Issue - meetings

MERSEYSIDE PENSION FUND BUDGET OUT-TURN 2020/21 AND FINANCIAL YEAR 2021/22

Meeting: 23/06/2021 - Local Pension Board (Item 8)

8 MERSEYSIDE PENSION FUND BUDGET OUT-TURN 2020/21 AND FINANCIAL YEAR 2021/22 pdf icon PDF 71 KB

Additional documents:

Minutes:

Donna Smith, Head of Finance & Risk, introduced a report that provided Board Members with a copy of the Pension Fund budget report taken to Pensions Committee on 22 June 2021.

 

Highlights included:

  The out-turn for the financial year 2020/21.

  The finalised budget for the financial year 2021/22.

 

The actual out-turn for 2020/21 was £21.5m, lower than the original budget approved 3 February 2020 of £23.0m and lower than the projected out-turn of £22.0m as reported at Pensions Committee on 29 March 2021. The underspend was largely due to planned projects and areas of work being deferred to 2021/22 as a result of the pandemic, and the assumptions used for staffing. The finalised out-turn was included in appendix 2 of the report.

 

The 2021/22 budget reported in March had been reviewed and remained the same as reported and approved in March, the finalised 2021/22 budget was £25.5m.

 

The budget for 2021/22 was higher at £25.5m than £23.0 in 2020/21 primarily due to higher investment management fees, principally, as a consequence of outperformance by external investment managers during the pandemic induced market volatility.

 

Resolved - That the out-turn for 2020/21 and the finalised budget for 2021/22 be noted.