Decision details

The Chair presented a report which outlined a proposed process for the monitoring of the absolute costs of running the Fund in the context of LGPS 'pooling' and the creation of the Local Pensions Partnership using consistent and publicly available numbers.

It was reported that currently LPP's costs were monitored against the agreed annual budget together with the costs of the Fund on a quarterly basis in accordance with CIPFA guidance. In considering the report the Board agreed that there was a need for more detailed monitoring with investment management costs being broken down into separate fees. It was suggested that a detailed business plan was required against which costs could be monitored on a quarterly basis.  

In response to the suggestion that a more detailed breakdown to be presented to the next meeting Abbi Leech, Head of Fund, reported that there may be difficulty in producing the necessary information due to the limited resources available.

Resolved:

1.  That the Chair write to the Chief Executive of the County Council and recommend her to make additional resources available to the Head of Fund in relation to governance of the Fund and specifically the scrutiny of LPP.

2.  That the Chair write to the Chair of the Pension Fund Committee seeking an assurance that the Committee will establish a robust system to monitor the Fund against the agreed budget.