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Please note that online agendas are retained indefinitely PURPOSE OF COMMITTEE To discharge all functions and responsibilities in respect of the Council’s role as administering authority for the North East Scotland Pension Fund (the Fund). This includes managing the investment of the Fund in accordance with the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 2010 and other relevant legislation. The Committee will work alongside the Fund’s Local Pension Board to consider any pension compliance matters raised. REMIT OF COMMITTEE 1. Finance and Risk Management The Committee will:
1.1
approve the Funding Strategy Statement, produced in light of the Fund’s assets and liabilities, and appoint or remove Fund Managers or new financial vehicles in furtherance of the strategy;
1.2
approve the budget and expenditure in connection with the administration of the Fund;
1.3
ensure that an effective system of internal financial control is maintained through scrutinising financial information presented to Committee;
1.4
ensure effective risk management of the Fund through monitoring of adherence to the Fund Risk Management Policy and regular scrutiny of the Fund risk register; and 1.5
determine applications for Admitted Body Status. 2. Internal and External Audit The Committee will: 2.1
approve the annual audit plans in relation to the Fund; and
2.2
consider all reports prepared by the Council’s Internal and External Auditors in relation to the Fund.
3. Annual Report and Accounts The Committee will:
3.1
approve the Annual Report and Accounts, including the Annual Governance Statement. 4. Legal Obligations The Committee will ensure:
4.1
compliance with the Local Government Pension Scheme (Scotland) Regulations as amended and with all other legislation governing the administration of the Fund; and
4.2
adherence to the principles set out in the Pension Regulator’s General Code of Practice. 5. Scrutiny The Committee will:
5.1
monitor and approve the administration of the Local Government Pension Scheme (LGPS) in accordance with the LGPS (Scotland) Regulations 2018 and other relevant legislation; and
5.2
scrutinise the performance of Fund Managers, including in relation to environmental, social and governance (ESG) and voting matters, through regular performance reports to Committee.
5.3 monitor the progress of any litigation relating to the Fund.
6. Outside Bodies
The Committee shall determine appointments and nominations to the Local Authority Pension Fund Forum (LAPFF) and other outside bodies relevant to its remit.
Executive Lead: Chief Officer – Finance