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PURPOSE OF COMMITTEE

To discharge all the functions and responsibilities relating to the Council’s role as administering authority for the North East Scotland Pension Funds (NESPF) including:-

1.       overseeing the administration of the Local Government Pension Scheme (LGPS) in accordance with the LGPS (Scotland) Regulations 2014 and other relevant regulations,

2.       managing the investment of the NESPF in accordance with the LGPS (Management and Investment of Funds) (Scotland) Regulations 2010 (as amended);

3.       receiving regular training to enable the Committee members to make effective decisions under the LGPS Regulations, other relevant legislation and to make decisions in compliance with the Pensions Regulator Code of Practice; and

4.       working alongside the Fund’s Local Pension Board, considering any pension compliance matters raised.

Where reference is made to ‘the Fund’, this refers to the Main Fund (the North East Scotland Pension Fund) and the Transport Fund (the Aberdeen City Council Transport Fund).

POWERS OF COMMITTEE

1.       Risk Management

The Committee will:

1.1    ensure effective risk management of the Fund;

1.2    set the investment objective and strategy in light of the Funds liabilities and appoint or remove  Fund Managers or new vehicles in furtherance of the strategy; and

1.3    ensure that an effective system of internal financial control is maintained.

2.       Internal and External Audit

The Committee will:

2.1    approve the annual audit plans; and

2.2    consider all reports prepared by the Council's Internal and External Auditors in relation to the Pension Fund.

3.       Annual Report and Accounts

The Committee will:

3.1    review and approve the annual report and accounting statement.

4.       Legal obligations

The Committee will ensure:

4.1    compliance with the Local Government Pension Scheme (Scotland) Regulations as amended and with all other legislation governing the administration of the Fund; and

4.2    adherence to the principles set out in the Pension Regulator’s Code of Practice.

5.       Scrutiny

The Committee will:

5.1    monitor the performance of Fund Managers; and

5.2    determine applications for Admitted Body status.

JOINT WORKING WITH OTHER COUNCIL COMMITTEES:

The Committee, through its lead officers, will regularly consider key issues arising through other committees, in particular the Resources Management and Staff Governance Committees.

JOINT WORKING WITH NON COUNCIL BODIES:

The Committee, through its lead officers, will work jointly with the Fund’s Investment Consultant and Actuary in the management of the Fund and with external contacts such as the provider of the pensions IT programme.

Executive Lead:  Director of Resources