Pension Sub-committee And Pension Board - 29/06/2026
At a JOINT MEETING of the PENSION SUB-COMMITTEE of the CITY GOVERNANCE COMMITTEE AND THE PENSION BOARD held remotely on 29th June, 2026.
Present:-
PENSION SUB-COMMITTEE
BAILIES
|
Willie SAWERS |
Kevin KEENAN |
COUNCILLORS
|
Jimmy BLACK |
Steven ROME |
Michael CRICHTON |
|
|
Dorothy McHUGH |
|
PENSION BOARD
|
Bill DUFF (Angus Council) |
Stewart DONALDSON (Perth and Kinross Council) |
Arthur NICOLL (UNISON) |
Bailie Willie SAWERS, Convener in the Chair.
I APOLOGIES
The Sub-Committee and Board noted apologies had been received from Kenny Dick.
II DECLARATION OF INTEREST
No declarations of interest were made.
III MINUTE OF PREVIOUS MEETING
The minute of meeting of 23rd March, 2026 was submitted and approved.
IV TAYSIDE PENSION FUNDS RISK REGISTER
There was submitted Report No 158-2026 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 noting that since the last review five risks had considered to have changed;
(ii) noted further details of the latest assessments were detailed in the final column of the
appendix to the report; and
(iii) noted that a review of the current risk register was underway and the outcome of which would be reported to members in due course.
V TAYSIDE PENSION FUND INTERNAL AUDIT REPORTS GDPR, MCCLOUDAND DATA QUALITY
There was submitted Report No 159-2026 by the Executive Director of Corporate Services, submitting the Audit Reports prepared by the Funds Internal Auditor, PricewaterhouseCoopers (PwC).
The Sub-Committee and Board:-
(i) noted the content of the report on the audit exercises undertaken, and approved the management responses.
VI TAYSIDE PENSION FUND INTERNAL AUDIT ANNUAL REPORT 2025/2026
There was submitted Report No 160-2026 by the Executive Director of Corporate Services submitting to the Sub-Committee and Board the Annual Audit Report for 2025/2026 prepared by the Funds Internal Auditor, PricewaterhouseCoopers (PwC).
The Sub-Committee and Board:-
(i) noted the content of the annual report.
VII PENSION ADMINISTRATION PERFORMANCE - UPDATE TO 31ST MARCH,2026
There was submitted Report No 161-2026 by the Executive Director of Corporate Services providing information on the recent quarters operational performance in relation to Pension Administration and other general developments in this area over the period.
The Sub-Committee and Board:-
(i) noted the content of the report.
VIII STATEMENT OF INVESTMENT PRINCIPLES REVIEW
There was submitted Report No 162-2026 by the Executive Director of Corporate Services reviewing the Funding Strategy Statement for Tayside Pension Fund.
The Sub-Committee and Board:-
(i) noted the information within the report, noting the changes to benchmark in Appendix C to the report, effective from 1st December 2025; and
(ii) approved the Statements of Investment Principles contained in Appendix 1 to the report.
IX FUNDINGSTRATEGY STATEMENT
There was submitted Report No 163-2026 by the Executive Director of Corporate Services reviewing the Funding Strategy Statement for Tayside Pension Fund.
The Sub-Committee and Board:-
(i) approved the Funding Strategy Statement noting that it was required to be reviewed annually, and that no changes were required since the previous version issued in June 2025; and
(ii) noted that a more detailed review would take place later in the year, as detailed in section 5 2026 Actuarial Valuation of the report.
X TAYSIDE PENSION FUND ANNUAL GOVERNANCE AND GOVERNANCECOMPLIANCE STATEMENTS FOR THE YEAR TO 31ST MARCH 2026
There was submitted Report No 164-2026 by the Executive Director of Corporate Services presenting the Annual Governance Statement and Governance Compliance Statement for approval and inclusion into the unaudited Annual Accounts for the year ended 31st March, 2026. The report set out the governance arrangements of Tayside Pension Fund and the extent to which it complied with regulations.
The Sub-Committee and Board:-
(i) approved the Annual Governance and Governance Compliance Statements which were included as an Appendix to the report; and
(ii) instructed the inclusion of the statements in the Annual Accounts for the year to 31st March, 2026.
XI TAYSIDE PENSION FUND ANNUAL REPORT AND ACCOUNTS 2025/2026
The Sub-Committee and Board noted that due to a result of staff resource constraints, the Tayside Pension Fund Annual Report and Accounts 2025/2026 was unable to be submitted for consideration. It was proposed that a copy of the report would be submitted to members of the Sub-Committee and Board on 30th June, 2026, and that the report would be submitted to the auditors and published on the Tayside Pension Fund website in order to meet the required timescales for publication. It was also proposed that the Annual Report and Accounts be submitted to the September Sub-Committee and Board, where members would have the opportunity to scrutinise and ask questions of the accounts.
The Sub-Committee and Board:-
(i) agreed the proposal as detailed.
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.
XII TAYSIDE PENSION FUND
(a) INVESTMENT MONITORING REPORT
There was submitted Report No 166-2026 by the Executive Director of Corporate Services reviewing investment performance of the Funds Investment Managers for the quarter to 31st March, 2026. The report compared investment performance of the Fund with the Funds specific benchmarks which consist 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) SECURITIES LENDING
There was submitted Report No 167-2026 by the Executive Director of Corporate Services reviewing the investment activities of Tayside Pension Funds five Fund Managers for the quarter to 31st December, 2025 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.
XIII OPPORTUNISTIC MANDATE UPDATE
There was submitted Report No 169-2026 by the Executive Director of Corporate Services providing details of the outcome of the procurement process and confirming the appointment of an Investment Fund Manager to manage the opportunistic asset allocation for Tayside Pension Fund.
The Sub-Committee and Board:-
(i) confirmed the appointment of the Fund Manager and delegated the implementation of the report to Officers.
XIV FUND MANAGER PRESENTATION
Chris Lyons and John Daly from LGIM gave a short presentation to the Sub-Committee and Board.
After Mr Lyons and Mr Daly 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.