Scottish Borders Council

Agenda and draft minutes

Venue: Via Microsoft Teams

Contact: Judith Turnbull Tel No. 01835 826556  Email:  Judith.Turnbull@scotborders.gov.uk

Link: Teams Live event

Items
No. Item

1.

Minute pdf icon PDF 69 KB

Minute of Meeting held on 24 September 2020 to be noted and signed by the Chairman. (Copy attached).

Minutes:

There had been circulated copies of the Minute of the meeting of 24 September 2020.

 

DECISION

NOTED the minute for signature by the Chairman.

 

2.

Joint Meeting of Pension Committee and Pension Board

Consideration of any issues required to be raised.

Minutes:

Referring to the Actuary’s presentation Mrs Robb explained that it had highlighted that the Pension Fund had a 70% likelihood of meeting future pension benefits of its members, based on the existing contribution rate.    However, because of anticipated additional costs such as McCloud and Cost Cap, and to be prudent, the contribution rate would rise by ½% on 1 April 2023.   Mrs Robb confirmed that Borders College and Live Borders were part of the main pool within the Scottish Borders Pension Fund and would have the same contribution rate.  AMEY, SBHA and CGI were closed funds and would be on a different rate.   SOSE, being a new admission to the Fund, would also be considered separately and would be on different rates.    Regarding the McCloud judgement this would be a significant administration burden for the pension administration team.  Mr Angus added that they were awaiting regulations before contacting each of the employers requesting additional information.  The consequence of the judgement was difficult to quantify until the new regulations and rectification arrangements were available. Regarding the impact of Fit for 2024 on membership, Mrs Robb advised that there would be a consequence as the less active members contributed, the more we relied on investments to pay out ongoing pensions.  Regarding Brexit, Mrs Robb advised that the Fund was well diversified globally so not reliant on one individual country.  Regarding Borders College workforce redesign, Mrs Robb advised that as part of their annual return Borders College were required to advise of any changes to membership they anticipated.   The Chair closed the meeting and asked that for the Pension Board’s thanks be passed to Hymans Robertson and Isio for their advice throughout this difficult year.

 

DECISION

NOTED.

 

3.

Date of Next Meeting

The next meeting of the Pension Board is scheduled for Thursday, 4 March 2021.

Minutes:

The next meeting was scheduled to be held on Thursday, 4 March 2021, following the Pension Fund Committee and Pension Board.

 

DECISION

NOTED.  

 

 

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Scottish Borders Council

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