Committee details

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.