The Head of Finance & Risk at Merseyside Pension Fund presented the report of the Director of Pensions which request approval of the out-turn for the financial year 2022/23 and the finalised budget for the financial year 2023/24. It was noted that the actual out-turn for 2022/23 was £18.5m which was lower than the original budget approved 22 June 2022 of £25.0m. The underspend was largely due to lower investment management fees, planned projects and areas of work being deferred to 2023/24, and the assumptions used for staffing. The budget for 2023/24 was lower at £21.3m than £25.0m in 2022/23 primarily due to lower investment management fees being forecast.

Resolved – That:

(1) the out-turn for 2022/23 be noted.

(2) the finalised budget for 2023/24 be approved.