Agenda item

The Committee considered a report of the Corporate Director of Resources which updated Members of the Treasury Management Services 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 for 2023/2024 (for copy see file of Minutes).

Resolved:

That

a)     the Pension Fund continues to invest its cash balances with the Council in line with the 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 three month rate of return earned by the Council on its own short term investments;

c)     an administration fee of £2,998 per quarter be paid to the Council for Treasury Management services;

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