Issue - meetings

The Committee had before it a report by the Executive Director Corporate Services which presented the regular update on strategy and provided recommendations (if applicable) to changes to the North East Scotland Pension Fund.

The report provided an update on the Local Authority Pension Fund Forum (LAPFF); Pension Fund Annual Benefit Statements; performance reporting; training; and sought approval for overseas travel.  The report advised that changes had also been made to the following documents:-

·       Reporting Breaches of the Law Policy (updated reference from COP14 to GCOP, included reference to regulation, expanded definition of breach and non-compliance for LGPS, responsibilities of monitoring officer and additions to Related Policies section)

·       Conflicts of Interest Policy (updated reference from COP14 to GCOP, provided further detail on contribution setting, investment decisions, administration, third parties, financial reporting, updated Related Policies section and added in Seven Principles of Public Life to purpose statement)

·       Data Quality Improvement Plan (updated for 2024)

·       Cash Management Principles (updated to remove reference to Aberdeen City Council Transport Fund, removal of staff names to job positions).

The Convener advised Members that there were three new Modern Apprentices now working with the Fund, namely Jay Vincent and Shannon McNulty, working in the benefits team, and Kayleigh Crawford, working in systems.  The two original Modern Apprentices, Noah Cuthbert and Kornelia Malinowska, were still working within the Fund and doing very well.

The Convener also reminded Members of the need to complete the mandatory training and asked that Members set aside some time to do this.

The report recommended:-

that the Committee –

(a)      note the final outcome of the annual benefit statement project, which was

completed successfully, for assurance (item 4.1 of the main report);

(b)      note the updates to the Fund Policy documents (item 6.2 of the main report);

(c)      approve the travel for one Advisory Committee Officer (Pension Fund Manager or suitable Officer substitute) to attend the following Advisory Committee meetings (item 6.3 of the main report):

·       HarbourVest, May – London, UK

·       IFM, May – Milan, Italy

·       Blackrock, May/June – New York, US

·       Unigestion, June – Madrid, Spain

·       RCP, June – Chicago, US

·       HarbourVest, December – Boston, US;

(d)      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:

·       Partners Group, March – Zug, Switzerland (TBC)

·       Capital Dynamics, May – London, UK (TBC); and

(e)      note the remainder of the report for reassurance.

The Committee resolved:-

to approve the recommendations.