Issue - meetings

Pension Fund Covid-19 Report

Meeting: 21/07/2020 - Warwickshire Local Pension Board (Item 5)

5 Pension Fund Covid-19 Report pdf icon PDF 236 KB

Additional documents:

Minutes:

Chris Norton, Strategy and Commissioning Manager (Treasury, Pension, Audit & Risk) presented the bespoke risk report to the Board which highlighted Covid-19 specific risks, with the most significant being investment volatility and cash flow management.  He noted that employer contributions remained relatively normal and whilst some were past deadlines this was not at a higher level than usual.  Further risk mitigation actions were already in place and further Covid updates would be taken to the next Pension Fund Investment Sub-Committee and Staff and Pensions Committee.

 

The Chair referred to the Annual Report later on the agenda and reflected on the foresight shown by Board Members at the meeting on 26 February when the likely effects of the pandemic were raised.  Although it had been acknowledged that there would be both short and long term impacts, the extent to which the pandemic would interfere with human activity had not been fully realised at that time and this demonstrated that some risks could not be foreseen and it was important to be nimble-footed.  He praised the “remarkable” response effort from Local Government and expressed his personal thanks for the commendable reaction to such an unprecedented situation.