Nuendo latency compensation

My VST instruments are about 20ms ahead on playback.
I'm pretty sure that the MIDI data is being recorded ahead of target.

I tried:
Device Setup->
VST Multitrack->
Expert->
"adjust for record latency" is checked. Altering the "Record Placement Offset" value seems to have no effect at all.

I'm probably playing through my midi controller slightly early to compensate for record monitoring latency (which isn't bad). Playback sounds even earlier than I would have performed it, and I don't see any way to adjust this (besides the above settings - which seem to have no effect [or manually moving the midi each time]).

hope that makes sense.