Issue - meetings

With reference to article 9 of the minute of its previous meeting, the Committee had before it a report which provided an update on any changes to the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund strategies.

Further to the discussion at the previous meeting in respect of the formal response to the Scheme Advisory Board consultation, officers had prepared a response which was appended to the report for Committee approval. 

The report also provided an update on the Pension Fund staffing, noting that the Senior Pensions Officer – Training and Development and Pensions Officer – Employer Relationship posts had been filled, with interviews to be held to recruit two Assistant Pensions Officers and a Trainee Pensions Officer – Benefit Administration.

The report also outlined the request for approval of travel to Advisory Committees in Singapore, Chicago and Boston in 2019 to ensure due diligence and scrutiny of the Fund’s investments in Harbourvest, RCP and the Partners Group.

The report further advised of a change following the introduction of the Local Government Pension Scheme (Scotland) Regulations from 1 June 2018, which allowed for a payment of a calculated surplus to employers exiting the Fund upon a termination event, and the resulting consultation on a new Funding Strategy Statement (FSS) which had been carried out with participating employers.  As a result of the consultation, no changes had been recommended to the FSS.

Finally, the report advised of a new draft Business Continuity Plan which was available to view on the members’ area of the website.

The report recommended:-

that Committee –

(a)      approve the submission of the response to the Scheme Advisory Board formal consultation on the LGPS (Scotland) Structure Review, as set out in Appendix II to the report (section 3.9.2 refers);

(b)      approve the travel for one appointed Advisory Committee Officer to attend the following (section 3.9.4 refers):-

·                Partners Group, Singapore, March 2019

·                RCP, Chicago, June 2019

·                Harbourvest, Boston, December 2019; and

(c)       approve the changes to the NESPF Funding Strategy Statement, incorporating how the Fund will deal with any potential surplus amounts upon termination, following the introduction of the Local Government Pensions Scheme (Scotland) Regulations 2018 (section 3.10 refers).

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.