Issue - meetings

The Committee had before it a report by the Director of Resources which provided an update to Committee and made recommendations (where applicable) to changes to the North East Scotland Pension Fund (NESPF).

The report provided a final update on the project to issue all active and deferred members with annual benefit statement information; notification that the McCloud Remedy had become law through The Local Government Pension Scheme (Remediable Service)(Scotland) Regulations 2023 on 1 October 2023; an update on Hymans Knowledge Progress Assessment, as well as the usual Pension Administration Strategy and Risk Register updates.  There was also information on the fact that Aberdeen Cyrenians had terminated their admission agreement with the NESPF as of 31 October 2023.  The report also sought approval for officer travel in respect of various Advisory Committees.

Members asked a number of questions in relation to the information provided in the report.

The report recommended:-

that the Committee –

(a)      note the final outcome of the annual benefit statement project, which was completed successfully, for assurance (4.1 of the main report);

(b)      approve the travel for one Advisory Committee Officer (Pension Fund Manager or suitable Officer substitute) to attend the following Advisory Committee (as per item 6.2 of the main report);

·       Partners Group, March 2024 – Miami, US

·       HarbourVest, May 2024 – Boston, US

·       Robbins Geller, June 2024 – Baltimore, US

·       Unigestion, June 2024 – Lucerne, Switzerland

·       RCP, October 2024 – Chicago, US

·       IFM, October 2024 – US

·       HarbourVest, December 2024 – Boston, US;

(c)      delegate authority to the Chief Officer – Finance following consultation with the Convener of the Pensions Committee, to approve travel for one Advisory Committee Officer (Pension Fund Manager or suitable Officer substitute) to attend the following Advisory Committee meetings once locations and times have been confirmed:

·       Blackrock, Date and Location to be confirmed

·       Capital Dynamics, Date and Location to be confirmed; and

(d)      note the update to the Fund policy documents as detailed in 6.4 of the main report.

The Committee resolved:-

(i)       in relation to questions around third sector organisations remaining with the Fund, to note that officers would provide detail around the optics of this on an annual basis; and

(ii)       to approve the recommendations.