Decision details

(Not for Publication - Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act, 1972. It is considered that in all the circumstances of the case the public interest in maintaining the exemption outweighs the public interest in disclosing the information).

Bob Harvey raised a query on why investment management costs had increased in 2014/15. It was reported that this had been as a result of Chartered Institute of Public Finance and Accountancy (CIPFA) guidance, with which the Fund was now fully compliant, and which broke costs down into three categories. The costs, which were the result of active management, needed to be considered in the longer term context of improved performance and higher returns for the Fund.

Transition costs would be included over the next year but it would be difficult to make comparisons to other LGPS Funds as the Lancashire's investment strategy was very different to that of other funds.

It was agreed that a report on costs should be brought to the next meeting of the Board in October.

Resolved: - That:

(i)  The update, now presented, be noted;

(ii)  That a report be considered at the next meeting of the Board in October.