A report that sets out the accounts for the Warwickshire pension Fund and seeks Council approval.

1.       That the Council approves the 2019/20 Pension Fund Statement of Accounts.

2.       That the Council authorises the Strategic Director for Resources to make any amendments to the final version of the accounts to take account of any observations from the external auditors.

Councillor Peter Butlin moved the recommendation. In introducing the report Councillor Peter Butlin emphasised the importance of the Pension Fund to present and former employees. He noted how the Fund’s net assets had fluctuated as a result of the Pandemic but spoke of a general recovery.

Councillor John Horner seconded the motion and reserved the right to speak.

Councillor Keith Kondakor noted references to “stock lending” and counselled that this is a risky approach to investment. He also expressed concerns over the future value of property holdings (used as an investment) in the light of the Pandemic and Brexit.

In reply to Councillor Kondakor, Councillor Horner informed Council that stock lending is a frequently used and standard procedure. It is well established, and the Pension Fund is well protected.

It was acknowledged that property values have been reduced during the Pandemic. However, the Investment Strategy will address this.

Councillor Butlin expressed his confidence in the Pension Fund Investment Sub Committee adding that the former Chair, Councillor Bob Stevens was missed.

Vote

A vote was held. The recommendations were agreed with two abstentions.

Resolved:

1.       That the Council approves the 2019/20 Pension Fund Statement of Accounts.

2.       That the Council authorises the Strategic Director for Resources to make any amendments to the final version of the accounts to take account of any observations from the external auditors.