The Head of Finance and Risk at Merseyside Pension Fund introduced the report of the Director of Pensions which provided Board Members with a copy of the Pension Fund budget report which had been taken to Pensions Committee in June 2022. Outturn had been lower than budgeted due to deferral of projects caused by the pandemic.

Members questioned the actuarial fees but it was explained that the increase brought them more into line with the contract, and that there had been some unique pieces of work which had not been rechargeable to employers and that this was a valuation year which required additional charges.

It was noted that there was expected expenditure related to the McCloud judgement implications and the pensions dashboard, but also that there were potential savings from bringing further assets in house.

Resolved:

That the out-turn for 2021/22 and the finalised budget for 2022/23 be noted.