Agenda item

This report is the Pension Fund quarterly update pack for the quarter ended 30 September 2018.

Kevin Humpherson Deloitte, presented the report for the quarter ending 30 September 2018.

Michael Adam, Co-opted Member questioned why had there been a disappointing performance delivered by the Insight fund. Kevin Humpherson said that this was predominately due to timing and the Fund had underperformed solely due to the challenging market conditions. There were no issues in relation to the management of the Fund. Deloitte were in the process of conducting a review of the product. Furthermore, a broader review of all Funds would be conducted and a report would be brought to a future Sub-Committee meeting.

Action: Kevin Humpherson

Matt Hopson explained that the Pensions Fund risk register (Appendix 4) had been revamped to show a more meaningful assessment of risks and the actions taken to mitigate them. This had led to the identification of additional risks in investment governance and administrative areas. Mat Hopson in response to a question, confirmed that the UK’s departure of the European Union had been included as a risk (Risk 8).

The Chair requested that the Audit Committee and climate risk to be added to the risk register.

Michael Adam referring to page 82 of the agenda pack, requested that a summary of the annual net flow deficit to be included in the cashflow breakdown and brought to the next Sub-Committee meeting.

Action: Matt Hopson

RESOLVED:

That the Sub-Committee noted the update.