Superannuation Fund and Pensions Committee (Archived)
For full details of the Committee’s Powers and Terms of Reference please see the published List of Committee Powers available from the Governance Documentation page.
Terms of Reference:
The remit of the Superannuation Fund and Pensions Committee shall be:-
- to arrange for the supervision of the management and administration of the investments of the Superannuation Fund, common good fund and all trust funds and to make decisions in regard to the appointment of fund managers in that regard; and
- to consider and determine (except insofar as delegated to the Executive Director (Finance and Corporate Services) or any other officer) all matters relating to the Council’s functions in regard to pensions administered by the Council including:-
- the effect for the Council of early retirals (in respect of which regular reports shall be submitted to the Policy and Co-ordination Committee);
- the effect of “strains on the fund” costs as defined in the Accounts Commission’s report “Bye Now, Pay Later”;
- the implications, including financial implications arising from any legal matter relating to the Council’s responsibilities for pensions or resulting from any government policy initiative;
- any matter relating to the Council as administering authority for the Superannuation Fund under the Superannuation Regulations;
- actuarial valuation reports and any matter arising therefrom;
- consideration of any government proposals or consultation papers relating to pension issues and responses on behalf of the Council thereto;
- best value/service efficiency reviews in regard to areas within its remit; and
- review of contribution rates and admission of new employees to the Fife Council Superannuation Scheme.
Audit and Risk Management
- to provide those charged with governance independent assurance on the adequacy of the risk management framework, the internal control environment and the integrity of the financial reporting and annual governance processes in relation to the Fife Pension Fund.
- reviewing with management the adequacy and effectiveness of the following matters:-
- internal control environment
- policies and practices to ensure compliance with relevant statutes, directions, guidance and policies
- financial information presented to the Council
- risk management arrangements and procedures
- arrangements for delivering value for money (best value)
- anti-fraud arrangements
- anti-corruption arrangements including the Council’s whistle-blowing strategy.
- reviewing with management Fife Pension Fund’s financial statements, external audit opinion and report to members, management letters or reports and compliance with codes of corporate governance
- reviewing the risk profile of the Fund and assurances that action is being taken on risk-related issues, including partnerships with other organisations
- reviewing the Fund’s assurance statements, including the Annual Governance Statement, to ensure that they properly reflect the risk environment and any actions required to improve it and demonstrate how governance supports the achievements of the authority’s objectives
- promoting the effective use of internal audit within the assurance framework
- reviewing the overall strategy and annual work programme in relation to the Fund and reviewing the annual report against agreed actions
- considering the reports and recommendations of internal audit, external audit and inspection agencies and their implications for governance, risk management or control and monitoring management action in response to the issues raised
- the consideration of the unaudited annual accounts of the Fife Pension Fund as made up at the end of the financial year and approval of the audited accounts for signature together with the external auditor’s annual report on the accounts; (subject to other elected members who are not members of the committee being given an opportunity to attend the committee and provide further input).
Fife Pension Board
Robert Graham (GMB) (employee representative)
Gordon Pryde (Unison) (employee representative)
Colin Paterson (Unison) (employee representative)
Ross Hugh, (Unite) (employee representative)
Vicki Wyse (employer representative)
Cllr Dave Coleman (employer representative)
Cllr Ian Ferguson (employer representative)
John Wincott (employer representative)
Scheduled meetings of the committee
Previous meetings of the committee
- 29th March 2022
- 7th December 2021
- 29th November 2021 CANCELLED
- 28th October 2021 - CANCELLED
- 28th September 2021
- 29th June 2021
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