The Pensions Committee of Merton Council met on Thursday 27 June 2024 to discuss the audit planning report, the performance of the Merton Pension Fund for the quarter ending March 2024, and other related matters. Key decisions included the approval of the audit planning report and a review of the pension fund's performance.

Audit Planning Report

The committee reviewed the 24 MPF - 225UK Audit Planning Report. This report outlines the audit strategy and plan for the Merton Pension Fund for the upcoming year. The committee discussed the scope of the audit, key risks, and the timeline for completion. The report was approved after a detailed discussion on the importance of transparency and accountability in managing the pension fund.

Merton Pension Fund Performance

The Merton Pension Fund Performance Report for the quarter ending March 2024 was presented. This report provided an overview of the fund's performance, including investment returns, asset allocation, and compliance with investment policies. The committee noted that the fund had performed well, with returns exceeding benchmarks in several categories. However, concerns were raised about market volatility and its potential impact on future performance.

Councillor Paul Convery highlighted the need for a cautious approach, stating, While the current performance is commendable, we must remain vigilant and prepared for any market fluctuations that could affect our long-term goals.

Investment Management Report

An additional document, the 240331 Merton IMR Lite, was reviewed. This report provided a more detailed analysis of the investment management activities and strategies employed during the quarter. The committee discussed the diversification of the portfolio and the performance of individual asset classes. It was agreed that the current investment strategy should be maintained, with periodic reviews to ensure alignment with the fund's objectives.

Other Matters

The committee also touched upon administrative updates and compliance issues, ensuring that all regulatory requirements were being met. No significant changes or decisions were made in these areas.