Mr Paul Audu, Interim Head of Pensions and Treasury said the report informed members of the Pension Fund liquidity and cashflow forecast for 2024/25 and 2025/26. He said the cashflow forecast covers a two-year cycle from 2024 to 2026, with a focus on 2024/25. He said the forecast predicted a £10.6M positive net cashflow by 2025/26 without divesting from investments. He said the forecast position for 2024-2025 was reporting a £2.5M surplus, assuming the remaining 6 months there were no divestment or capital calls.

In response to comments and questions from members the following was noted:

• Referring to paragraph 3.13 of the report, members asked if movement in forecast from £1.3M to £10.6M was normal. Mr Audu responded stating the forecast was based on analysis done by the Actuary. He said the triennial actuarial valuation was due to take place as at 31 March 2025, so the assumptions made were subject to change.
• In reference to the ‘other miscellaneous payments’ of £37.2M members asked what this referred to. Mr Audu explained this was an aggregate of various elements, which required further investigation. He said there was a large body of data which required analysis and once it was complete, payments from this category would be moved to their own standing.

• ACTION: Mr Audu said he would provide a further update at the next meeting of the Board and Committee.

The Pensions Committee RESOLVED to:

1. Note the Pension Fund liquidity and cashflow forecast 2024/25 to 2025/26 appended to this report (Appendix 1).