This report, which provided an update on investment activity, was presented by Victoria Moffett, Pensions and Investment Manager. The report covered the overall funding level, growth assets update, income assets update, protection assets update, pooling, audit and voting record.
In response to a query regarding investment costs and cost transparency, Victoria Moffett, Pensions and Investment Manager explained that there were some nuances to the way that the information and associated detail could be presented and that what could be reported publicly would be reviewed. Chris Norton, Strategy and Commissioning Manager (Treasury, Pensions, Audit, Insurance, and Risk) noted Pension Fund Investment Sub Committee received more detail in this regard.
In response to a question regarding the overall funding level being approximately 83% as at 13 August 2020, and subsequent explanation from the Chair, Victoria Moffett, Pensions and Investment Manager offered to provide some further training on actuarial valuations to new Members.
In response to a query about the internal audit report categories, Chris Norton, Strategy and Commissioning Manager (Treasury, Pensions, Audit, Insurance, and Risk) confirmed that there were four levels of assurance: limited, moderate, substantial and full. The Board considered that it would be useful for them to receive audit reports which looked at any aspects of pensions, particularly the administration.
1. The Local Pension Board noted the report.
2. The Local Pension Board requested further information about Investment Costs and Transparency and Audit reports relating to pensions.