Agenda item

Consideration was given to the report of the Corporate Director, Resources which provided information on the performance of the Pension Fund’s short term investments as at 31 March 2015 (for copy see file of Minutes).

Councillor Shuttleworth referred to net interest earned on investments and asked if the rates were likely to increase in the short-term. The Member was advised by Hilary Appleton that this was unlikely. For information Don McLure stated that the Bank of England rate had been fixed at 0.5% for 6 years and the view was that it would remain at this level for at least a further 12 months. As markets were now more buoyant, in line with the Treasury Management Strategy, consideration had been given to extending sound investments beyond 12 months where marginally better rates were secured.

Resolved:

That the position at 31 March 2015 regarding the Pension Fund’s short term investments where £60,268 net interest was earned in the three month period, be noted.