Agendas, reports and minutes

Pensions Committee and Board

Date: Thursday, 21 September 2023

Agenda: Read the Agenda

A joint meeting of the Pensions Committee and Pension Board will take place in the Council Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 21 September 2023 at 10.30 am.
 
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 Legal and Governance 
 
Business
 
 
1. Apologies for Absence
    Leisgeulan
 
2. Declarations of Interest/Transparency Statement
    Foillseachaidhean Com-pàirt/Aithris Fhollaiseachd
 
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. Recess Powers
    Cumhachdan Fosaidh
 
The Committee is asked to note that the Recess Powers granted by the Council at its meeting on 29 June 2023 have not been exercised in respect of this Committee.
 
4. Audited Accounts 2022/23 – External Audit 
   Cunntasan Sgrùdaichte 2022/23 – Sgrùdadh bhon Taobh A-muigh
 
An update on the progress of the audit for the Highland Council Pension Fund Accounts 2022/23 will be provided by the external auditors, Audit Scotland.
 
5. Governance Policy Statement 2023/24
    Aithris Poileasaidh Riaghlaidh 2023/24
 
There is circulated Report No. PC/6/23 by the Head of Corporate Finance.
 
The Committee is asked to approve the Highland Council Pension Fund Governance Policy Statement.  
 
6. Internal Audit
    In-Sgrùdadh
 
6a Highland Council Pension Fund Internal Audit Annual Report 2022/23
     Aithisg Bhliadhnail In-Sgrùdaidh Maoin Peinnsein Chomhairle na Gàidhealtachd 2022/23
 
There is circulated Report No. PC/7/23 by the Strategic Lead (Corporate Audit & Performance).
 
The Committee is asked to note the content of the report, the audit opinion provided and to raise any relevant points with the Strategic Lead (Corporate Audit & Performance).
 
6b Internal Audit Report – Pension Fund Payments
     Aithisg In-Sgrùdaidh – Pàighidhean Maoin Peinnsein
 
There is circulated Report No. PC/8/23 by the Strategic Lead (Corporate Audit & Performance).
 
The Committee is asked to consider the content of the report, the audit opinion provided, and to raise any relevant points with the Strategic Lead (Corporate Audit & Performance).
 
7. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/9/23 by the Head of Corporate Finance.
 
The Committee is invited to consider the details of the report.
 
8. Highland Council Pension Fund: Monitoring of Retirements
    Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis
 
There is circulated Report No. PC/10/23 by the Head of Corporate Finance. 
 
The Committee is invited to consider the details of the retirements as outlined in the appendices to the report.
 
9. Training Policy and Training Plan 2023/24
    Poileasaidh Trèanaidh agus Plana Trèanaidh 2023/24
 
There is circulated Report No. PC/11/23 by the Head of Corporate Finance.
 
The Committee is asked to:-
 
i. note the LGPS Skills and Knowledge Statement (Appendix 1) which was adopted by the Fund in September 2022 in accordance with the CIPFA Code of Practice Knowledge and Skills (2021);
ii. note the Fund’s approach to training (section 6) which incorporates the CIPFA Knowledge and Skills Framework core areas (Appendix 2) and the CIPFA self-assessment matrix (Appendix 3);
iii. note the training resources provided by The Pensions Regulator (TPR) alongside the recommendation from the Scottish Public Pensions Agency (SPPA) that Board and Committee Members should be required to complete TPR training as part of their induction (section 8);
iv. note the training delivered to date on pension fund matters (section 9 and Appendix 4) and that details of attendance are included in the Annual report and accounts (section 11); and
v. agree the training policy and programme for 2023/24 set out within the report (section 10).
 
10. Risk Management Update 
      Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/12/23 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. Progress update – triennial actuarial valuation 2023
      Fios às ùr mu adhartas – luachadh achdaireach trì-bhliadhnail 2023 
 
There is circulated Report No. PC/13/23 by the Fund’s Actuary, Hymans Robertson. An update on the Pension Fund’s triennial actuarial valuation will be provided by Mr R Bilton, Hymans Robertson.
 
The Committee is invited to consider the report. 
 
12. Investment Sub Committee Membership
      Ballrachd Fo-Chomataidh Tasgaidh
 
At the Highland Council meeting on 29 June 2023 Mrs T Robertson replaced Mr A MacDonald on the Pensions Committee. The Committee is asked to agree that Mrs T Robertson replace Mr A MacDonald on the Investment Sub Committee to fill the vacant Liberal Democrat group position on the Sub Committee.