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Moved From 12 March 2024, Pension Fund Committee - Thursday 4 April 2024 6.30 pm, NEW
April 4, 2024 View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
The council meeting focused on various administrative and operational aspects of the pension fund, including compliance with new regulations, audit strategies, and investment performance. Key discussions revolved around the pension regulator's code of practice, the annual audit report, and investment strategies.
Pension Regulator's Code of Practice: The council decided to note the information on compliance with the general code of practice and continue monitoring future updates. The discussion highlighted the need for aligning current practices with the new code, particularly in areas like cyber security and meeting documentation. The implications involve potentially updating policies to ensure compliance without significant cost implications.
Pension Fund Annual Report and Audit Strategy Memorandum: The council reviewed the audit strategy for the upcoming year, focusing on ensuring data integrity following a payroll system migration. The decision was to proceed with the audit as planned, aiming for completion by September 2024. The discussion underscored the importance of accurate data migration verification to prevent financial discrepancies.
Investment and Management Performance Review: The council approved the draft work program for the upcoming year, which includes preparations for the next triennial valuation. The performance review indicated a healthy fund status but noted challenges in manager performance. The decision will guide future investment strategies and adjustments necessary to maintain fund health.
Interestingly, the meeting also touched on the need for a global custodian to improve asset valuation and performance tracking, suggesting future actions to enhance fund management practices.
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