Decision details

2017/18 Full year budget monitoring report

Decision Maker: Pension Fund Committee

Decision status: Recommendations approved

Is Key decision?: No

Decisions:

A report was presented on the income and expenditure of the Lancashire County Pension Fund for the year from 1st April 2017 to 31st March 2018 together with a comparison to the budget for the same period.

 

In response to queries regarding apparent increases in management fees the Head of Fund reported that as more investment managers had signed up to the CIPFA transparency code the availability of information regarding non invoiced fees had increased. It was reported that whilst the current budget monitoring position indicated an increase in expenses the figures were under review and the remaining variance was considered to be due to the result of greater transparency of fee reporting in the current year. 

 

The Chair reported that further information regarding the LCPF accounts would be presented at the pension workshop on the 28th June 2018 ahead of the final accounts being presented to the Committee on the 5th July 2018.

 

Resolved:

 

1.  That the analysis of variances between actual and budgeted financial results for the year ended 31st March 2018, as set out in the report presented, is noted.

 

2.  That a detailed report on the findings of the review of investment management fees be included in a report to the Committee on the 5th July 2018. 

 

Report author: Helen Gallacher

Date of decision: 08/06/2018

Decided at meeting: 08/06/2018 - Pension Fund Committee

Accompanying Documents: