Agendas, reports and minutes

Pensions Committee and Board

Date: Wednesday, 9 October 2024

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 Wednesday 9 October 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
Chief Officer - Legal & Corporate 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 27 June 2024 have not been exercised in respect of this Committee. 
 
4. Governance Policy Statement 2024/25
    Aithris Poileasaidh Riaghlaidh 2024/25
 
There is circulated Report No. PC/10/24 by the Chief Officer, Corporate Finance.
 
The Committee is asked to approve the Highland Council Pension Fund Governance Policy Statement.
 
5. Training Policy and Training Plan 2024/25
    Poileasaidh Trèanaidh agus Plana Trèanaidh 2024/25
 
There is circulated Report No. PC/11/24 by the Chief Officer, 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 7) 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 9). 
iv. Note the requirements of TPR General Code of Practice (GCoP) and that there will be a questionnaire issued to members and officers as part of a formal audit to assess skills/knowledge and experience against the Knowledge and Skills Framework and schedule appropriate training, in accordance with best practice (section 9).
v. Note the training delivered to date on pension fund matters (section 10 and Appendix 4) and that details of attendance are included in the Annual report and accounts (section 12).
vi. Agree the training policy and programme for 2024/25 set out within the report (section 11).
 
6. Highland Council Pension Fund: Monitoring of Retirements
    Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis
 
There will follow Report No. PC/12/24 by the Chief Officer, Corporate Finance.
 
7. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/13/24 by the Chief Officer, Corporate Finance.
 
The Committee is asked to consider this report and note the following:-
 
i.   progress in implementing the staffing structure from the Service Plan (section 6);
ii.  the use of the revised index factors for calculating strain on fund (section 7 and Appendix 1);
iii. update on the Member Self Service and Altair Pensioner Payroll projects (section 8); and
iv.  action being taken by officers to review the Fund’s compliance with the Pension Regular General Code of Practice (section 9).
 
8. Internal Audit
    In-Sgrùdadh
 
8a Pension Fund Internal Audit Annual Report 2023/24
     Aithisg Bhliadhnail In-Sgrùdaidh Maoin Peinnsein Chomhairle na Gàidhealtachd 2023/24
 
There is circulated Report No. PC/14/24 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).
 
8b Internal Audit Report – Pension Fund Investments
     Aithisg In-Sgrùdaidh
 
There is circulated Report No. PC/15/24 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).
 
9. Risk Management Update 
    Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/16/24 by the Head of Corporate Finance.
 
The Committee is asked to:-
 
i.   note the updated risk register extract and compliance with the Pensions Regulator (TPR) requirements;
ii.  note that TPR have issued a new General Code of Practice (GCoP). Officers are reviewing the current risk assessment strategy, policy and risk management processes against GCoP and Highland Council corporate risk  processes and will report back to next Pensions Committee (section 5).
iii. consider whether any additional risks need to be added to the register.
 
10. Investment Sub Committee Membership
      Ballrachd Fo-Chomataidh Tasgaidh
 
The Committee is asked to agree that Ms L Kraft replace Mr D Louden on the Investment Sub Committee to fill the vacant SNP group position on the Sub Committee.
 
11. Investment Sub Committee: Minutes of Meeting
      Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh
 
The Minutes of the meeting of the Investment Sub-Committee held on 6 September 2024 are circulated for approval.