Agenda item

Consideration was given to graphs showing recent movements in the Stock and Share Indices (for copy see file of Minutes).

Philip Williams, Pension Fund Adviser informed the Committee that in the 12 months to 31 March 2015 bond yields had declined steeply around the world which meant that prices were going up. This would influence the discount rate of liabilities. Assets were performing satisfactorily as equity markets performed well. Equity markets were driven by the monetary policies of Central Banks. The latest estimate was for a decline in the current year which was influenced substantially by oil and gas companies and falling energy prices.

Since 31 March 2015 bond markets had been very volatile and yields had risen.

Resolved:

That the information given be noted.