How can we help you...

Agenda and minutes

Venue: Committee Room 2 - Town House. View directions

Contact: Stephanie Dunsmuir, tel 522503 or email 

No. Item

The agenda and reports associated with this minute can be found at:-


Please note that if any changes are made to this minute at the point of approval, these will be outlined in the subsequent minute and this document will not be retrospectively altered.


Update from Head of Finance - Legal Matter


With reference to article 14 of the minute of the meeting of 24 June 2016, Members received an update from the Head of Finance on the outstanding legal matter that was still to be concluded in respect of the debt as a result of the termination agreement due from an admitted body.  Mr Whyte explained that as of 16 September 2016, the matter had now been settled in full.


Consideration and Signing of Audited Annual Report and Accounts pdf icon PDF 32 KB

Additional documents:


The Committee had before it a report by the Head of Finance which set out the Audited Annual Report and Accounts for the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund for consideration and signing. 


The Convener thanked the Head of Finance and the Pensions team for their work over the last year, and particularly highlighted the organisation of the visit to the Fund Managers in London in September, adding that the benefits of the visit had been clear.  He also noted the good working relationship between the Pension Committee and the Pension Board and highlighted the activity undertaken on behalf of the Pension Fund through the Local Authority Pension Fund Forum.  Finally, he welcomed the scrutiny undertaken by the Audit team over the year and thanked them for their work.


The Head of Finance then outlined key highlights from the report, including the increases in North East Pension Fund member contributions; the total overall member income; expenditure and investment income.


Mr Whyte thanked officers for their work on the preparation of the accounts, paying particular thanks to Michael Scroggie, Gary Ferguson, Sheena Shirreffs, Louise Campbell, Cristina Clemente and Laura Colliss.


He also noted that it was the final year of work with the current Audit Team and thanked Anne MacDonald and her team for their hard work and assistance.


Councillor Young echoed the comments of the Convener and the Head of Finance and also thanked the Board for their scrutiny of the Committee decisions over the past year.  Councillor Malik also thanked Mr Whyte and his team, the Audit team, and the Pension Board.  Finally, he thanked the Convener.


Members then asked questions in respect of the annual report.


The Committee resolved:-

to consider and sign off on the Audited Annual Report and Accounts for the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund.


The Board resolved:-

to note the decision of the Committee.


North East Scotland Pension Fund 2015/16 Audit - Report by the External Auditor pdf icon PDF 808 KB


The Committee had before it the External Auditor’s 2015/16 Annual Audit Report to Members and the Controller of Audit, a summary of findings resulting from the 2015/16 audit of the North East Scotland Pension Fund.  The report provided detail on financial statements; financial management and sustainability; governance and transparency; and best value and value for money.  The report also contained an action plan which set out the recommendations to address the risks identified during the course of the audit.  These had been agreed with officers and the Management response was also reflected in the report.


Ms MacDonald spoke to the report and highlighted key sections.  She also circulated an amended section of the report to reflect the change in circumstances outlined by the Head of Finance earlier in the meeting (article 1 refers).  She advised that as a result of the outstanding matter being concluded, the action plan in the report would also be amended, with item 4 being removed.


Members asked questions of the report, and Councillor Howatson asked for more information about the online toolkit.  Members heard that this was accessed through the Exchange facility and housed both the online toolkit and the scheme returns.  It was agreed that officers could recirculate details of the online toolkit to Members.


The Committee resolved:-

to note the annual audit report and the agreed action plan.


The Board resolved:-

to note the decision of the Committee.


Feedback from Fund Manager Meeting, London


Members discussed some of the issues which had arisen at the recent session in London and Mr Whyte suggested that they email him with any feedback.  He further proposed that a general report be submitted to the next meeting and there could be a further debrief and discussion on training in December.