The agenda, reports and minutes of today's meeting of the Strathclyde Pension fund Committee are now available.

The meeting was held remotely using MS Teams.

The committee considered the unaudited Financial Statements and Annual Report for the year to 31st March 2020.

The audited accounts will be approved at the next meeting of the committee on 25th November 2020.

The committee also received reports on administration, investment and financial performance for 2020/21 to date.

These included a review of the impact of COVID-19 in each area.

The Fund's total investment return was +10.0% for the quarter to 30th June and +2.3% for the year to 30th June.

The Fund's value increased from £20,933m at 31st March 2020 to £23,026m at 30th June, and £23,090 at 31st July.

In June, the Fund co-signed a collaborative letter to EU heads of state and government calling for a sustainable economic recovery from COVID-19 in the EU.

Membership increased from 255,378 at 31st March 2020 to 256,272 at 30th June.

A full pension payroll was run and paid each month. Other payments and transactions continued to be processed throughout the period, albeit with some delays.

There was no reported disruption to cash flow - member and employer contributions continued to be paid on time.

The risk rating for Regulation Changes had increased from 9 (probability 3/5: impact 3/5) to 16 (probability 4/5: impact 4/5) in light of forthcoming changes as a result of the McCloud judgement, and the resumption of work on the Cost Cap valuation of the scheme. Both of these will entail a significant cost and administrative challenge.