Common use of Generic Clause in Contracts

Generic. Key Task Timing Appendix 2 - Quality targets and performance indicators: Quality Standards 1. All work undertaken by the combined team will meet the following quality standards: • full compliance with statutory requirements and MHCLG guidance • all CIPFA Code of Practice requirements met in full • all functions maintain MIFID II professional client status • all LGPS meet the Pension Regulator’s Code of Practice requirements • all staff to hold, or be working towards, recognised CCAB or Treasury Management qualifications • all staff to attend regular technical training and participate in local Treasury Management and LGPS networks • all team members comply with their own professional bodies’ requirements • all services provided will be subject to regular Internal Audit coverage • obtain annual independent assurance reports from 3rd party service providers • no significant issues raised by Internal Audit work • no material errors identified by external audit. 2. The following key performance targets will be applied: Funding level at least equal to LGPS averages Actuarial revaluation every 3 years Investment management costs under 0.5% of year end net asset value (NAV) of each fund Calculate based on year end Fund Accounts Maintain asset allocations in line with strategy approved by members Confirmed (or otherwise) by the independent investment advisor’s quarterly review All contributions due from employing bodies are collected promptly Reported quarterly to members and monthly to s151 Sufficient cash is available to pay pension benefits as they fall due Reported quarterly to members and monthly to s151 No breach of Prudential Indicators Confirmed by year end Treasury Management report Each Council has sufficient funds to make payments as they fall due Reported monthly to s151 Investment income matches or exceeds budget Confirmed by year end revenue outturn report Interest paid does not exceed budget levels Confirmed by year end revenue outturn reports New borrowing does not exceed Bank of England base rate +2% Confirmed by year end Treasury Management report Annual investment yield exceeds LIBID 7-day rate Confirmed by year end Treasury Management report HR Protocol for Establishing and Working in Integrated Teams