Committee details

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ABERDEEN CITY COUNCIL

PENSIONS COMMITTEE

ORDERS OF REFERENCE

1.         The Committee will appoint the Convener of the Joint Investment Advisory Committee.

2.         The Committee will specify the name of the Fund.

3.         To authorise the Convener and Vice Convener of the Pensions Committee to act on behalf of the Committee.

4.         To prepare, maintain and publish the Governance Policy Statement.

5.         To ensure that the Fund complies with:

·                         the Local Government Pension Scheme Regulations 1998;

·                         the Local Government (Discretionary Payments and Injury Benefits) (Scotland) Regulations 1998;

·                         the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 as amended; and

·                         all other legislation governing the administration of the Fund.

6.         To ensure that an actuarial valuation is carried out on a triennial basis and consider the outcome of the valuation, and to determine the level of employer contributions necessary to ensure a 100% funding level.

7.         To prepare, maintain and publish the Funding Strategy Statement.

8.         To set the investment objective and strategy in light of the Fund's liabilities.

9.         To oversee and monitor the investment strategy and investment management of the Pension Fund having considered the recommendations of the Joint Investment Advisory Committee.

10.      To receive on a quarterly basis a report from the Joint Investment Advisory Committee on their recommendations with regard to the appointment, retention and termination of fund management appointments.

11.      To ensure that appropriate arrangements for the benefit administration of the Pension Fund are in place.

12.      To oversee admission agreements and their implementation.

13.      To review on a regular basis, discretions available under regulation 96.

14.      To receive reports from officers on regulation consultation exercises carried out with the SPPA (Scottish Public Pensions Agency).

15.      To prepare, maintain and publish the Communications policy.

16.      To prepare, maintain and publish the Statement of Investment Principles.

17.      To approve the budget and service plan.

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

19.      To review the annual report and accounting statement.

20.      To consider all reports issued by internal and external audit on the Pension Fund.