Agendas, reports and minutes

A meeting of the Pensions Committee will take place in the Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 14 August 2014 at 1.30 p.m. (Please note the earlier start time for this meeting)

You are invited to attend the meeting and a note of the business to be considered is attached.

Webcast Notice: This meeting will be filmed and broadcast over the internet on the Highland Council website and will be archived and available for viewing for 12 months thereafter.

Yours faithfully

MICHELLE MORRIS
DEPUTE CHIEF EXECUTIVE/
DIRECTOR OF CORPORATE DEVELOPMENT

BUSINESS

  
1.Apologies for Absence
Leisgeulan 
  
2. Declarations of Interest
Foillseachaidhean Com-pàirt

Members are asked to consider whether they have an interest to declare in relation to any item on the agenda for this meeting.   Any Member making a declaration of interest should indicate whether it is a financial or non-financial interest and include some information on the nature of the interest.   Advice may be sought from Officers prior to the meeting taking place. 
  
3. Recess Powers
Cumhachdan Fosaidh

The Committee is asked to note that the Recess Powers granted by the Council at its meeting on 26 June 2014 have not been used in respect of this Committee. 
  
4. Audit Plan: Agenda Note from Audit Scotland
Plana Sgrùdaidh: Nòta Clàr-gnothaich bho Bhuidheann Sgrùdaidh na h-Alba

The Annual Audit Plan for the 2013/14 audit was finalised on 27 March 2014. The Plan sets out the planned audit activity for 2013/14 based on an analysis of the risks facing the Pension Fund.  The audit issues and risks are summarised in the report, together with the assurances provided by the Pension Fund’s management as to how these risks will be managed and mitigated.  A timetable for the completion of the 2013/14 audit is also included within the Plan.

As the next meeting of the Pensions Committee was not until August 2014, it was agreed that the plan would be circulated to Members of the Committee with the offer that the external auditor, and Council officers, would be happy to respond to any questions members might have.  The Plan was circulated on 9 April 2014 by email and no questions were received from Members.
 
This agenda note has been prepared by Audit Scotland to request that the Committee formally minute that the Pension Fund’s Annual Audit Plan 2013/14 was circulated to Members in April 2014 and Members are invited to note its contents.    
 
5. Report to those Charged with Governance on the 2013/14 Audit
Aithisg dhaibhsan fo Uallach Riaghlaidh air Sgrùdadh 2013/14

There is circulated Report No. PC/04/14 by Audit Scotland which sets out for the Committee’s consideration the relevant matters arising from the audit of the pension fund’s financial statements for 2013/14 that require reporting under ISA 260 (ISA 260 requires auditors to communicate matters relating to the audit of the financial statements to those charged with governance of a body in time to enable appropriate action).

The Committee is invited to note the report. 
  
6. Pension Fund Contributions and Administration
Tabhartasan agus Rianachd Maoin Peinnsein

There is circulated Report No. PC/05/14 by the Director of Finance which updates Members on matters relating to the administration of the Highland Council Pension Fund.

The Committee is asked to consider the details of the report.  
  
7. Highland Council Pension Fund: Monitoring of Retirements
Maoin Peinnsein Comhairle na Gàidhealtachd: Sgrùdadh Fheumalachdan

There is circulated Report No. PC/06/14 by the Director of Finance which provides information relating to retirements from The Highland Council Pension Fund for the year ended 31 March 2014.

The Committee is asked to note the report. 

8. Statement on Internal Control 2013/14
Brath air Smachd A-staigh 2013/14

There is circulated Report No. PC/07/14 by the Head of Internal Audit & Risk Management which includes an assessment of the adequacy, reliability and effectiveness of the Council’s system of internal financial control and provides information for the Pension Fund’s Statement of Accounts.  This is contained within the Statement on Internal Control.

The Committee is asked to note the content of the report and the audit opinion provided, and to raise any relevant points with the Head of Internal Audit & Risk Management.  

9. Internal Audit Reports: Pensions System and Matters Arising from the Statement of Internal Control 2013/14
Aithisgean an Sgrùdaidh A-staigh: Siostaman Peinnsein agus Gnothaichean ag Èirigh às a’ Bhrath air Smachd A-staigh 2013/14

There is circulated Report No. PC/08/14 by the Head of Internal Audit & Risk Management which refers to the audit work undertaken since the last report to the Pensions Committee on 14 November 2013.

The Committee is asked to consider the Final Report and note the status of this year’s planned audits. 

10. Risk Management Review and Update Report
Ath-sgrùdadh Làimhseachadh Cunnairt agus Aithisg Ùr-fhiosrachaidh

There is circulated Report No. PC/09/14 by the Director of Finance which provides Members with information on the Highland Council Pension Fund’s risk register, future risk management arrangements and provides a review of current risks.

The Committee is asked to note the report and the future risk management reporting arrangements. 
  
11. Investment Sub Committee: Minutes of Meeting
Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh

The Minutes of meeting of the Investment Sub-Committee held on 21 February 2014 and 27 May 2014 are circulated for confirmation.