Pension Sub-committee And Pension Board - 09/12/2024
At a JOINT MEETING of the PENSION SUB-COMMITTEE of the CITY GOVERNANCE COMMITTEE AND THE PENSION BOARD held remotely on 9th December, 2024.
APPENDIX I
Present:-
PENSION SUB-COMMITTEE
BAILIES
|
Willie SAWERS |
Kevin KEENAN |
COUNCILLORS
|
Steven ROME |
Dorothy McHUGH |
PENSION BOARD
Bill DUFF (Representing Angus Council)
Stewart DONALDSON (Representing Perth and Kinross Council)
George RAMSAY (Representing Unite the Union)
Arthur NICOLL (Representing UNISON)
Kenny DICK (Representing Social Care & Social Work Improvement Scotland)
Bailie Willie SAWERS, Convener in the Chair.
I DECLARATION OF INTEREST
There were no declarations of interest.
II APOLOGIES
The Sub-Committee and Board noted apologies had been received from Councillor Lynn.
III MINUTE OF PREVIOUS MEETING
The minute of meeting of 23rd September, 2024 was submitted and approved.
IV TAYSIDE PENSION FUND RISK REGISTER
There was submitted Report No 347-2024 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 that there were no changes from the previous quarter.
V PENSION ADMINISTRATION PERFORMANCE QUARTERLY UPDATE TO 30TH SEPTEMBER, 2024
There was submitted Report No 348-2024 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 above period.
The Sub-Committee and Board:-
(i) noted the content of the report.
VI TREASURY MANAGEMENT ACTIVITY 2024/2025 (MID-YEAR REVIEW)
There was submitted Report No 349-2024 by the Executive Director of Corporate Services reviewing Tayside Pension Funds Treasury Management activities for the period 1 April 2024
to 30 September 2024.
The Sub-Committee and Board:-
(i) noted the content of the report.
VII PROPOSED TIMETABLE OF MEETINGS FOR 2025
There was submitted Report No 329-2024 by the Executive Director of Corporate Services proposing a suggested programme of meetings of the Pension Sub-Committee and Pension Board in 2025.
The Sub-Committee and Board:-
(i) examined the dates set out in the timetable in Appendix 1 to the report and agreed the proposed programme of meetings.
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 350-2024 by the Executive Director of Corporate Services reviewing investment performance of the Funds investment managers for the quarter to 30th September 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 JULY, 2024 30TH SEPTEMBER, 2024
There was submitted Report No 351-2024 by the Executive Director of Corporate Services reviewing the investment activities of Tayside Pension Funds seven Fund Managers for the quarter to 30th September, 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 in the report with regard to the performance of the Tayside Main Fund and their Fund Managers.
(c) QUARTERLY FUNDING UPDATE AS AT 30TH SEPTEMBER, 2024
There was submitted Report No 352-2024 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) noted the report by the Fund Actuary.
IX ANNUAL ASSESSMENT OF INVESTMENT ADVISORY SERVICES 2024
There was submitted Report No 353-2024 by the Executive Director of Corporate Services, providing information on the annual assessment of investment advisory service performance undertaken by Fund Officers as required by the Competition and Markets Authority.
The Sub-Committee and Board:-
(i) noted the content of the report.
X INVESTMENT STRATEGY REVIEW
There was submitted Report No 354-2024 by the Executive Director of Corporate Services, recommending changes to the Funds Investment Strategy following a detailed review by the Funds investment consultants, and in the context of the recent Actuarial Valuation of the fund.
The Sub-Committee and Board:-
(i) noted the content of Investment Strategy Review as provided by the Funds Investment Consultants; which was attached to the report as Appendix 1; and
(ii) agreed to delegate officers to implement ISIO recommendations in relation to portfolios as outlined in the strategy document.
X PRESENTATION
Christine Baalham, Tom Record and David Barber from Fidelity gave a short presentation to the Sub-Committee and Board.
After Ms Baalham, Mr Record and Mr Barber 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.