Committee details
Pensions Committee and Pension Board
Purpose of committee
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PURPOSE OF COMMITTEE
To discharge all functions and responsibilities in respect of the Council’s role as administering authority for the North East Scotland Pension Funds (NESPF). This includes managing the investment of the NESPF in accordance with the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 2010 and other relevant legislation.
The Committee will work alongside the Fund’s Local Pension Board to consider 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).
REMIT OF COMMITTEE
1. Finance and Risk Management
The Committee will:
1.1 approve the Funding Strategy Statement, produced in light of the Fund’s assets and liabilities, and appoint or remove Fund Managers or new financial vehicles in furtherance of the strategy;
1.2 approve the budget and expenditure in connection with the administration of the Fund;
1.3 ensure that an effective system of internal financial control is maintained through scrutinising financial information presented to Committee;
1.4 ensure effective risk management of the Fund through monitoring of adherence to the Fund Risk Management Policy and regular scrutiny of the Fund risk register; and
1.5 determine applications for Admitted Body Status.
2. Internal and External Audit
The Committee will:
2.1 approve the annual audit plans in relation to the Fund; and
2.2 consider all reports prepared by the Council’s Internal and External Auditors in relation to the Fund.
3. Annual Report and Accounts
The Committee will:
3.1 approve the Annual Report and Accounts, including the Annual Governance 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 and approve the administration of the Local Government Pension Scheme (LGPS) in accordance with the LGPS (Scotland) Regulations 2018 and other relevant legislation; and
5.2 scrutinise the performance of Fund Managers, including in relation to environmental, social and governance (ESG) and voting matters, through regular performance reports to Committee.
6. Outside Bodies
The Committee shall determine appointments and nominations to the Local Authority Pension Fund Forum (LAPFF) and other outside bodies relevant to its remit.
Executive Lead: Chief Officer – Finance
Membership
- Councillor John Cooke (Convener)
- Councillor Neil MacGregor (Vice Convener)
- Councillor Christian Allard (Member of Pensions Committee)
- Councillor Alison Alphonse (Member of Pensions Committee)
- Councillor Sarah Cross (Member of Pensions Committee)
- Councillor Derek Davidson (Member of Pensions Committee)
- Councillor Dell Henrickson (Member of Pensions Committee)
- Councillor Duncan Massey (Member of Pensions Committee)
- Councillor Alexander McLellan (Member of Pensions Committee)
- Councillor Ciarán McRae (Member of Pensions Committee)
- Councillor Kairin van Sweeden (Member of Pensions Committee)
- Morag Lawrence (Chairperson) Pension Board
- Councillor Stephen Smith (Vice-Chairperson) Pension Board
- Councillor Graham Leadbitter Pension Board
- Councillor Jessica Mennie Pension Board
- Ian Hodgson Pension Board
- Neil Stirling Pension Board
- Alan Walker Pension Board
- Gordon Walters Pension Board
- Stephanie Dunsmuir (Clerk)
Contact information
Support officer: Stephanie Dunsmuir, email sdunsmuir@aberdeencity.gov.uk.