Resolved –

That the exempt appendix for the Property Portfolio Rent Arrears and Write Offs be noted.

The Director of Pensions presented his report which requested that Members agree to the write off of £844,480.25 of irrecoverable rent arrears from the Fund’s property portfolio. The annual property rental income for 2021/22 was £32.1 million.

In answer to Members’ questions, it was clarified that even though the Fund would be a creditor where a company goes into liquidation, any amount recovered was likely to be a small proportion of the total so a write off would still be required for the remainder. It was noted that efforts are made to relet a property to limit any losses. 

Resolved –

That the write-off of uncollectable property rental income of £844,480.25 be approved.