Issue - meetings

MERSEYSIDE PENSION FUND BUDGET FINANCIAL YEAR 2022/23

Meeting: 24/02/2022 - Local Pension Board (Item 49)

49 MERSEYSIDE PENSION FUND BUDGET FINANCIAL YEAR 2022/23 pdf icon PDF 70 KB

Additional documents:

Minutes:

A report by the Director of Pensions provided Board Members with a budgetary report that had recently been considered at Pensions Committee.

 

Members of the Board were advised that the headline figures during the financial year 2022/23 are estimated that Merseyside Pension Fund (MPF) will pay £382m in pension benefits and receive £164m in contributions from employers and employees. The Board were informed that MPF has a value of £10.9bn at 31 December 2021.

 

Donna Smith, Head of Finance and Risk presented the report and responded to questions raised by Board Members.

 

In response to a question, the Head of MPF advised that performance fees are benchmarked, but the fund is looking towards using more flat fee payments going forward.

 

An observation were raised about the underspend on consultant fees and it was explained that some budgeted projects involving the use of consultants had been deferred to the next financial year. A comment was then made regarding staffing costs whereby it was identified that MPF had spent less than 4p in every £100 on staff. The Board expressed how they would be supportive of increasing the staffing budget.

 

Resolved – That the report be noted.