Agenda item

The Committee received the Audit Completion Report of the External Auditor relating to the Durham County Council Pension Fund, for the year ended 31 March 2024 (for copy see file of minutes).

Mr I Rudd referred to the government’s budget for 2024 which stated that local authorities should amalgamate the pension funds and asked if there was any integrity to this.

P Darby responded by confirming that Durham County Councils pension fund was already pooled with eight other local authorities within the Border to Coast arrangements which were in place.  There was nothing in the recent 2024 budget that would change the position for Durham.  The recent headlines had been misleading and was aimed at other local authorities who were not in as strong a position as Durham was.

Councillor D Sutton-Lloyd agreed that the headlines had been misleading.  The Council worked with professional partners within the Boarder to Coast arrangements and the structure that was in place was being used as an example to other local authorities as a way forward for consideration for their pension funds. He reassured the committee that Durham was well ahead of the game.

Resolved:

That the report be noted