The Head of Pensions (Finance and Risk) introduced the report of the Director of Pensions which provided board members with a copy of the Pension Fund budget report that was presented at the July meeting of the Pensions Committee.

It was reported that the actual outturn n for 2023/24 was £19.1m, which was lower than the original budget approved 11 July 2023 of £21.3m. The underspend could largely be attributed to lower investment management fees, planned projects and areas of work being deferred to 2024/25, and the assumptions used for staffing. The budget for 2024/25 was higher at £22.7m than £21.3m in 2023/24 primarily due to higher investment management fees and increased staffing costs being forecast.

In response to queries about staffing assumptions, the Board were advised that there were two grade G vacancies with a recruitment process ongoing and that there was the intention to strengthen the investment team but that this was not yet underway.

Resolved – That the out-turn for 2023/24 and the approved finalised budget for 2024/25 be noted.