To receive an update from Mike Morris, Chairman of the Pensions Board.

51.1  The Chairman updated the Board in relation to the recent Pensions Board Chairs meeting. He reported that the following issues were discussed:

·           Turnover of Membership Boards;

·           Tailored training for Board Members;

·           Worcester County Council were unhappy about changes to the payback period and revisions to the cost sharing.  Nottingham County Council would not make any savings whilst Shropshire Council would save £36m over 30 years;

·           Set up costs ¹/₈th, based on assets under management, others split equally.

51.2  The Chairman felt that Board Member attendance at these meetings was very important.  He agreed to feedback to the Board following the next meeting on 9 July.