Agenda item

The Finance & Systems Manager (Pensions) summarised the budget report. Expenditure for the full year is forecast to be £50,000 below budget for the reasons stated in paragraph 4.2 of the report. Late payment by one employer had been found to be due to the use of a wrong sort code. This had now been rectified.

The Communication and Public Relations Manager presented the performance report.

The Investments Manager reported that there had been no changes to the Risk Register. Members asked about the impact of the new rules for taking pension early announced in the 2014 Budget. The Investments Manager replied that these represented a risk to the funding level of the Fund and would be included in the Risk Register.

RESOLVED:

1. To note the administration and management expenditure incurred for 4 months up to 31 July 2014.

2. To note performance indicators and customer satisfaction feedback for 3 months to 31 July 2014.

3. To note the summary performance report for period from 1 April 2011 to 31 July 2014.

4. To note member roadshow events and employer training sessions undertaken to communicate the New LGPS 2014, including sample customer feedback.

5. To note the Risk Register.