Agenda item

This paper provides the Pension Fund Sub-Committee with summary of the Pension Fund’s overall performance for the quarter ended 30 June 2020.

Tim Mpofu (Pension Fund Manager) presented the report and gave a summary of the key points.

Michael Adam asked if officers had any indication of what the yield on the cash balances would be. Tim Mpofu said there was in the region of £5 to £10m in cash at any one time so the yield would be around £50k.

Michael Adam asked if another £40-50k a year was worth it given the counter-party risk. Tim Mpofu said it was low risk and only for short periods (with daily dealing).

Michael Adam asked for a breakdown of where the fund was currently invested. Tim Mpofu said he could share the fact sheet but generally it was in Triple A rated, lowest risk bond funds.

The Chair asked if the committee approved the recommendation to move cash balances. The sub-committee agreed moving cash balances to Northern Trust’s Conservative Ultra Short Fund.

RESOLVED

1.    That the Sub-Committee noted the update.

2.    That the Sub-Committee approved moving cash balances to Northern Trust’s Conservative Ultra Short Fund