The Head of Finance and Risk at Merseyside Pension Fund presented members of the Board with the Annual Report & Accounts for Merseyside Pension Fund for 2021/22. The report and accounts were approved at Pensions Committee on 28 September 2022 and were due to be considered at the Audit and Risk Management Committee on 17 January 2023. A letter of representation had been prepared by officers on behalf of both committees, subject to approval in January. There was one amendment to the draft accounts’ financial position, due to an increase in audit fees during the year, and a small number of disclosure changes had also been agreed. The Fund’s financial position for the year ended 31 March 2022 was reported as £11.0bn. It was noted that the annual report remained as draft subject to completion of the Council’s external audit opinion.

The Chair of the Board noted that the annual report had been presented to a very high quality which reflected well on the Fund.

Resolved – That the report be noted.