Issue - meetings

This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Committee, as well as an update on investment performance and the values of assets and liabilities.

NB: Part 2 annex at item 13

Witnesses:

Neil Mason, LGPS Senior Officer

Key points raised during the discussion:

1.    The LGPS Senior Officer introduced the report and provided a brief overview. 

2.    Cllr Harmer asked how the discount rate was managed in the current circumstances. The LGPS Senior Officer confirmed that the evaluation had considered the long-term interest rate and inflationary elements. In addition, the investment strategy review, investment consultants and actuaries were working towards cashflows in light of current inflationary pressures.

3.    Cllr Williams asked, in view of the rapidly changing economic environment, when the current algorithm for trends in long term interest rates was set and whether there was an intention to reset it. The LGPS Senior Officer said this information would form part of the update and evaluation report once the evaluation was approved by the committee.

4.    Cllr Potter said there was no room for complacency in the current climate.

Actions/ further information to be provided:

None.

Resolved:

The Pension Fund Committee noted the main findings of the report in relation to the Fund’s valuation and funding level, performance returns and asset allocation.

This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Committee, as well as an update on investment performance and the values of assets and liabilities.

NB: Part 2 annex at item 13