Agendas, reports and minutes

A joint meeting of the Pensions Committee and Pension Board will take place in the Council Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 22 February 2024 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. Service Plan 2024/25/ Plana Seirbheis 2024/25

There is circulated Report No. PC/1/24 by the Head of Corporate Finance.

The Committee is invited to approve:-

i the Pension Fund Service Plan 2024/25.

ii the Pension Fund budget for 2024/25 (section 9);

iii budget to support the implementation of the Pensioners payroll as part of the Pensions Administration system integrated solution to improve efficiency and customer service (section 9);

iv budget to support data cleanse during 2024 in preparation for the implementation of Pensioners payroll system and the Pensions Dashboard (section 9); and

v work plans for the Pensions Board, Pensions Committee and Investment Sub Committee.

4. Pension Fund Contributions and Administration/ Tabhartasan agus Rianachd Maoin Peinnsein

There is circulated Report No. PC/2/24 by the Head of Corporate Finance.

The Committee is invited to consider the details of the report.

5. Highland Council Pension Fund Internal Audit Annual Plan 2024/25/ Plana Bliadhnail In-Sgrùdadh Maoin Peinnsein Chomhairle na Gàidhealtachd 2024/25

There is circulated Report No. PC/3/24 by the Strategic Lead (Corporate Audit & Performance).

The Committee is invited to approve the 2024/25 Audit Plan.

6. External Annual Audit/Sgrùdadh Bliadhnail on Taobh A-muigh

6a Audited Accounts 2022/23/Cunntasan Sgrùdaichte 2022/23

The Audited Statement of Accounts (Report No. PC/4/24) for the financial year 2022/23 are available at the link below:-

https://www.highland.gov.uk/downloads/file/27071/audited_accounts_april_2022_to_march_2023

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

The Committee is invited to approve the accounts.

6b Letter of Representation 2022/23/ Litir Riochdachaidh 2022/23

There will follow Report No. PC/5/24 a copy of the annual audit letter of representation 2022/23.

6c 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 will follow Report No. PC/6/24 by the External Auditor, Audit Scotland.

7. Risk Management Update/Fios às Ùr mu Rianachd Chunnairt

There is circulated Report No. PC/7/24 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.

8. Funding Strategy Statement/Aithris Ro-innleachd Mhaoineachaidh

There is circulated Report No. PC/8/24 by the Head of Corporate Finance. Ms Laura McInroy of Hymans Robertson, the Fund Actuary will be in attendance.

Members are invited to.

i.  note the overall whole Fund valuation as at 31 March 2023 included in the Report on the Actuarial Valuation as at 31 March 2023 (Appendix 1); and

ii. agree the funding approach outlined in the Funding Strategy Statement including the assumptions used in the calculation of the Fund liabilities for the triennial valuation as at 31 March 2023 (Appendix 2).

9. Investment Sub Committee: Minutes of Meeting/Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh

The minutes of meeting of the Investment Sub-Committee held on 24 November, 2023 are circulated for approval.