Issue - meetings

The Committee had before it a report by the Director of Resources which presented the unaudited Annual Report and Accounts for the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund.  The report advised that the audited version of the accounts would be presented to the September meeting for consideration and signing. 

The report recommended:-

that Committee review and consider the unaudited Annual Report and Accounts for the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund.

The Committee resolved:-

(i)       to note the COVID-19 outbreak brought the start of a period of significant market volatility, which led to asset values dropping for the North East Scotland Pension Fund (NESPF); 

(ii)       to note the Fund rebounded strongly with total asset value increasing from £4.4 billion to £5.7 billion as at 31 March 2021 which provided, according to actuarial valuation, a funding level of 103% for NESPF;

(iii)      to note the asset value for the Aberdeen City Council Transport Fund (ACCTF) which provided, according to actuarial valuation, a funding level of 114% for ACCTF;

(iv)      to agree the unaudited Annual Report and Accounts for the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund; and

(v)      to agree that the production of the Unaudited Annual Report and Accounts was very much a team effort involving many staff, therefore to agree to thank Laura Colliss, Pension Manager, and her staff for all their hard work in bringing forward the Unaudited Annual Report and Accounts and for the strong NESPF and ACCTF outstanding economic performance over the year.

The Board resolved:-

to note the decision of the Committee.