Issue - meetings

Draft Pension Fund Annual Report 2022/23

Meeting: 19/09/2023 - Pension Fund Committee (Item 66)

66 Draft Pension Fund Annual Report 2022/23 pdf icon PDF 145 KB

Additional documents:

Minutes:

Members received the Draft Pension Fund Annual Report for 2022-2023, which outlined the draft Pension Fund Annual Report for the year ended 31 March 2023.

 

Citing paragraph 12 of the report, Members asked about the Investment income that had increased by some £1.3m over the year and about transfer values received which were lower by £2.4m over the year.

 

It was advised that it was not possible to predict transfer value payments as they are dependent on an individual’s length of service and salary.  These varied significantly.  Furthermore, as some employees left, and others joined, it was impossible to estimate transfer value payments.

 

Paragraph 14 of the report on cashflow was discussed.  Cashflow was now “slightly negative”, although the investment strategy retained sufficient liquidity to address this in the short to medium term.

 

However, it was advised that the impact of stable membership, longevity and pension increases was likely to increase future cash outflows gradually.  Therefore, in the longer term, it was likely that this would be factored into the investment strategy.  Currently, there was enough cashflow to sustain operations.

 

RESOLVED:  That

 

(1)            the draft Pension Fund Annual Report for 2022-2023 be approved for publication; and

 

(2)            the Acting Director of Finance and Assurance be authorised to make any changes arising from the audit of accounts before publication.