Pension Sub-committee And Pension Board - 17/10/2022

At a JOINT MEETING of the PENSION SUB-COMMITTEE of the POLICY AND RESOURCES COMMITTEE AND THE PENSION BOARD held remotely on 17th October, 2022.

Present:-

PENSION SUB-COMMITTEE

BAILIES

COUNCILLORS

PENSION BOARD

Bailie Willie SAWERS, in the Chair.

I DECLARATION OF INTEREST

No declarations of interest were made.

II APOLOGIES

The Sub-Committee and Board noted apologies had been received from Councillor McHugh, Councillor Rome, Councillor Lynn and George Ramsay.

III MINUTE OF PREVIOUS MEETING

The minute of meeting of 27th June, 2022 was submitted and approved.

IV TAYSIDE PENSION FUND RISK REGISTER

There was submitted Report No 235-2022 by the Executive Director of Corporate Services providing a revised Risk Register for Tayside Pension Fund following the implementation of recommendations made following an Internal Audit review.

The Sub-Committee and Board approved the Quarterly Risk Register for Tayside Pension Fund, noting the revisions made.

V PENSION ADMINISTRATION PERFORMANCE - QUARTERLY UPDATE TO 30TH JUNE, 2022

There was submitted Report No 236-2022 by the Executive Director of Corporate Services providing information on the recent quarters operational performance in relation to Pension Administration.

The Sub-Committee and Board noted the content of the report.

VI TAYSIDE PENSION FUND 2021/2022 ACCOUNTS AND AUDIT

There was submitted Report No 237-2022 by the Executive Director of Corporate Services reporting on the outcome of the external audit of Tayside Pension Fund for the year to 31st March, 2022. A copy of the External Auditor's Annual Audit Report (Report No 239-2022) and the Draft Audited Annual Report and Accounts 2021/2022 for the Tayside Pension Fund (Report No 238-2022) were also to be considered.

The Sub-Committee and Board noted the content of the External Auditor's Annual Audit Report, the External Audit of Tayside Pension Fund and the Outcome of the External Audit of Tayside Pension Fund noting, in particular, that Audit Scotland anticipated issuing an unqualified audit opinion.

VII ANNUAL TREASURY MANAGEMENT ACTIVITY 2021/2022

There was submitted Report No 240-2022 by the Executive Director of Corporate Services reviewing the Treasury Management activities for the period 1st April, 2021 to 31st March, 2022.

The Sub-Committee and Board noted the information contained within the report.

The Sub-Committee and Board resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the press and public be excluded from the meeting for the undernoted items of business on the grounds that they involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 7A of the Act.

VIII TAYSIDE PENSION FUND

(a) PERFORMANCE SUMMARY

There was submitted Report No 241-2022 by the Executive Director of Corporate Services reviewing the investment performance of the Funds investment managers for the quarter to 30th June, 2022. The report compared investment performance of the Fund with the Funds specific benchmarks which consisted of various stock and security market indices.

The Sub-Committee and Board noted the information contained therein with regard to the performance of the Tayside Main Fund and their Fund Managers.

(b) SUMMARIES OF INVESTMENTS AND TRANSACTIONS

There was submitted Report No 222-2022 by the Executive Director of Corporate Services reviewing the investment activities of Tayside Pension Funds five Fund Managers for the quarter to 1st April, 2022 to 30th June, 2022 and summarising the transactions of each Fund Manager and showing the market values of the Pension Fund.

The Sub-Committee and Board noted the information contained therein with regard to the activities of the Tayside Pension Fund and its Fund Managers.

(c) QUARTERLY FUNDING REPORT

There was submitted Report No 242-2022 by the Executive Director of Corporate Services reviewing the current funding level of the Fund as assessed by the Fund Actuary.

The Sub-Committee and Board noted the content of the report.

(d) SECURITIES LENDING SIX MONTH ACTIVITY TO 30TH JUNE, 2022

There was submitted Report No 243-2022 by the Executive Director of Corporate Services presenting an update on Securities Lending activity for the period ended 30th June, 2022.

The Sub-Committee and Board noted the content of the report.

IX PRESENTATION

Tom Wright and Jon Henry from Baillie Gifford gave a short presentation to the Sub-Committee and Board.

After Mr Wright and Mr Henry had given their presentation and answered questions from members, the Chair thanked the presenters on behalf of members of the Sub-Committee and Board.

Willie SAWERS, Chair.