Issue - meetings

Consider report by Chief Financial Officer. (Copy attached).

There had been circulated copies of a report by the Chief Financial Officer presenting for consultation, the draft Annual Report and Accounts for the Pension Fund for 2017/18 prior to submission of the report to Audit & Scrutiny Committee and external auditors.   The Local Government Pension Scheme Amendment (Scotland) Regulations 2010 specified the elements which must be contained in the Annual Report and Accounts, the list of these were contained in paragraph 4.1 of the report.  The draft Report and Accounts, contained in Appendix 1 to the report, fully met these requirements.  The draft Report and Accounts was still subject to statutory Audit, which would commence early July 2018.  Following the statutory Audit process the final Report and Accounts would be circulated to the joint Committee and Board.    Mr Robertson, referring to Appendix 1 of the report, advised that since publication the net assets had increased to £684.5m with a performance return of 5.6% for 2017/18.  Members in receipt of benefits had increased to 3,507.  However, the Fund’s strong asset position meant that the Fund was well placed to meet its future pension liabilities.   Mr Robertson went on to advise that in terms of the Investment Strategy, the Fund was still overweight in equities and that absolute performance of the Fund Managers had been positive.    In response to questions, Mr Robertson advised that auto-enrolment had been a positive contribution to the Fund.  In terms of Amey Community Limited, he explained that this was an admitted body and included janitors and cleaners transferred to Amey under TUPE regulations. 

DECISION

NOTED the Pension Fund Annual Report and Accounts 2017/18, contained in Appendix 1 to the report, prior to submission to Audit and Scrutiny Committee on the 26 June 2018 and the subsequent statutory audit process.