Agenda item

Consideration was given to the report of the Corporate Director Resources which informed Members of the overall value of the Pension Fund as at 31 December 2015, and of any sums available to the Managers for further investment or amounts to be withdrawn from Managers (for copy see file of Minutes).

In response to a question from Councillor Carr, Nick Orton confirmed that the number of active members of the Pension Fund Committee could be expected to continue to fall. The actuarial valuation was due as at 31 March 2016 and the Actuary, in looking at the Fund’s assets/liabilities would take into account the scheme’s membership profile.  

Councillor Martin noted that JP Morgan, the Fund’s Custodian had again been unable to produce performance and value figures. Hilary Appleton advised that because of a technical problem regarding the Custodian’s quality system, it had been unable to provide figures relating to overall performance. However JP Morgan’s Relationship Manager had offered an assurance that the information would be available the following week.

Members asked that their concern and disappointment that JP Morgan had once again been unable to provide the information and had therefore been unable to fulfil its role as Global Custodian.

Resolved:

That the information given be noted and the information from J P Morgan be circulated to the Committee on receipt.