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How the Fund works

Committee terms of reference

Power is delegated to the Pensions Committee by the City of Edinburgh Council as administrating authority to:

  • exercise all functions of the pension funds, within the terms of the legislation.
  • determine the overall policy objectives of the pension funds in accordance with the best interests of fund members and with relevant legislation.
  • determine the strategy for the investment of pension funds monies including the variety and suitability of investments and to review and monitor investment arrangements.
  • ensure appropriate investment management arrangements are in place for pension funds monies and to review investment manager performance.
  • establish and maintain arrangements for the effective management and administration of the pension funds including staffing and budgetary arrangements.
  • approve the allocation of resources to the Investment and Pensions Division from the Revenue Budget and Capital Investment Programme of the pension funds.
  • approve responses to consultation papers issued by government and other authorities.
  • monitor overall performance of the pension funds in the delivery of services and financial performance.
  • consider all matters in respect of the pension funds including:

o determining policies for the management and regulation of the Investment and Pensions Division within the strategic policy and planning framework approved by the Council

o approving strategies, programmes and projects and work with officers and partners to implement them

o setting standards for service delivery

o securing best value in the provision of services

o taking all executive decisions in respect of the pension funds which are not reserved to the Council or delegated to another committee of the Council

o ensuring systematic appraisal of the control environment and framework of internal controls in respect of the Investment and Pensions Division to provide reasonable assurance of effective and efficient operations and compliance with laws and regulations

o promoting the development of an appropriate risk management strategy and risk management procedures

o ensuring highest standards of probity and public accountability

o ensuring sound financial procedures are in place for authorising and monitoring expenditure

o agreeing internal audit plans and to ensure internal audit work is properly planned with due regard to risk, materiality and coverage

o overseeing and review action taken on internal audit recommendations

o reviewing all matters relating to external audit, including audit plan, action points and reports, and to monitor implementation of external audit recommendations

o promoting, monitoring and developing continuous improvement.

You can view the Fund's annual governance compliance statement within our Annual Report here.