Agenda and minutes

The Chief Financial Officer, Mr D Robertson, welcomed members to the first meeting of the Pension Board.   It was noted that Mr J Terras had tendered his resignation of the Pension Board.  The Chief Financial officer intimated that the first act of the Board should be to appoint a Chair.

DECISION:

NOTED.

The Board considered the appointment of Chair.  Mr P Smith, seconded by Mr A Barclay, moved that Councillor S Aitchison be appointed as Chair.

DECISION:

AGREED that Councillor Aitchison be appointed as Chair of the Pension Board.

MEMBER

Councillor S Aitchison in the Chair.

Mr A Barclay seconded by Ms L Ross, moved that Mr Barclay be appointed as Vice Chair.

DECISION:

AGREED that Mr A Barclay be appointed as Vice Chair.

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

There had been circulated copies of a report by Chief Financial Officer setting out the Constitution for the Pension Board and identifying specific actions required by the Pension Board.  During 2014/15, officers in conjunction with the Pension Fund Committee members and national guidance, developed a Constitution for the new Pension Board.  This was approved by full Council on 2 April 2015.  The report formalised the Pension Board’s adoption of the Constitution as set out in Appendix 1 to the report.  The Chief Financial Officer highlighted the objectives of the Pension Board: securing compliance with the regulations and other legislation relating to the governance and administration of the Scheme and any statutory pension scheme that was connected with it; securing compliance with requirements imposed in relation to the Scheme and any connected scheme by the Pension Regulator; and such other matters as the regulations might specify.  The Pension Board would have the remit to determine the areas they wished to consider including: reports produced by the Pension Fund Committee and Scheme Manager on any aspect of the Fund; monitoring investments and the investment principles/strategy/guidance; the annual report and accounts for the Fund; Actuarial reports and valuations and funding strategy statement and associated policy.  It was noted that the Chair of the Pension Board would be rotated on an annual basis between the Trade Union and Scheme Employer representatives on the Pension Board.  For the purposes of the Pension Board meeting, when meeting independently of the Pension Fund Committee, no business would be transacted at a meeting unless there were four members of the Pension Board present.  Of these four members there must be at least one Trade Union representative and one employer representative present and either the Chair of Vice Chair.  The Treasury and Capital Manager advised that members of the Board must attend two training session each year, equivalent training sessions, for example, Teachers’ Training Board, would also count towards the training requirement.     It was agreed to amend the Constitution as follows:  Paragraph 3.12 change from ‘6 below’ to ‘9 below’. Paragraph 8.1 change from ‘7.3 below’ to ‘8.3 below’. 

DECISION

AGREED:

(a)          To adopt the Constitution, as amended;

(b)          To identify and approve the Chair and Vice Chair for the role of Joint Secretary to the Board;

(c)        That the meeting dates of the Pension Board would be aligned to those of the Joint meeting of the Pension Fund Committee and Pension Board, and would commence immediately following the end of the Joint Meeting; and

(d)       That Mr P Smith and Ms R Black be the nominated representatives from the Pension Board to sit on the Pension Fund Investment and Performance Sub Committee to be held on 24 August 2015 and 4 February 2016. 

The meeting concluded at 10.00 am.

The next meeting of the Pension Board is scheduled to take place on 3 September 2015 at 9.15 am in the Council Chamber.