Agendas, reports and minutes

Pensions Committee and Board

Date: Friday, 30 September 2022

Agenda: Read the Agenda

A joint meeting of the Pensions Committee and Pension Board will take place in the Chamber, Council Headquarters, Glenurquhart Road, Inverness on Friday, 30 September, 2022 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 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 30 June 2022 have not been used in respect of this Committee.
 
4. Governance Policy Statement 2022/23
    Poileasaidh Riaghlaidh 2022/23
 
There is circulated Report No. PC/9/22 by the Head of Corporate Finance.
 
The Committee is asked to approve the Highland Council Pension Fund Governance Policy Statement.
 
5. Pension Fund Contributions and Administration 
    Tabhartasan agus Rianachd Maoin Peinnsein
 
There is circulated Report No. PC/10/22 by the Head of Corporate Finance.
 
The Committee is invited to consider the details of the report.
 
6. Highland Council Pension Fund: Monitoring of Retirements
    Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis
 
There is circulated Report No. PC/11/22 by the Head of Corporate Finance.
 
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 2022/23
    Poileasaidh Trèanaidh agus Plana Trèanaidh 2022/23
 
There is circulated Report No. PC/12/22 by the Head of Corporate Finance.
 
Members are asked to consider the report and:-
 
i.   Approve and adopt the LGPS Skills and Knowledge Statement which has been updated in line with the CIPFA Knowledge and Skills framework (2021);
ii.  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);
iii. Note the adoption of the CIPFA Local Pensions Boards Technical Knowledge and Skills framework (section 7), including the self-assessment matrix and the guide for local pension boards issued by CIPFA (section 9 and Appendix 2); 
iv.  Note the training delivered to date on pension fund matters (Appendix 3);
v.   Agree the training policy and programme for 2022/23 set out within the report (section 11); and
vi.  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 2022/23.                                                                (section 12). 
 
8. Risk Management Update 
    Fios às Ùr mu Rianachd Chunnairt
 
There is circulated Report No. PC/13/22 by the Head of Corporate Finance.
 
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 2021/22
     Aithisg In-Sgrùdaidh Maoin Peinnsein Chomhairle na Gàidhealtachd 2021/22
 
There is circulated Report No. PC/14/22 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. PP.64-69
 
9b Pension Fund Internal Audit Annual Plan 2022/23
 
There is circulated Report No. PC/15/22 by the Corporate Audit Manager.
 
The Committee is asked to approve the Internal Audit Annual Plan 2022/23.
 
10. External Annual Audit
      Sgrùdadh Bliadhnail on Taobh A-muigh
 
10.a 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 will follow Report No. PC/16/22 by the External Auditor, Grant Thornton.
 
10.b Letter of Representation 2021/22
        Litir Riochdachaidh 2021/22
 
There will follow Report No. PC/17/22 a copy of the annual audit letter of representation 2021/22.
 
10.c Audited Accounts 2021/22
       Cunntasan Sgrùdaichte 2021/22
 
The Audited Statement of Accounts (Report No. PC/18/22) for the financial year 2021/22 will follow.
 
11. 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 are circulated (Report No. PC/19/22) for approval.