Agendas, reports and minutes

Pensions Committee: 
Mr R Bremner, Mrs H Carmichael, Mr J Gray, Mr C Fraser, Mr R Gale, Mr A Jarvie, Mr B Lobban, Mr D Louden, Mr A MacKinnon, Mr P Saggers, Mr B Thompson 

Pension Board: 
Mrs C Caddick, Highland Council, Mr G Cruickshank, Highland Council, Mr C Nicolson, Comhairle nan Eilean Siar, Mr R Fea, representative for the other Employers, Ms L MacKay, Unison, Mr D Macdonald, Unison, Mr E Macniven, GMB, Mr D Main, Unite/Ucatt,

A joint meeting of the Pensions Committee and Pension Board will take place in the Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 8 August 2019 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/Board is asked to note that the Recess Powers granted by the Council at its meeting on 27 June 2019 have not been used in respect of this Committee.    
        
4. Internal Audit
In-Sgrùdadh    
        
4.a Highland Council Pension Fund Internal Audit Annual Report 2018/19
Aithisg In-Sgrùdaidh Maoin Peinnsein Chomhairle na Gàidhealtachd 2018/19

There is circulated Report No. PC/5/19 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.    
        
4.b Highland Council Pension Fund Internal Audit Annual Plan 2019/20
Plana In-Sgrùdaidh Bliadhnail Maoin Peinnsein Chomhairle na Gàidhealtachd 2019/20

There is circulated Report No. PC/6/19 by the Corporate Audit Manager.

The Committee/Board is invited to approve the 2019/20 Audit Plan.
        
4.c Internal Audit Report – Pension Fund Investments
Aithisg In-Sgrùdaidh – Tasgaidhean Maoin Peinnsein

There is circulated Report No. PC/7/19 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 2019/20
Poileasaidh Riaghlaidh 2019/20

There is circulated Report No. PC/8/19 by the Head of Corporate Finance & Commercialism.

The Committee/Board 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/9/19 by the Head of Corporate Finance & Commercialism.

The Committee/Board is invited to:-

i.     consider the details of the report; and
ii.    approve the 2019/20 pension fund budget.    
        
7. Highland Council Pension Fund: Monitoring of Retirements
Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis

There is circulated Report No. PC/10/19 by the Head of Corporate Finance & Commercialism.

The Committee/Board is asked to consider the report.    
        
8. Risk Management Update 
Fios às Ùr mu Rianachd Chunnairt

There is circulated Report No. PC/11/19 by the Head of Corporate Finance & Commercialism.

Members are asked to note the updated risk register extract and compliance with the Pension Fund Regulator requirements.        
        
9. Training Policy and Training Plan 2019/20
Poileasaidh Trèanaidh agus Plana Trèanaidh 2019/20

There is circulated Report No. PC/12/19 by the Head of Corporate Finance & Commercialism.

The Committee/Board 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 6 and section 8);
ii.    Note the adoption of the CIPFA Local Pensions Boards Technical Knowledge and Skills framework (section 7), including the self-assessment matrix and the guide for local pension boards issued by CIPFA (section 9 and Appendix 2);
iii.   Note the training delivered to date on pension fund matters (Appendix 3);
iv.    Agree the training policy and programme for 2019/20 set out within the report (section 11); and
v.     Note that details of individual attendance at Pensions Committee, Investment Committee and training will be reported in the Pension Fund Annual Report and Annual Accounts 2019/20. (section 12).   
        
10. Investment Sub Committee: Minutes of Meeting
Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh

The Minutes of meeting of the Investment Sub-Committee held on 15 March and 14 June, 2019 are circulated for confirmation.    
        
11. External Annual Audit
Sgrùdadh Bliadhnail on Taobh A-muigh    
        
11.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/13/19 by the External Auditor, Grant Thornton.

The Committee/Board is invited to note the report.    
        
11.b Letter of Representation 2018/19
Litir Riochdachaidh 2018/19

There is circulated (Report No. PC/14/19) a copy of the annual audit letter of representation 2018/19.

The Committee/Board is asked to agree that the letter be signed on behalf of the Highland Council.    
        
11.c Audited Accounts 2018/19
Cunntasan Sgrùdaichte 2018/19

The Audited Statement of Accounts (Report No. PC/15/19) for the financial year 2018/19 are available for viewing at the following weblink:-

https://www.highland.gov.uk/downloads/file/20893/audited_accounts_april_2018_to_march_2019

The Head of Corporate Finance & Commercialism will respond to any matters arising.

The Committee/Board is invited to approve the accounts.