Agenda and draft minutes

Minute of Meeting held on 19 October 2022 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the meeting held on 19 October 2022.

DECISION

NOTED for signature by the Chairman

Consideration of any issues required to be raised.

The Chair invited those present to raise any matters which had been discussed at the joint meeting, and highlighted that the proposal to follow an action plan to assess and implement the recommendations of Ms Claire Scott was a prudent and sensible one.  In response to a question regarding whether Members of the Pension Board would be involved in discussions regarding changes to the terms of reference, the Acting Chief Executive, Mr David Robertson explained that he was happy for the Board to to contribute and comment on the wider plan.   Ms Robb stressed that the Members of the Pension Board were unable to propose or second any motion at the Joint Meeting of the Pension Committee, and that their role at that meeting was one of scrutiny.  It was highlighted that in order to ensure proper governance it was important to ensure that the role of the Pension Board Members was clear.   Regarding whether the Fund could continue to exist in the future given its small size and an increasingly onerous regulatory environment, the Acting Chief Executive stressed that not all of the recommendations made by Ms Scott would necessarily be acted upon.  Each recommendation would be considered for its suitability and viability and responded to accordingly.  In response to a question regarding whether the Fund should prioritise generating profit over ESG matters, Mr Robertson explained that the Committee had agreed that the Fund’s investments be brought into line with its sustainable investment policy, and that the balance between profit and responsibility was being struck.  The Fund was able to deliver returns in order to allow pension benefits to be paid whilst also being a responsible investor.   In response to a question regarding the newly agreed overpayment policy, the HR Shared Services Manager explained that due to the timescales involved with payments, it was possible for small overpayments to be made where a scheme member passed away between the processing and the date of payment.  Recovery would be proportionate to the period of time which had elapsed. 

DECISION
AGREED that there were no issues to raise

The next meeting is scheduled to be held on Thursday, 9 March 2023 following the Pension fund Committee and Pension Board joint meeting.

The date of the next Meeting of the Pension Board was set for 9 March 2023.