Pension Sub-committee And Pension Board - 18/09/2023

At a JOINT MEETING of the PENSION SUB-COMMITTEE of the CITY GOVERNANCE COMMITTEE AND THE PENSION BOARD held remotely on 18th September, 2023.

APPENDIX I

Present:-

PENSION SUB-COMMITTEE

Bailie Kevin KEENAN

COUNCILLORS

PENSION BOARD

Councillor Steven ROME, 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 Bailie Sawers and Councillor Crichton.

III MINUTE OF PREVIOUS MEETING

The minute of meeting of 26th June, 2023 was submitted and approved.

IV RECORDING OF MEETINGS

There was submitted Agenda Note AN32-2023 by the Executive Director of Corporate Services advising that the technological package currently used to facilitate remote meetings of the Pension Sub-Committee and Pension Board included an application which would allow for the recording of meetings.

It would therefore be possible, with the Sub-Committee and Boards agreement, to record the public session of Sub-Committee and Board meetings and then publish the recordings on the Dundee City Council website for public viewing, commencing with the meeting to take place on 11th December, 2023.

The Sub-Committee and Board approved the recording of meetings as detailed.

V TAYSIDE PENSION FUNDS RISK REGISTER

There was submitted Report No 260-2023 by the Executive Director of Corporate Services seeking approval for the Quarterly Risk Register for Tayside Pension Fund which was updated on 9th June, 2023, noting the additional information in relation to risk appetite and the following changes to risk profile since the previous report:-

Risk 1: Failure to process pension payments and lump sums on time.

This risk had reduced as a result of increased staffing levels and improved processes introduced to improve effectiveness.

Risk 11: Failure to comply with changes to LGPS regulations and other new regulations Legislation.

This risk had reduced as a result of planned implementation of new regulations and independent assessment of readiness undertaken.

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

VI PENSION ADMINISTRATION PERFORMANCE - QUARTERLY UPDATE TO 30TH JUNE, 2023

There was submitted Report No 261-2023 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.

VII

 

There was submitted Report No 262-2023 by the Executive Director of Corporate Services reviewing the Treasury Management activities for the period 1st April, 2022 to 31st March, 2023.

 

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) TAYSIDE PENSION FUND PERFORMANCE SUMMARY

There was submitted Report No 263-2023 by the Executive Director of Corporate Services reviewing the investment performance of the Funds Investment Managers for the quarter to 30th June, 2023. 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 1ST APRIL TO 30TH JUNE, 2023

There was submitted Report No 240-2023 by the Executive Director of Corporate Services reviewing the investment activities of Tayside Pension Funds five Fund Managers for the quarter to 1st April, 2023 to 30th June, 2023 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 performance of the Tayside Main Fund and their Fund Managers.

(c) SECURITIES LENDING 6 MONTHS ACTIVITY TO 30TH JUNE, 2023

There was submitted Report No 264-2023 by the Executive Director of Corporate Services presenting an update on Securities Lending activity for the period ended 30th June, 2023.

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

IX ALTERNATIVE INVESTMENT MANDATE PROCUREMENT EXERCISE

A verbal update was given to members by the Senior Manager, Corporate Finance, regarding the Alternative Investment Mandate Procurement Exercise.

The Sub-Committee and Board noted the update given.

IXa BOND MANDATE

There was submitted Report No 272-2023 by the Executive Director of Corporate Services informing the Sub-Committee and Board of the findings and recommendations of the Funds Investment Advisors, Isio, following a review of a Fund Managers bond mandate, and analysis of their proposals to ensure that the mandate remained able to achieve Fund requirements.

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

X PRESENTATION

Gareth Roberts and Amy Anderson of Baillie Gifford gave a short presentation to the Sub-Committee and Board.

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

Steven ROME, Chair.