Pension Sub-committee And Pension Board - 23/09/2024
At a JOINT MEETING of the PENSION SUB-COMMITTEE of the CITY GOVERNANCE COMMITTEE AND THE PENSION BOARD held remotely on 23rd September, 2024.
Present:-
PENSION SUB-COMMITTEE
BAILIES
|
Willie SAWERS |
Kevin KEENAN |
COUNCILLORS
|
Ken LYNN |
Dorothy McHUGH |
Steven ROME |
PENSION BOARD
Bill DUFF (Representing Angus Council)
George RAMSAY (Representing Unite the Union)
Arthur NICOLL (Representing UNISON)
Kenny DICK (Representing Social Care and Social Work Improvement Scotland)
Bailie Willie SAWERS, Convener 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 Crichton and Councillor Donaldson.
III MINUTE OF PREVIOUS MEETING
The minute of meeting of 24th June, 2024 was submitted and approved.
IV TAYSIDE PENSION FUND RISK REGISTER
There was submitted Report No 269-2024 by the Executive Director of Corporate Services seeking approval for the Quarterly Risk Register for Tayside Pension Fund.
The Sub-Committee and Board:-
(i) approved the Quarterly Risk Register for Tayside Pension Fund, noting the following revision made:
Risk 4 - Inability to maintain service due to loss of main office, computer system or staff. This risk had increased due to absences of key staff within the team, although steps had been to taken to mitigate the impact this had.
V PENSION ADMINISTRATION PERFORMANCE - QUARTERLY UPDATE TO 30TH JUNE, 2024
There was submitted Report No 270-2024 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:-
(i) noted the content of the report.
VI TAYSIDE PENSION FUND ACCOUNTS 2023/2024
(a) TAYSIDE PENSION FUND 2023/2024 - ACCOUNTS AND AUDIT
There was submitted Report No 271-2024 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, 2024.
The Sub-Committee and Board:-
(i) noted the content of the External Auditor's Annual Audit Report, in particular that Audit Scotland anticipated issuing an unqualified audit opinion.
(b) DRAFT AUDITED ANNUAL REPORT AND ACCOUNTS 2023/2024
There was submitted Report No 272-2024 by the Executive Director of Corporate Services providing information on the Draft Audited Annual Report and Accounts 2023/2024.
The Sub-Committee and Board:-
(i) noted the content of the report.
(c) EXTERNAL AUDITORS ANNUAL REPORT
There was submitted Report No 273-2024 by Audit Scotland providing information on the Audit of 2023/2024 Annual Report and Accounts.
The Sub-Committee and Board:-
(i) noted the content of the report.
VII ANNUAL TREASURY MANAGEMENT ACTIVITY 2023/2024
There was submitted Report No 274-2024 by the Executive Director of Corporate Services reviewing the Treasury Management activities for the period 1st April, 2023 to 31st March, 2024.
The Sub-Committee and Board:-
(i) 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 275-2024 by the Executive Director of Corporate Services reviewing the investment performance of the Funds investment managers for the quarter to 30th June, 2024. 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:-
(i) 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, 2024 TO 30TH JUNE, 2024
There was submitted Report No 276-2024 by the Executive Director of Corporate Services reviewing the investment activities of Tayside Pension Funds five Fund Managers for the quarter to 30th June, 2024 and summarising the transactions of each Fund Manager and showing the market values of the Pension Fund.
The Sub-Committee and Board:-
(i) noted the information contained therein with regard to the performance of the Tayside Main Fund and their Fund Managers.
(c) SECURITIES LENDING 6 MONTH ACTIVITY TO 30TH JUNE, 2024
There was submitted Report No 277-2024 by the Executive Director of Corporate Services presenting an update on Securities Lending activity for the period ended 30th June, 2024.
The Sub-Committee and Board:-
(i) agreed to note the content of the report.
(d) QUARTERLY FUNDING UPDATE AS AT 30TH JUNE 2024
There was submitted Report No 278-2024 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:-
(i) agreed to note the content of the report.
IX PRESENTATION
Tim Gooding and Claire Phillips from Baillie Gifford gave a short presentation to the Sub-Committee and Board.
After Mr Gooding and Ms Phillips 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.