Agenda item

Consideration was given to the report of the Corporate Director Resources which provided an update on the Treasury Management service provided to the Pension Fund and reviewed the charges for the services and the calculation of interest on short term investments administered by the County Council for 2016/2017 (for copy see file of Minutes).

Resolved:

That with effect from 1 April 2016:

(a)                the Pension Fund continues to invest its cash balances with the County Council in line with the County Council’s Treasury Management Strategy;

(b)                interest be paid quarterly to the Pension Fund at a rate based on the daily cash balance and the 3 month LIBID interest rate;

(c)                an administration fee of £2,500 per quarter be paid to the County Council for the Treasury Management function being carried out on behalf of the Pension Fund; and

(d)                in the event of the loss of an investment, the Pension Fund will bear the loss in proportion of the value of cash balances held at the time of the investment with Durham County Council.