Issue - meetings

12.25

This report presents the Annual Report and Accounts for the Pension Fund and highlight any issues raised by external audit.

The Committee is RECOMMEDED to note the report.

Recommendation agreed

The Committee was asked to note this report presenting the Annual Report and Accounts for the Pension Fund and highlighting any issues raised by external audit.

Gregory Ley reported that the audit on the main financial statements was still ongoing but they had not identified any issues as of earlier this week.  The budget outturn on Agenda Page 143 showed a £700,000 underspend, largely due to vacancies in administration staff.

The other point to particularly note was the failure by Prudential to provide information that should be included on Agenda Page 192.  The team was checking with Audit whether this would prevent the signing off of the statements by the statutory deadline.  Prudential had referred themselves to the Pension Regulator so it was well known that this problem existed.

Sean Collins noted that many local authorities has missed the deadline last year and were likely to this year.  This was a national problem.  He would confirm if they had referred the matter to the Pension Regulator.

Andrew McKerns confirmed that a number of funds had reported Prudential to the regulator.

It was agreed to note the reports.