Issue - meetings

The Committee had before it a report by the External Auditor on the 2021/2022 Annual Audit of the North East Scotland Pension Fund.  The report noted that auditors were required to report on specific matters arising from the audit of the financial statements to those charged with governance of a body, prior to the financial statements being approved and certified.  The report advised that the financial statements gave a true and fair view of the financial position of the North East Scotland Pension Funds at 31 March 2022 and the transactions for 2021/22.

In the opinion of External Audit:-

·       the information given in the Management Commentary for the financial year for which the financial statements were prepared was consistent with the financial statements and the report had been prepared in accordance with statutory guidance issued under the Local Government in Scotland Act 2003;

·       the information given in the Annual Governance Statement for the financial year for which the financial statements were prepared was consistent with the financial statements and the report had been prepared in accordance with the Delivering Good Governance in Local Government: Framework (2016); and

·       the information given in the Governance Compliance Statement for the financial year for which the financial statements were prepared was consistent with the financial statements and the report had been prepared in accordance with The Local Government Pension Scheme (Scotland) Regulations 2018.

The audit further noted that although Fund performance levels in 2021/22 were below the annual target, due to the impact of Covid-19 and other world events, the Fund had appropriate and effective financial management arrangements in place which included comprehensive reporting of investment performance.  Medium-term financial planning arrangements were considered to be appropriate and effective.

The audit concluded that governance arrangements were appropriate and operated effectively during 2021/22, however the External Auditor noted that there had been several membership changes in the Pensions Committee during 2022 and considered that this reinforced the need for member engagement with robust training and development.

The Committee heard in detail from Ms Browne in respect of the report.  Ms Browne concluded by advising that External Audit wished to record their thanks for staff for the support received during the audit and their time as External Auditor for the Committee.

Members asked a number of questions of Ms Browne and officers.

The Committee resolved:-

to note the report.