Agenda item

The Committee considered a report of the Corporate Director of Resources which updated Members of 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 Durham County Council (the Council) for 2017/2018 (for copy see file of Minutes).

Resolved:

That with effect from 1 April 2017:-

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

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

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

               (iv)       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.