Agendas, reports and minutes

Pensions Committee and Board

Date: Thursday, 18 March 2021

Agenda: Read the Agenda

A joint meeting of the Pensions Committee and Pension Board will take place REMOTELY on Thursday 18 March, 2021 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
 
Stewart Fraser
Head of Corporate Governance 
 
BUSINESS 
 
1. Apologies for Absence
    Leisgeulan
 
2. 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.
 
3. 2020 Actuarial Valuation Report 
    Taisbeanadh Luachaidh Actuaraidh 2020
 
There is circulated Report No. PC/1/21 the draft 2020 Actuarial Valuation Report by the Fund’s actuary. Mr Robert Bilton of Hymans Robertson will be in attendance to give a presentation on the report. 
 
4. Funding Strategy Statement
    Aithris Ro-innleachd Mhaoineachaidh
 
There is circulated Report No. PC/2/21 by the Head of Corporate Finance and Commercialism which seeks approval from Members on the proposed Funding Strategy Statement for the Highland Council Pension Fund.
 
The Committee is invited to approve implementation of the Funding Strategy Statement with effect from 1 April, 2021.
 
5. Statement of Investment Principles
    Aithris air Prionnsapalan Tasgaidh
 
There is circulated Report No. PC/3/21 by the Head of Corporate Finance and Commercialism which seeks approval on the proposed Statement of Investment Principles for the Highland Council Pension Fund (HCPF). 
 
The Committee is invited to approve the Statement of Investment Principles.
 
6. Service Plan 2021/22
    Plana Seirbheis 2021/22
 
There is circulated Report No. PC/4/21 by the Head of Corporate Finance and Commercialism.
 
The Committee is invited to approve the:-
 
i.  Pension Fund Service Plan 2021/22; and
ii  Pension Fund staffing structure and budget for 2021/22.
 
7. Draft Annual Audit Plan 2020/21  (External Audit Report)
    Plana Sgrùdaidh Bliadhnail 2020/21 (Aithisg Sgrùdaidh bhon Taobh A-muigh)
 
There is circulated Report No. PC/5/21 by Grant Thornton which presents their draft annual audit plan setting out the work they plan to undertake as part of the audit of the pension fund.
 
The Committee is invited to consider the report.
 
8. Internal Audit
    In-Sgrùdadh
 
8a Highland Council Pension Fund Internal Report – Pension Fund Contributions
    Aithisg In-Sgrùdaidh
 
There is circulated Report No. PC/6/21 by the Corporate Audit Manager.
 
The Committee/ Board is asked to consider the content of the report, the audit opinion provided, and to raise any relevant points with the Corporate Audit Manager.
 
8b Highland Council Pension Fund Internal Audit Annual Plan 2021/22
     Plana In-Sgrùdaidh Bliadhnail Maoin Peinnsein Chomhairle na Gàidhealtachd 2021/22
 
There is circulated Report No. PC/7/21 by the Corporate Audit Manager.
 
The Committee/Board is invited to approve the 2021/22 Audit Plan.
 
9. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/8/21 by the Head of Corporate Finance and Commercialism.
 
The Committee is invited to consider the details of the report.
 
10. Risk Management Update 
      Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/9/21 by the Head of Corporate Finance and Commercialism.
 
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. Investment Sub Committee: Minutes of Meeting
      Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh
 
The Minutes of meeting of the Investment Sub-Committee held on 25 September, 4 December, 2020, and 5 February, 2021 are circulated for information.