The Trustees met at Hamilton House for the second time in 2024 to consider a broad agenda of topics affecting the Scheme.

 

The Board heard from it’s investment advisors who confirmed the Scheme’s assets were performing in line with expectations with work ongoing to explore some different investment options that would look to diversify the Scheme’s existing portfolio, build on it’s current ESG credentials and provide pleasing investment returns.

 

Now the most recent full actuarial valuation had been completed, the Trustees considered advice from the Scheme Actuary regarding updating the Scheme’s Actuarial Factors and Transfer Value basis. These factors are used when calculating a members benefits on retirement or when someone transfers out of the Scheme, both the Trustees and the NEU play a role in setting these factors with the view to maintaining fairness between members who choose to exercise these options (such as retiring before or after normal pension age) and those who do not. To maintain fairness, it is good practise to review these factors regularly and perhaps more frequently in time of economic change. The Trustees have since made a recommendation to the NEU on suitable factors to adopt going forwards.

 

The Trustees also considered the feedback of the recent webinars aimed at the Scheme’s Active membership body. The sessions were well attended with plenty of questions from listeners. The Trustees hope to be able to run similar events in the future and also considered the possibility of running an event for all members of the Scheme as has been done in the past.

 

Finally, the Scheme’s legal advisor confirmed that the project to create a consolidated set of Scheme Rules was nearing completion, with the final step being for Trustees to provide their comment with the view to finalising the Rules at the next Board meeting in September.