Issue - meetings
Strategy
Meeting: 14/09/2018 - Pensions Committee and Pension Board (Item 9)
9 Strategy - PC/SEPT18/STRAT 
PDF 101 KB
Additional documents:
- Strategy Appendix 1, item 9
PDF 172 KB
- Strategy Appendix 2, item 9
PDF 818 KB
- Strategy Appendix 3, item 9
PDF 84 KB
- Strategy Appendix 4, item 9
PDF 175 KB
Minutes:
With reference to article 8 of the minute of its previous meeting, the Committee had before it a report by the Director of Resources which provided an update on any changes to the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund strategies.
The report contained information in respect of an update to the Local Government Pension Scheme Regulations; the issuing of the annual benefit statements; an update on the Pension Fund staffing situation; information on the annual administration forum event held on 4 July 2018; and the year end/valuation process update.
The report also provided detail on the consultation in respect of the Scottish Local Government Pension Scheme structure review; set out the four possible options that had been included in the consultation; and sought agreement from the Committee on a response to be submitted in respect of the consultation.
Members heard from Ms Colliss who talked through the various consultation options and spoke of the merits or otherwise of the options. She explained that at a meeting earlier that week with the other Local Authority Pension Funds in Scotland, 10 of the Funds had been agreement that the preference was to remain as 11 separate Funds, noting that collaboration between the Funds would still be undertaken wherever possible. It was noted that the pooling in England and Wales had incurred higher costs and the process was also taking longer than anticipated. Ms Colliss advised that the Pensions Team would prepare a draft response to the consultation based on the feedback from Members and this would be presented to the Committee and Board in November, prior to being submitted.
The report recommended:-
that Committee note the four proposed options in respect of the Scottish Local Government Pension Scheme Structure Review and agree a response to be submitted by the Chief Officer – Finance on behalf of the Fund and stakeholders (item 3.9.7 in the report refers).
The Committee resolved:-
to instruct officers to prepare a draft response to the consultation in respect of the Scottish Local Government Pension Scheme Structure Review which set out the preference for keeping the status quo (11 separate Funds).
The Board resolved:-
to note the decision of the Committee.