1. The power to oversee the Council’s role as administering authority for the Strathclyde Pension Fund in terms of the Local Government (Scotland) Act 1994 and the Superannuation Act 1972.
2. The power to supervise the administration of the Local Government Pension Scheme in accordance with the Local Government Pension Scheme (Scotland) Regulations 1998.
3. The power to manage the investments of the Strathclyde Pension Fund in accordance with the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998.
4. The power to formulate and monitor an investment policy and investment strategy for the Fund, including an asset allocation strategy, and to adopt and maintain a Statement of Investment Principles embodying the strategy and policy.
5. The power to consider and agree an investment management structure for the Fund and to be responsible for overseeing:-
(a) the appointment and termination of investment managers;
(b) the establishment of performance benchmarks and targets for investment managers; and
(c) monitoring of managers’ investment performance against their benchmarks.
6. The power to make suitable arrangements for the safekeeping of the Fund’s investment assets.
7. The power to oversee the appointment of advisors and consultants to the Fund as required.
8. The power to formulate and maintain:-
(a) a policy for the admission of employing bodies as contributors to the Fund;
(b) a policy for the payment of benefits using discretions available to administering authorities under the Local Government Pension Scheme Regulations;
(c) an accounting policy for the Fund; and
(d) a communications strategy.
9. To be responsible for overseeing and supporting the work of the Strathclyde Pension Fund Office.
10. The power to develop and monitor shareholder activism policies, including a proxy voting policy and socially responsible investment policy.
11. The power to contribute to the development of the Local Government Pension Scheme and Pensions policy.