Issue - meetings

Report attached.

Officers had submitted the Havering Pension Fund unaudited accounts as at 31^st March 2016 for consideration before they were submitted to the Audit Committee for sign off.

Key items to note from the statement were:

·         The Net Assets of the Fund had decreased to £573m for 2015/16 from £575m in 2014/15, a net decrease of £2m. 

·         The net decrease of £2m comprised a change in the market value of assets of (£8m), investment income of £5m and net additions of cash of £5m and offset by management expenses of (£4m).

·         The overall return on the Fund’s investments was -1.2% (net of fees) (2014/15 13.2%). This represented an under performance of -2.8% against the tactical benchmark (2014/15 outperformance of 1.7%) and an under performance of -7.7% against the strategic benchmark (2014/15 underperformance of -12.9%).

·         A copy of the audited Pension Fund Accounts and the auditors’ opinion would be included in the 2015/16 Pension Fund Annual Report.  The statutory publication date for the 2015/16 Pension Fund Annual Report was 1 December 2016.

The Committee noted the report and had no issues of concern.