Pension Sub-committee And Pension Board - 23/03/2026
At a JOINT MEETING of the PENSION SUB-COMMITTEE of the CITY GOVERNANCE COMMITTEE AND THE PENSION BOARD held remotely on 23rd March, 2026.
Present:-
PENSION SUB-COMMITTEE
BAILIES
|
Willie SAWERS |
Kevin KEENAN |
COUNCILLORS
|
Jimmy BLACK |
Steven ROME |
PENSION BOARD
|
Kenny DICK |
Stewart DONALDSON |
Bill DUFF |
|
|
Arthur NICOLL |
|
Bailie Willie SAWERS, Convener, in the Chair.
I APOLOGIES
The Sub-Committee and Board noted that apologies had been received by Councillor McHugh and Councillor Crichton.
II DECLARATION OF INTEREST
No declarations of interest were made.
III MINUTE OF PREVIOUS MEETING
The minute of meeting of 8th December, 2025 was submitted and approved.
IV APPOINTMENT OF CHAIRPERSON OF PENSION BOARD
There was submitted Agenda Note AN17-2026 advising the Sub-Committee that in accordance with the Public Service Pensions Act 2013, the Sub-Committee were asked to seek nominations for the post of Chair of the Pension Board for the period of 12 months. The post of Chair of the Pension Board was subject to annual change by the regulations.
The Sub-Committee and Board agreed that Councillor Stewart Donaldson be Chair of the Pension Board for this period.
It was noted that George Ramsay had chaired the Pension Board for the last 12 months with great dedication. Bailie Sawers, on behalf of the Pension Sub-Committee and Pension Board, paid tribute to George on his recent passing and extended condolences to his family and friends. Other members of the Sub-Committee and Pension Board associated themselves with the comments made.
V TAYSIDE PENSION FUND RISK REGISTER
There was submitted Report No 76-2026 by the Executive Director of Corporate Services seeking approval for the Quarterly Risk Register for Tayside Pension Fund.
The Sub-Committee and Board approved the Quarterly Risk Register for Tayside Pension Fund, noting no change from the previous quarterly report.
VI PENSION ADMINISTRATION PERFORMANCE - UPDATE TO 31ST DECEMBER, 2025
There was submitted Report No 77-2026 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 above period.
The Sub-Committee and Board noted the contents of the report.
VII TAYSIDE PENSION FUND - AUDIT SCOTLAND ANNUAL AUDIT PLAN 2025/2026
There was submitted Report No 78-2026 by the Executive Director of Corporate Services providing a summary of the responsibilities and approach of Audit Scotland in respect of Tayside Pension Fund for 2025/2026.
The Sub-Committee and Board:-
(i) noted the contents of the report by Audit Scotland (as at Appendix A of the report); and
(ii) agreed to provide Audit Scotland with confirmation of any instances of actual, suspected or alleged fraud, as a requirement of the revised International Standard on Accounting (ISA) 240.
VIII TAYSIDE PENSION FUND INTERNAL AUDIT REPORTS - RISK MANAGEMENT FRAMEWORK REVIEW
There was submitted Report No 79-2026 by the Executive Director of Corporate Services submitting the audit report prepared by the Funds Internal Auditor, PricewaterhouseCoopers (PwC).
The Sub-Committee and Board:-
(i) noted the content of the report on the audit review undertaken; and
(ii) approved the management response.
IX TREASURY POLICY STATEMENT 2026/2027
There was submitted Report No 80-2026 by the Executive Director of Corporate Services revising the Funds Treasury Policy Statement following Isios review of compliance with the Pension Regulators Revised Code.
The Sub-Committee and Board approved the policies and procedures laid out in the Treasury Policy Statement 2026/2027, noting that the policy must be reviewed annually, and that there were no changes.
X TREASURY MANAGEMENT STRATEGY 2026/2027
There was submitted Report No 81-2026 by the Executive Director of Corporate Services reviewing the Treasury Management Strategy for Tayside Pension Fund.
The Sub-Committee and Board approved the Treasury Management Strategy 2026/2027, noting that the strategy must be reviewed annually, and that there were no changes.
XI PENSION ADMINISTRATION STRATEGY
There was submitted Report No 82-2026 by the Executive Director of Corporate Services setting out the Funds policy in respect of the standards required of both the Fund and the participating employers to ensure that statutory obligations were met and to demonstrate effective and efficient service delivery. The strategy contained a variety of performance measures against which the Fund and participating employers were assessed, with performance reported to the Committee.
The Sub-Committee and Board approved the strategy contained within, noting that there were no changes.
XII TAYSIDE PENSION FUND COMMUNICATION POLICY
There was submitted Report No 83-2026 by the Executive Director of Corporate Services presenting a Communications Policy as required by the Local Government Pension Scheme (Scotland) Regulations 2014.
The Sub-Committee and Board approved the Communications Policy which had been reviewed and updated in conjunction with the Funds Administration Strategy, noting that the Communications Policy must be reviewed annually, and that there were no changes.
XIII TAYSIDE PENSION FUND BUSINESS PLAN 2026/2027
There was submitted Report No 84-2026 by the Executive Director of Corporate Services introducing the annual Business Plan for the Tayside Pension Fund.
The Sub-Committee and Board:-
(i) noted the information within the report; and
(ii) approved the 2026/2027 Business Plan which applied to the administration and management of the Tayside Pension Fund, noting that there were no major changes to the Plan.
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.
XIV TAYSIDE PENSION FUNDS
(a) INVESTMENT MONITORING REPORT - QUARTER TO 31ST DECEMBER, 2025
There was submitted Report No 85-2026 by the Executive Director of Corporate Services reviewing the investment performance of the Funds investment managers for the quarter to 31st December, 2025. The report and associated appendix 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 herein with regard to the performance of the Tayside Pension Fund and their Fund managers.
(b) SECURITIES LENDING 6 MONTH ACTIVITY TO 31ST DECEMBER, 2025
There was submitted Report No 86-2026 by the Executive Director of Corporate Services presenting an update on Securities Lending activity for the period ended 31st December, 2025.
The Sub-Committee and Board noted the contents of the report.
(c) QUARTERLY FUNDING UPDATE AS AT 31ST DECEMBER, 2025
There was submitted Report No 87-2026 by the Executive Director of Corporate Services reviewing the current funding level of the Fund as assessed by Barnett Waddingham, the Fund Actuary.
The Sub-Committee and Board noted the report by Barnett Waddingham.
XV OPPORTUNISTIC MANDATE UPDATE
A verbal progress report was provided by David OHara from Isio.
The Sub-Committee and Board noted that recommendations would be submitted to the June meeting.
XVI ANNUAL PERFORMANCE REVIEW TO 31ST DECEMBER, 2025
There was submitted Report No 88-2026 by the Executive Director of Corporate Services considering the Isio report on the Annual Review of Investment Performance 2025 completed in March, 2026.
The Sub-Committee and Board noted the content of the Isio report as at Appendix A of the report.
XVII PRESENTATION
David Barber and Tom Record of Fidelity gave a short presentation to the Sub-Committee and Board.
After Mr Barber and Mr Record 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, Convener.