Agendas, reports and minutes

Pensions Committee and Board

Date: Monday, 14 February 2022

Agenda: Read the Agenda

A joint meeting of the Pensions Committee and Pension Board will take place remotely on Monday 14 February, 2022 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 provide some information on the nature of the interest and leave the meeting at the appropriate time.  Advice may be sought from Officers prior to the meeting taking place.
 
3. Service Plan 2022/23
    Plana Seirbheis 2022/23
 
There is circulated Report No. PC/1/22 by the Head of Corporate Finance.
 
The Committee is invited to approve the following:-
 
i the Pension Fund Service Plan 2022/23; and
ii the Pension Fund staffing structure and budget for 2022/23, noting the intention to review these in the early part of the year.
 
4. Highland Council Pension Fund Responsible Investment Policy
 
There is circulated Report No. PC/2/22 by the Head of Corporate Finance.
 
The Committee is invited to approve the Highland Council Pension Fund Responsible Investment Policy.
 
5. Amendment to the Statement of Investment Principles
 
There is circulated Report No. PC/3/22 by the Head of Corporate Finance.
 
The Committee is asked to approve the following amendment to Appendix 2 (Asset Allocation) of the Statement of Investment Principles:-
 
• the split between active and passive equities is updated to increase the allocation to active and reduce the passive allocation by 5.6%.
 
6. Draft Annual Audit Plan 2021/22 (External Audit Report)
    Plana Sgrùdaidh Bliadhnail 2021/22 (Aithisg Sgrùdaidh bhon Taobh A-muigh)
 
There is circulated Report No. PC/4/22 by Grant Thornton which presents their draft annual audit plan setting out the work they plan to undertake as part of the audit of the pension fund. 
 
The Committee is invited to consider the report.
 
7. Highland Council Pension Fund Internal Audit Annual Plan 2022/23
    Plana In-Sgrùdaidh Bliadhnail Maoin Peinnsein Chomhairle na Gàidhealtachd 2022/23
 
There is circulated Report No. PC/5/22 by the Corporate Audit Manager.
 
The Committee is invited to approve the 2022/23 Audit Plan.
 
8. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/6/22 by the Head of Corporate Finance.
 
The Committee is invited to consider the details of the report.
 
9. Administration Strategy Statement
    Aithris Ro-innleachd Rianachd
 
There is circulated Report No. PC/7/22 by the Head of Corporate Finance.
 
The Committee is invited to approve the Administration Strategy Statement.
 
10. Risk Management Update 
      Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/8/22 by the Head of Corporate Finance.
 
Members are asked to:-
 
i note the updated risk register extract and compliance with the Pension Fund Regulator requirements; and
ii consider whether any additional risks need to be added to the register.
 
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 17 September, 19 November are circulated for information and the minutes of 17 December, 2021 are circulated for approval.