Agendas, reports and minutes

Pensions Committee and Board

Date: Wednesday, 22 September 2021

Agenda: Read the Agenda

Dear Member,
 
A joint meeting of the Pensions Committee and Pension Board will take place REMOTELY on Wednesday 22 September, 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. Governance Policy Statement 2021/22
    Poileasaidh Riaghlaidh 2021/22
 
There is circulated Report No. PC/10/21 by the Head of Corporate Finance & Commercialism.
 
The Committee is asked to approve the Highland Council Pension Fund Governance Policy Statement.
 
4. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/11/21 by the Head of Corporate Finance and Commercialism.
 
The Committee is invited to consider the details of the report.
 
5. Application for Admitted Body Status
    Iarrtas airson Inbhe Buidhne Inntrigte
 
There is circulated Report No. PC/12/21 by the Head of Corporate Finance and Commercialism. 
 
Members are asked to approve an application for Admitted Body Status by West Highland College to the Highland Council Pension Fund, subject to appropriate financial safeguards being agreed by Fund Officers.
 
6. Highland Council Pension Fund: Monitoring of Retirements
    Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis
 
There is circulated Report No. PC/13/21 by the Head of Corporate Finance & Commercialism.
 
The Committee is asked to consider the details of the retirements as outlined in the appendices to the report.
 
7. Training Policy and Training Plan 2021/22
    Poileasaidh Trèanaidh agus Plana Trèanaidh 2021/22
 
There is circulated Report No. PC/14/21 by the Head of Corporate Finance & Commercialism.
 
Members are 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 6 and section 8 of the report);
ii.  note the adoption of the CIPFA Local Pensions Boards Technical Knowledge and Skills framework (section 7 of the report), including the self-assessment matrix and the guide for local pension boards issued by CIPFA (section 9 and Appendix 2 of the report);
iii. note the training delivered to date on pension fund matters (Appendix 3 to the report);
iv.  agree the training policy and programme for 2020/21 set out within the report (section 11 of the report); and
v    note that details of individual attendance at Pensions Committee, Investment Committee and training will be reported in the Pension Fund Annual Report and Annual Accounts 2021/22. (section 12 of the report). PP.34-52
 
8. Risk Management Update 
    Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/15/21 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.
 
9. Internal Audit
    In-Sgrùdadh
 
9a Highland Council Pension Fund Internal Audit Annual Report 2020/21
     Aithisg In-Sgrùdaidh Maoin Peinnsein Chomhairle na Gàidhealtachd 2020/21
 
There is circulated Report No. PC/16/21 by the Corporate Audit Manager.
 
The Committee is invited to note the contents of the report, the audit opinion provided and to raise any relevant points with the Corporate Audit Manager.
 
9b Highland Council Pension Fund Internal Audit of Investments
    In-sgrùdadh Thasgaidhean Maoin Peinnsein Chomhairle na Gàidhealtachd
 
There is circulated Report No. PC/17/21 by the Corporate Audit Manager.
 
The Committee is asked to consider the content of the report, the audit opinion provided, and to raise any relevant points with the Corporate Audit Manager. 
 
10. External Annual Audit
      Sgrùdadh Bliadhnail on Taobh A-muigh
 
10a 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 is circulated Report No. PC/18/21 by the External Auditor, Grant Thornton.
 
The Committee is invited to note the report.
 
10b Letter of Representation 2020/21
       Litir Riochdachaidh 2020/21
 
There is circulated (Report No. PC/19/21) a copy of the annual audit letter of representation 2020/21.
 
The Committee is asked to agree that the letter be signed on behalf of the Highland Council.
 
10c Audited Accounts 2020/21
      Cunntasan Sgrùdaichte 2020/21
 
The Audited Statement of Accounts (Report No. PC/20/21) for the financial year 2020/21 are available for viewing at the following weblink:-
 
 https://www.highland.gov.uk/downloads/download/714/pension_fund_accounts
 
The Head of Corporate Finance & Commercialism will respond to any matters arising.
 
The Committee is invited to approve the accounts.
 
11. Amendments to the Statement of Investment Principles
     Atharrachaidhean do dh’Aithris nam Prionnsapalan Tasgaidh
 
There will follow subject to decision by the Investment Sub Committee on the 17th September, Report PC/21/21 seeking approval of amendments to the asset allocation element of the Fund’s Statement of Investment Principles.
 
12. Investment Sub Committee: Minutes of Meeting
      Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh
 
The Minutes of meeting of the Investment Sub-Committee held on 12 March and 11 June, 2021 are circulated for information.