The contract for the Independent Adviser to the Local Pension Board expires in October 2022. It is therefore appropriate to consider whether to exercise the first of the two opportunities for extension available under its terms.
The current adviser has had a considerable positive impact on the effectiveness of the Board resulting in a reduction in the risk score for one of the risks included in the corporate risk register. Consequently in order to maintain the current level of progress and provide stability for the Board it is proposed to extend the contract of the current adviser for 3 years to October 2025.