Cllr Jim Crabtree (Chair) said “Good evening” to start the meeting. He asked for any declarations of interest. No declarations of interest were declared. The minutes of the meeting held on the 30th June 2011 were received.
An officer introduced the Merseyside Pension Fund accounts and Appendix. He said they had been audited and the recommendation was to agree the accounts (and amendments) as well as the letter of representation. The accounts had been to Pension Committee on the 19th September, but this was a briefer version. He referred to the appendix and the changes made by the Audit Commission as well as changes due to International Financial Reporting Standards. The audit opinion was unqualified. There had been lessons learnt about reconciliation and investment accounting.
Cllr Crabtree said he would take agenda items 3, 4, 5 and 6 together as they were related.
Mike Thomas, introduced the Annual Governance Report into the Merseyside Pension Fund. He also referred to the Pension Committee meeting. He said it was an unqualified opinion, but there were outstanding matters which were detailed in the supplementary pages. It was an unqualified opinion but there were two material errors in presentation and classification.
He referred to page 12 and said there were no issues about independence. The recommendations in the report were subject to discussion about the amendments which were as a supplementary paper. All work was complete. The report sets out in detail changes which would need to be done by next year, and he alluded to the main one. He thanked the Merseyside Pension Fund team and pointed out the deadline was Friday.