Issue - meetings
SURREY PENSION FUND STATEMENT OF ACCOUNTS 201
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Meeting: 12/10/2015 - Surrey Local Pension Board (Item 16)
16 SURREY PENSION FUND STATEMENT OF ACCOUNTS 2014-15 
PDF 159 KB
The Surrey Local Pension Board is asked to:
1. Note and approve the financial statements set out in Annex 1.
2. Note the content of the Audit Findings for Surrey Pension Fund Report as set out in Annex 2.
3. Note the Letter of Representation as set out in Annex 3.
4. Note the External Auditor’s Report as set out in Annex 4.
Additional documents:
- Local Pension Board - Statement of Account 2014-15 Annex 1, item 16
PDF 589 KB
- Local Pension Board - Statement of Account 2014-15 Annex 2, item 16
PDF 99 KB
- Local Pension Board - Statement of Account 2014-15 Annex 3, item 16
PDF 17 KB
- Local Pension Board - Statement of Account 2014-15 Annex 4 (Audit and Governance July Meeting Papers) v2, item 16
PDF 564 KB
Minutes:
Witnesses:
Phil Triggs, Strategic Manager, Pensions and Treasury
Neil Mason, Senior Advisor (Pension Fund)
Alex Moylan, Senior Accountant
Key points raised during the discussion:
1. The Board was given a summary of the statement of accounts, with officers highlighting the approximately £20 million increase in contributions from the previous financial year. After the payment of benefits and expenses, this had left the fund in cash flow positive position of £30 million in 2014/15.
2. The Board discussed the fund’s approach to investment, and raised a question about how the investment management fees compared to other pension funds. The Board was advised that £3.9 million were performance fees. This reflected a performance that was higher than average over the previous 5 years. . It was highlighted that officers and the Pension Fund Committee had completed a deep-dive review of the pension fund’s cost base. The Board agreed to review this deep-dive review following circulation and to request an item if there were additional questions.
3. The Board discussed the use of currency hedging, and was advised that hedging was undertaken specifically by Legal and General on behalf of the fund.
Resolved:
The Surrey Local Pension Board resolved to:
· Note the financial statements set out in Annex 1.
· Note the adjustments made to the financial statements during the course of the audit as set out in Annex 2.
· Note the Letter of Representation as set out in Annex 3.
· Note the External Auditor’s Report as set out in Annex 4.
Actions/Further Information to be provided:
Officers to circulate the deep dive review into the cost base of the pension fund to the Board.