Issue - meetings

With reference to article 6 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 provided an update on the McCloud judgement; a further delay in the laying of the Local Government Pension Scheme (Scotland) Pensions Amendment (Increased Pension Entitlement) Regulations 2019; the issuing of the Pension Fund Annual Benefit Statements, noting that a final update would be provided to the next meeting of the Committee; the latest position in respect of Pension Fund staffing; an amendment to the Investment Policy; changes to the authorised signatory list; and the employer relationship year end process and employer discretions.

Appended to the report was the Pension Administration Strategy Quarterly Update for Quarter 1 2019/2020; the proposed amendments to the authorised signatory list; and the Risk Register for August 2019.

The Committee and Board also heard an update from Ms Colliss, Pension Manager, in respect of the current position with the Merger of the Aberdeen City Council Transport Fund with the Strathclyde No. 3 Fund.

The report recommended:-

that Committee –

(a)       review and approve changes made to the Investment Policy, to meet requirements set out in the recent Internal Audit report AC1923, to document reporting requirements and management of underperforming fund managers (item 3.9.5);

(b)      approve the amendments to the Pension Fund Authorised Signatory List as noted in Appendix II; and

(c)       authorise the Chief Officer – Governance, following consultation with the Chief Officer – Finance, to make amendments to the Authorised Signatory List as required by changes in personnel subject to the positions as listed remaining the same.

The Committee resolved:-

(i)        in respect of the Key Administration Tasks reported as part of the Pension Administration Strategy Quarterly update (Appendix I to the report), to request that future reports also include performance against 15 days and 20 days;

(ii)       in respect of the quality of data received (illustrated at 2.4 in Appendix I), to note (a) that the Aberdeen City Council, Bon Accord Care and Bon Accord Support data had not been processed in time and that the Chief Officer – Finance was due to escalate this further with the Chief Officer – Customer; and (b) that the Chief Officer – Finance would circulate an update to the Committee and Board via email outwith the meeting; and

(iii)      to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.