Issue - meetings

WEST YORKSHIRE PENSION FUND (WYPF) UNAUDITED REPORT AND ACCOUNTS FOR 31 MARCH 2021

Meeting: 14/09/2021 - West Yorkshire Pension Fund Pension Board (Item 12)

12 WEST YORKSHIRE PENSION FUND (WYPF) UNAUDITED REPORT AND ACCOUNTS FOR 31 MARCH 2021 pdf icon PDF 180 KB

The report of the Director, West Yorkshire Pension Fund, (Document “F”) presents the unaudited report on West Yorkshire Pension Fund financial activities and financial performance for the year 2020/21.

 

Members are requested to consider and note the unaudited report and accounts for 2020/21.

 

(Ola Ajala - 01274 434534)

 

Additional documents:

Decision:

Resolved –

 

That the report (Document “F”) be reviewed and noted.

 

Action: Director, West Yorkshire Pension Fund

Minutes:

The report of the Director, West Yorkshire Pension Fund (Document “F”) was submitted to the Board to provide the details of financial activities and financial performance for the year 2020/21 as well as key financial activities during the year in the form of an unaudited report. 

 

In order to comply with statutory accounting requirements for Local Government and Local Government Pension Schemes, WYPF must prepare an annual audited report and accounts. The 2020/21 Reports and Accounts was presented to the Joint Advisory Group to note, before being presented to Bradford Council Governance and Audit Committee later in the year for approval.

 

Deadlines for publication of WYPF audited accounts were specified within the report as these had been subject to statutory changes.  Audited accounts were due to be published by 30 September 2021, a version of which would form part of Bradford Council’s accounts.

 

Despite the impact of home working and the COVID pandemic, Officers were still confident that the deadlines would be met. 

 

The report included details of member and employer numbers, and the performance against KPI’s plus the breakdown of costs per member which placed WYPF favourably when compared with other similar schemes.

 

The report also indicated that the value of the fund had recovered what had been wiped off as a result of the COVID pandemic, an increase of £3,112.9m (23.6%) from £13,214.3m to £16,327.2m.

 

Officers further advised that Bradford Council’s accounts would possibly be delayed until October 2021 but that the auditors, Mazars, were making good progress towards the amended target date.

 

The scheme was funded to 108% and would be cash positive for the next ten years so there would be no need to sell assets to pay pensions.

 

Resolved –

 

That the report (Document “F”) be reviewed and noted.

 

Action: Director, West Yorkshire Pension Fund