The attached Pension Fund Annual Report has been produced to keep pensioners and other interested stakeholders informed about the administration and performance of the London Borough of Sutton Pension Fund, and to comply with regulation 34 of the Local Government Pension Scheme (Administration) Regulations SI2008 No 239.
Indicative Timing: 15 Minutes
The Head of Financial Strategy and Planning presented this report, and highlighted key developments following previous discussions at the March meeting of the Pension Committee and the governance review. The following amendments were outlined:
· A dedicated risk management section.
· More detailed financial information on management expenses.
· A section on pension administration to comply with best practice which looks at the capacity of the administration system.
· The inclusion of asset allocation.
· Other minor amendments informative to readers.
She then invited comments and questions.
Councillor Richard Broadbent enquired as to the inclusion of a statement of compliance as per recommendation two of the governance review. The Head of Financial Strategy and Planning answered that this was not currently included in the cover report but was proposed to be in the next version. It was added that the report had been evaluated against CIPFA guidance and addressed the improvements raised at the March meeting of the Committee.
1. That the Pension Fund Annual report for 2015/16 be approved.
2. That it be agreed for the Strategic Director Resources to make final amendments to the report as required before publication.