Agendas, reports and minutes

Pensions Committee and Board

Date: Wednesday, 12 February 2025

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 12 February 2025 at 9.30am.
 
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 and 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. Service Plan 2025/26
    Plana Seirbheis 2025/26
 
There is circulated Report No. PC/1/25 by the Chief Officer Corporate Finance. 
 
The Committee is invited to approve the following:-
 
i   the Pension Fund Service Plan 2025/26;
ii  the Service work plans (Section 7 and Appendix 1); and
iii the Pension Fund budget for 2025/26 (Section 9 and Appendix 4).
 
4. The Pension Regulator General Code of Compliance
   Còd Coitcheann Gèillidh Riaghladair nam Peinnsean
 
There is circulated Report No. PC/2/25 by the Chief Officer Corporate Finance. 
 
The Committee is invited to:-
 
i.  note the assessment of Fund compliance with The Pension Regulator (TPR) General Code of Practice (GCoP); and
ii. approve the action plan to implement improvements to ensure there is compliance with TPR GCoP.
 
5. Highland Council Pension Fund Internal Audit Annual Plan 2025/26
    Plana Bliadhnail In-Sgrùdadh Maoin Peinnsein Chomhairle na Gàidhealtachd 2025/26
 
There is circulated Report No. PC/3/25 by the Strategic Lead (Corporate Audit).
 
The Committee is asked to approve the 2025/26 Internal Audit Plan as set out in section 5.3 of the report.
 
6. Risk Management Policy and Current Risk Update
    Fios às Ùr mu Phoileasaidh Rianachd Cunnairt agus Cunnart Làithreach
 
There is circulated Report No. PC/4/25 by the Chief Officer Corporate Finance. 
 
The Committee is invited to:-
 
i.   approve the Risk Management Policy (which includes the Risk Appetite Statement) (Appendix 2); 
ii.  note the updated risk register extract (Appendix 3); and
iii. consider whether any additional risks need to be added to the register.
 
7. Pension Fund Administration 
    Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/5/25 by the Chief Officer Corporate Finance. 
 
The Committee is invited to consider the report and note the following:-
 
i. update on the Member Self Service (Engage) and Altair Pensioner Payroll projects; (section 6);
ii. action being taken by officers to review the Fund’s compliance with the Pension Regular (TPR) General Code of Practice (section 7); and
iii. Mansion House reforms - consultation responses update (section 8). 
 
8. 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 29 November 2024 are circulated for approval.