Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: December 2, 2025

Purpose:

Content: Resolved –   (1)  That the progress on the audit of the 2024/25 annual report, be noted.   (2)  That the fund account and net asset forecast for 2025/26 of £21.62 billion, be noted.   (3)  That the latest WYPF net management expense forecast of £18.98m against a budget of £19.64m, underspend of £0.66m, be noted.   (4)  That the estimated cost per member of £57.98 for 2025/26, be noted.   (5)  That the latest estimated cost of transferring investment services to the Northern Pool FCA entity of £4.23m for 2025/26 and £3.62m for 2026/27, be noted.   (6)  That the cost per member impact of moving to the FCA operating model means the cost per member could increase to £70.91 for 2025/26 and £70.80 for 2026/27, be noted.   To be actioned by: The Managing Director, WYPF