Issue - meetings

The item was introduced by Chris Norton, who confirmed the draft accounts had been completed and published by the statutory deadline in May. They were in the process of being audited by Grant Thornton and it was hoped the process would be finalised in time for the November meeting of the Audit and Standards Committee, and then approved at the December Full Council.

Chris Norton informed members that the Fund’s assets had increased by £250million, due to good performance of investments. Around three quarters of this was in pools. Operating cashflow was neutral, meaning money derived from good investments was not needed to make up any shortfalls.

Responding to a point regarding assumptions raised by Mike Snow, Chris Norton said a government actuarial evaluation had taken place to standardise all pension funds. It was therefore down to each Fund to decide on its assumptions instead of the auditor, as had been the case in the past.

Responding to a question from Councillor Brian Hammersley, Chris Norton said it was difficult to predict if people were planning on leaving the Pension Fund early. There had been some communications sent out explaining the benefits of the LGPS to encourage pension holders to stay in.

Members noted the contents of the report.