The Trustees met to primarily discuss the ongoing Actuarial valuation, the first full valuation of the merged Scheme. The Scheme’s covenant advisors confirmed the capacity of the Union to support the Scheme going forwards remains good. The Trustees also considered the Union’s response to the initial valuation results and agreed a planned response, confident a positive final position can be reached ahead of the statutory deadline at the end of 2023.

 

The Scheme’s legal advisor confirmed a first draft of the consolidated set of Scheme Rules was now being reviewed by the Scheme’s other advisors with any necessary revisions to be made over the coming months along with the progress being made with an updated member booklet, it is the intention both documents should be available to members through the website in early 2024.

 

Finally, the Trustees considered the policies and eligibility criteria surrounding Member Nominated Trustees, with the longer-term intention of providing any required support to the Union when the next elections are held.