Issue - meetings

Report attached.

At the request of Officers the Committee had agreed to take this item before the Annual Report.

Officers had provided an extract of the Council’s Statement of Accounts for the year to 31 March 2015, showing the unaudited accounts of the Havering Pension Fund as at that date.

Key items to note from the statement were:

·         The Net Assets of the Fund had increased to £575m for 2014/15 from £506m in 2013/14, an increase of 13.2%. 

·         The net increase of £69m was compiled of a change in the market value of assets of £63m, investment income of £7m and net additions of cash of £2m, and offset by management expenses of (£3m).

·         The overall return on the Fund’s investments was 13.2% (net of fees). This represented an out performance of 1.7% against the tactical benchmark and an under performance of -12.9% against the strategic benchmark.

A copy of the audited Pension Fund Accounts and the auditors’ opinion would be included in the 2014/15 Pension Fund Annual Report.  The statutory publication date for the 2014/15 Pension Fund Annual Report was 1 December 2015.

Officers informed the Committee that once the auditors ISA260 report had been finalised it would be circulated to the Committee.

We have noted the report.