Issue - meetings

With reference to Article 6 of the minute of the previous meeting, the Committee had before it a report by the Head of Finance which provided details of the Management Expenses Budget / Forecast and Projected Spend 2017/18 for the North East Scotland Pension Fund (NESPF).

The report recommended:-

that Committee –

(a)       note the update on the NESPF Management Expenses Budget / Forecast and Projected Spend for 2017/18;

(b)       note the update on the Pension Fund staff costs and staffing vacancies; and

(c)       note the update on the Actuarial Fees, Direct Property Expenses and Transaction Costs shown in Appendix 1.

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.

With reference to Article 6 of the minute of the previous meeting, the Committee had before it a report by the Head of Finance which provided details of the Management Expenses Budget / Forecast and Projected Spend 2017/18 for the North East Scotland Pension Fund (NESPF).

It was noted that there was an underspend in respect of staff costs, and Members sought assurance that there were adequate staffing levels.  Mr Whyte explained that he was in discussions with HR about some aspects of the recruitment and it was hoped that the vacancies could be filled soon.

Members highlighted that the transaction fees seemed to be relatively substantial, and officers advised that a breakdown could be provided.

The report recommended:-

that Committee –

(a)       note the update on the NESPF Management Expenses Budget / Forecast and Projected Spend for 2017/18;

(b)       note the update on the Pension Fund staff costs and staffing vacancies; and

(c)       note the update on the Actuarial Fees, Direct Property Expenses and Transaction Costs shown in Appendix 1.

The Committee resolved:-

(i)        to request that officers provide a breakdown in respect of the transaction fees; and

(ii)       to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.