Agendas, reports and minutes

 
A joint meeting of the Pensions Committee and Pension Board will take place in the Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 31 August 2017 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

MICHELLE MORRIS
DEPUTE CHIEF EXECUTIVE/
DIRECTOR OF CORPORATE DEVELOPMENT

        
1. Appointment of Chair of Pensions Committee
    Suidheachadh Dreuchd Cathraiche Comataidh nam Peinnseanan

The Committee is invited to appoint a Chairman.    
        
2. Apologies for Absence
    Leisgeulan    
        
3. 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 indicate whether it is a financial or non-financial interest and include some information on the nature of the interest.   Advice may be sought from Officers prior to the meeting taking place.    
        
4. Recess Powers 
    Cumhachdan Fosaidh

The Committee is asked to note that the Recess Powers granted by the Council at its meeting on 29 June 2017 have not been used in respect of this Committee.    
        
5. Governance Policy Statement  2017/18
    Aithris Poileasaidh Riaghlaidh 2017/18

There is circulated Report No. PC/05/17 dated 23 August 2017 by the Director of Finance.

The Committee is asked to approve the updated Highland Council Pension Fund Governance Policy Statement.    
        
6. Training Policy and Training Plan 2017/18
    Poileasaidh Trèanaidh agus Plana Trèanaidh 2017/18

There is circulated Report No. PC/06/17 dated 21 August 2017 by the Director of Finance.

The Committee is asked to consider the report and:-

i.   note the assessment and training resources provided by The Pensions Regulator and the requirement for newly appointed Board and Committee members to complete induction       training (section 5 and section 7);
ii.  note the adoption of the CIPFA Local Pensions Boards Technical Knowledge and Skills framework (section 6), including the self-assessment matrix (section 8 and Appendix 2);
iii. note the training delivered to date on pension fund matters (Appendix 3); and
iv. agree the training policy and programme for 2017/18 set out within the report (section 10).
        
7.  Internal Audit
     In-Sgrùdaidh    
        
7.a Internal Audit Report 2016/17
     Aithris air In-Ùghdarras 2016/17

There is circulated Report No. PC/07/17 dated 21 August 2017 by the Corporate Audit Manager.

The Committee is invited to consider the content of the report and the audit opinion provided, and to raise any relevant points with the Audit and Risk Manager.  
        
7.b Internal Audit Annual Plan 2017/18
     Agus Plana In-Sgrùdaidh 2017/18

There is circulated Report No. PC/08/17 dated 21 August 2017 by the Corporate Audit Manager.

The Committee is invited to approve the 2017/18 Audit Plan.    
        
8. External Annual Audit
    Aithisg In-sgrùdaidh    
        
8.a External Annual Audit Report to Members of the Pensions Committee and the Controller of Audit
     Aithisg In-sgrùdaidh Bhliadhnail do Bhuill de Chomataidh nam Peinnsean agus Rianadair an Sgrùdaidh

There is circulated Report No. PC/09/17 by the External Auditor, Grant Thornton.

The Committee is invited to note the report.    

8.b Letter of Representation 2016/17
     Litir Riochdachaidh 2016/17

There is circulated a copy of the annual audit letter of representation 2016/17.

The Committee is asked to agree that the letter be signed on behalf of the Highland Council.
    
8.c Audited Accounts 2016/17
     Cunntasan Sgrùdaichte 2016/17

The Audited Statement of Accounts (Report No. PC/10/17) for the financial year 2016/17 are available for viewing at the following weblink:-

 https://www.highland.gov.uk/downloads/download/714/pension_fund_accounts

The Director of Finance will respond to any matters arising.

The Committee is invited to approve the accounts.    
        
9. Implementation of the “Markets in Financial Instruments Directive” (MiFID II)  
   Buileachadh “Riaghailt Mhargaidhean ann an Ionnsramaidean Ionmhasail”

There is circulated Report No. PC/11/17 dated 22 August 2017 by the Director of Finance.

The Committee is asked to:-

i.  note the potential impact on investment strategy of becoming a retail client with effect from 3 January 2018; and
ii. agree to the immediate commencement of applications for elected professional client status with all relevant institutions in order to ensure it can continue to implement an effective investment strategy. 
        
10. Pension Fund Administration 
     Rianachd Maoin Peinnsein

There is circulated Report No. PC/12/17 dated 22 August 2017 by the Director of Finance.

The Committee is invited to consider the details of the report.    
        
11. Highland Council Pension Fund: Monitoring of Retirements
      Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis

There is circulated Report No. PC/13/17 dated 22 August 2017 by the Director of Finance.

The Committee is asked to consider the report.    
        
12. Risk Management Update 
     Fios às Ùr mu Rianachd Chunnairt

There is circulated Report No. PC/14/17 dated 22 August 2017 by the Director of Finance.

The Committee is asked to note the updated risk register extract and compliance with the Pension Fund Regulator requirements. 
        
13. Membership of Investment Sub-Committee
     Ballrachd na Fo-Chomataidh Tasgaidh

The Committee is invited to approve the membership of the Investment Sub-Committee as follows:-

• Investment Sub-Committee (7 Highland Council Members (voting); 
• One representative Comhairle nan Eilean Siar, (non-voting); and
• One representative for the trade unions (non-voting);

The Groups have been asked for their nominations which will be tabled at the meeting for approval.    
        
14. Investment Sub Committee: Minutes of Meeting
     Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh

The Minutes of meeting of the Investment Sub-Committee held on 3 March 2017 are circulated for confirmation.