Issue - meetings

·         Cashflow

·         National Development/Shadow Board updates

·         Board Training feedback/strategy

5b.1     The Committee considered a report by the Chief Finance Officer providing a general update on matters related to its activity.

5b.2     The Committee RESOLVED to note the report and its appendices.

·         Cashflow

·         National Development/Shadow Board updates

·         Board Training feedback/strategy

5b.1     This item was introduced by Ola Owolabi, Head of Accounts and Pensions (OO).

5b.2     OO informed the Board about several issues including a recent surplus in fund cash-flow; Government interest in pursuing innovations in terms of: (a) the role of Section 151 officers, (b) having joint committees of pension authorities, and (c) the complete separation of local authorities from pension schemes. MK added that the Government had also announced plans to consult on Collective Investment Vehicles, broadly, the joint procurement of fund Investment Managers.

5b.3     In answer to a query from BR on why forecast administration costs for the current year of £2.2m were much higher than the actual costs for 14/15 of £1.7m, i.e., a variation of £0.5m, OO promised to come back with a detailed answer.

5b.4     In response to a query from DZ as to whether the fund’s returns on cash investments were maximised, John Shepherd (JS) explained that the strategic cash figure of £80M in the reports was the total cash held by the Fund at a particular point in time, i.e., as at 31 March 2015: the majority of this (C £60M) was cash held temporarily by Investment Managers pending future investments. Safety rather than returns is the main factor in determining how this cash is managed.