Decision status: Recommendations Approved (subject to call-in)
Is Key decision?: No
Is subject to call in?: No
Steve Scott, Hymans
Neil Mason, LGPS Senior Officer
Key points raised during the discussion:
1. Hymans presented their report and focussed on the cash flow position - how that had changed since last year, as well as how things may change going forward. They focussed on the proposed new ‘pass-through’ approach for admitted bodies participating in the fund.
2. There were Member questions about the inflation figures and the LGPS Senior Officer reminded the committee that under normal circumstances a cash flow analysis would be done every three years in line with the triennial evaluation. However, the committee took the view last year due to the inflationary volatility, that this would be done annually until further notice.
3. Hymans explained the new pass-through policy and described in detail what this meant in terms of benefits and risks to the administering authority and other employers. In response to a Member question, it was confirmed there was no impact on members of the Scheme.
Actions/ further information to be provided:
1. That the Fund’s cashflow position be noted.
2. That the pass-through policy which includes the detail around the specific Surrey fund’s policy be approved.
Publication date: 31/01/2024
Date of decision: 15/12/2023
Decided at meeting: 15/12/2023 - Surrey Pension Fund Committee