Issue - meetings

MERSEYSIDE PENSION FUND BUDGET FINANCIAL YEAR 2022/23

Meeting: 22/02/2023 - Local Pension Board (Item 22)

22 MERSEYSIDE PENSION FUND BUDGET FINANCIAL YEAR 2022/23 pdf icon PDF 368 KB

Additional documents:

Minutes:

The Head of Finance and Risk for Merseyside Pension Fund presented the report of the Director of Pensions which provided a copy of the budget report which had been taken to Pensions Committee. It was noted that the Fund was valued at £10.3 billion at 31 December 2022 having peaked at £11 bn at 31 March 2022. The deterioration in market conditions resulted in lower external investment management fees which was reflected within the projected spend for 2022/23 and the approved budget for 2023/24. 

 

Members discussed aspects of the report including external investment management fees, pay and resources. Officers confirmed that costs were subject to benchmarking exercises with results presented to working parties and the Board.

 

Resolved – That the report be noted and the best practice requirement for LGPS funds to set budgets sufficient to fulfil resourcing requirements and meet regulatory requirements be noted.