reviewed the London CIV Investment Management Agreement (IMA), a key legal contract required for mandatory asset pooling under the Pensions Schemes Bill. The bill provides the mechanism for the government to implement the 'Fit for the Future' proposals on the compulsory pooling of funds, requiring Administering Authorities to transition all remaining assets to their chosen pool.
A change to paragraph 16.5 of the agreement, made at the request of another partner fund, explicitly limits liability to the assets managed by the London CIV. This modification was requested to ensure that liability was clearly confined to the assets managed by the London CIV on behalf of the fund. While legal advice deemed this change favourable, it necessitated the committee reconsidering the IMA.
Nick Vickers, Head of Pension Fund, Treasury and Capital, presented the report, explaining that the change was beneficial and that the IMA needed to be re-evaluated by the committee. The London CIV manages two mandates for the fund: the Baillie Gifford Global Equities and the PIMCO Global Bonds. As of March 31, 2026, these two mandates represented 20.9% of the fund's assets. The total value of the fund at this date was £1,680.6m plus £4.3m cash, totaling £1,684.9m.
The committee subsequently agreed to delegate the final agreement of the IMA to the Strategic Director of Resources, in consultation with the chair and deputy chair. The Strategic Director of Resources has the power to finalize the agreement. All committee members will be informed of the final agreement and it will be shared with them.
Further details on the meeting and the reports discussed can be found in the Public reports pack Tuesday 30 June 2026 and the Agenda frontsheet Tuesday 30 June 2026.
