Agenda item

The Committee considered a report of the Corporate Director of Resources which provided an update on the overall value of the Pension Fund investments to 30 June 2024, the movement in cash balances during the last quarter (for copy see file of Minutes).

Councillor K Earley asked as regards the projections and what criteria are looked at in terms of actions, such as drawdowns.  The Head of Pensions (LGPS) Paul Cooper explained as regards the broad focus on Listed Alternatives at BCPP, having been a proxy for Private Markets, reminding that the Committee had approved a strategy to run down the Listed Alternatives exposure, as deployment into Private Markets increased.  He noted that if cash increased as significantly as projected and was not drawn down, then there would be further discussion with the Committee accordingly.

Councillor M Porter asked as regards pension transfers, including the current number.  The Head of Pensions (LGPS) noted that there had recently been a number of regulation changes and that the numbers of members consequently transferring in and out of the Fund went through peaks and troughs.  He noted that there had been a recent pause in terms of transfers, now released.  He added that the numbers and performance were reported to the Local Pension Board where they were scrutinised and were included for information within agenda pack for Committee Members.

Resolved:

That the information contained in the report be noted.