Agendas, reports and minutes

Pensions Committee and Board

Date: Thursday, 9 August 2018

Agenda: Read the Agenda

Dear Member
 
A joint meeting of the Pensions Committee and Pension Board will take place in the Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 9 August 2018 at 10.30 a.m.
 
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
 
Stewart Fraser
Head of Corporate Governance 
 
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 28 June 2018 have not been used in respect of this Committee.
 
4. Internal Audit
    In-Sgrùdadh
 
4.a  Highland Council Pension Fund Internal Audit Annual Report 2017/18
       Aithisg In-Sgrùdaidh Maoin Peinnsein Chomhairle na Gàidhealtachd 2017/18
 
There is circulated Report No. PC/07/18 by the Corporate Audit Manager.
 
The Committee/Board is invited to note the content of the report, the audit opinion provided and to raise any relevant points with the Corporate Audit Manager. PP.1-6
 
4.b  Highland Council Pension Fund Internal Audit Annual Plan 2018/19
       Plana In-Sgrùdaidh Bliadhnail Maoin Peinnsein Chomhairle na Gàidhealtachd 2018/19
 
There is circulated Report No. PC/08/18 by the Corporate Audit Manager.
 
The Committee/Board is invited to approve the 2018/19 Audit Plan.
 
4.c  Highland Council Pension Fund Internal Report – Pension Fund Payments/ In-Aithisg Maoin Pheinnsein Chomhairle na Gàidhealtachd – Pàighidhean Maoin Pheinnsein
 
There is circulated Report No. PC/09/18 by the Corporate Audit Manager.
 
The Committee/ Board is asked to consider the content of the report, the audit opinion provided, and to raise any relevant points with the Corporate Audit Manager. 
 
5. Governance Policy Statement 2018/19
    Poileasaidh Riaghlaidh 2018/19
 
There is circulated Report No. PC/10/18 by the Depute Chief Executive/Director of Corporate Resources.
 
The Committee is asked to approve the Highland Council Pension Fund Governance Policy Statement.
 
6. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/11/18 by the Head of Corporate Finance & Commercialism.
 
The Committee is invited to consider the details of the report.
 
7. Highland Council Pension Fund: Monitoring of Retirements
    Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis
 
There is circulated Report No. PC/12/18 by the Depute Chief Executive/Director of Corporate Resources.
 
The Committee is asked to consider the report. 
 
8. Risk Management Update 
    Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/13/18 dated 25 July 2018 by the Depute Chief Executive/Director of Corporate Resources.
 
The Committee is asked to:-
 
i.  note the updated risk register extract and compliance with the Pension Fund Regulator requirements; and
ii. approve the updated risk management strategy and policy.
 
9. Training Policy and Training Plan 2018/19
    Poileasaidh Trèanaidh agus Plana Trèanaidh 2018/19
 
There is circulated Report No. PC/14/18 by the Depute Chief Executive/Director of Corporate Resources.
The Committee is asked to consider the report and to:-
 
i. note the assessment and training resources provided by The Pensions Regulator and the requirement for newly appointed Board and Committee Members to complete induction training (section 5 and section 7);
 
ii. note the adoption of the CIPFA Local Pensions Boards Technical Knowledge and Skills framework (section 6), including the self-assessment matrix and the recently published guide for local pension boards issued by CIPFA (section 8 and Appendix 2); 
 
iii. note the training delivered to date on pension fund matters (Appendix 3); and 
 
iv. agree the training policy and programme for 2018/19 set out within the report (section 10).
 
10. Consultation on the Review of the Structure of the Scottish Local Government Pension Fund
      Co-chomhairle mun Ath-sgrùdadh air Structar Maoin Pheinnsein Riaghaltas Ionadail na h-Alba
 
There is circulated Report No. PC/15/18 by the Head of Corporate Finance & Commercialism.
 
Members are asked to:-
 
i.  discuss the consultation and the options raised therein; and
ii. agree the process for the completion of a response from the Highland Council Pension Fund.
 
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 1 March 2018 and 7 June 2018 are circulated for confirmation. PP.111-120
 
12. External Annual Audit
      Sgrùdadh Bliadhnail on Taobh A-muigh
 
12.a External Annual Audit Report to Members of the Pensions Committee and the Controller of Audit
        Aithisg In-sgrùdaidh Bhliadhnail on Taobh A-muigh do Bhuill de Chomataidh nam Peinnsean agus Rianadair an Sgrùdaidh
 
There is circulated Report No. PC/16/18 by the External Auditor, Grant Thornton.
 
The Committee is invited to note the report.
 
12.b  Letter of Representation 2017/18
         Litir Riochdachaidh 2017/18
 
There is circulated (Report No. PC/17/18) a copy of the annual audit letter of representation 2017/18.
 
The Committee is asked to agree that the letter be signed on behalf of the Highland Council.
 
12.c  Audited Accounts 2017/18
         Cunntasan Sgrùdaichte 2017/18
 
The Audited Statement of Accounts (Report No. PC/18/18) for the financial year 2017/18 are available for viewing at the following weblink:-
 
http://www.highlandpensionfund.org/media/4075/2017_18_pf-annual-report-and-annual-accounts-_final-to-be-approved-at-pc.pdf
 
The Depute Chief Executive/Director of Corporate Resources will respond to any matters arising.
 
The Committee is invited to approve the accounts.