Issue - meetings

Victoria Moffett, Lead Commissioner Pensions and Investment, presented the last quarter’s risk registers to the Sub-Committee which included the separate general risk register and Covid risk register in one report to provide some consistency.  In terms of changes, the Sub-Committee’s attention was drawn to the long term asset values which had rebounded since the end of March but volatility remained high in markets which affected bonds and equities.  The Scheme Actuary uses UK government bond yields to set  the discount rate for measuring liabilities. As these yields went down, the expected present value of the liabilities went up.

In response to a question, it was agreed to investigate Border to Coast operational policies further and it was agreed that this warranted a line on the risk register. 

The asset values as set out in the report gave a flavour as to where it was thought risks existed and why it was felt that they had not changed from the previous quarter even though changes were seen from the original February assessment. 

Attention was drawn to the appendix to the report which set out the mitigation actions to each item on the risk register.  In response to a question, the Sub-Committee were advised that the amber rating was considered a fair representation.  In relation to the progression of the pandemic, it was considered that there was some clarity on some aspects of risk, eg the ability for the service to function with staff working from home, and fears about loss of wifi connection were mitigated by the geographical spread of staff alongside the Warwickshire County Council Business Support.

Resolved

That the Pension Fund Investment Sub Committee noted the report.