Agenda and minutes
Venue: Council Chamber, Council Headquarters, Newtown St Boswells
Contact: Judith Turnbull Tel No. 01835 826556 Email: Judith.Turnbull@scotborders.gov.uk
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Minute of Meeting held on 17 December 2019 to be noted and signed by the Chairman. (Copy attached). Minutes: There had been circulated copies of the Minute of the Meeting of 17 December 2019.
DECISION NOTED for signature by the Chairman.
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Pension Board Membership Minutes: The Chair, Mr Barclay, advised that he would be retiring in June and introduced Mr David Bell, as the new Unite representative on the Pension Board. It was noted that Mr Bell would take over as Board member from the next meeting.
DECISION NOTED the change of membership to be approved at the next meeting.
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Joint Meeting of Pension Committee and Pension Board Consideration of any issues required to be raised. Minutes: 1. Joint Meeting of Pension Committee and Pension Board 3.1 The Board asked for clarification on the Government Actuary’s Department (GAD) which had been referred to in the Scheme Advisory Bulletin presented to the Pension Fund Committee and Pension Board. The Pension and Investments Manager, Ms Robb, explained that the GAD report concerned the actuarial valuations of funds in the Local Government Pension Scheme to determine solvency. The data GAD used was the 2017 valuation information, now 3 years old and a new valuation was about to be undertaken. GAD use the valuation numbers and then apply standard assumptions that do not take into consideration the individual asset or risk profile of the funds.
3.2 The Board then discussed the Scheme Advisory Board’s (SAB) proposed evaluation of the benefits and risks associated with merging pension funds. Ms Robb advised that the push to merge the 11 existing funds was being driven by as small group. This group believe that merging funds would cut costs and facilitate investment in infrastructure. However, there is no empirical data to substantiate this. The next stage of the review and its findings will be required to be based on empirical data. Progress with the SAB evaluation would be updated at the next meeting. In response to a question, Ms Robb advised that merging of funds may have a direct impact on the Fund and could affect jobs. The full effect cannot currently be quantified as would be reliant on how any fund mergers are implemented.
DECISION NOTED.
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Date of Next Meeting The next meeting is scheduled to be held on Thursday, 11 June 2020 following the Pension Fund Committee and Pension Board joint meeting. Minutes: The next meeting was scheduled to be held on Thursday, 11 June, following the Pension Fund Committee and Pension Board joint meeting.
DECISION NOTED.
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