Employer update
Here’s a link to an employer update about the Scheme governance project.
You will find new updates for participating employers here
Lock-in rule extension
The employer ‘lock-in’ rule prevents employers from ceasing to be a Participating Employer of the Scheme without Trustee consent while the rule is in place. The Trustee and the Constituent Organisations have recently agreed to extend the employer lock-in rule by 12 months to 30 June 2023. A new Deed of Amendment to formalise the…
Governance Changes
The Trustee, the two employer trade associations (SNIPEF and APHC) and Unite the Union would like to thank everyone who sent feedback on the governance change proposals. We have reviewed all the feedback received and considered whether the original governance change proposals remain appropriate. Some people sent questions, which we have answered in the this…
Petition
The Court has granted the key orders sought in the Trustee’s Petition. The court opinion brings to an end a long period of uncertainty and means the Trustee can move forward in pursuing unpaid employer debts, deal with any litigation that arises in connection with section 75 matters and continue to manage the Scheme to…
Changes to Statement of Investment Principles
The Trustee’s investment approach is outlined in the Statement of Investment Principles (SIP), which is regularly reviewed and updated. Following advice from the Scheme’s investment consultant, the Trustee recently agreed minor changes to the Scheme’s SIP. The new SIP can be seen here and the changes to the SIP can be seen here. Employers are invited…
Employer update
An employer news update was sent out this week. In the newsletter you can read about the latest funding and investment updates and other Scheme news.
Governance Review
We’re delighted to launch a consultation about changes to the Scheme’s governance structure. Our objective is to establish a transparent and efficient decision making structure which has clear lines of communication and avoids conflicts of interest. None of the proposed changes affect the benefits members have built up in the Scheme, but they will affect…
VAT invoices update
Owing to the Scheme’s closure to future benefit accrual on 30 June 2019 we have been reviewing how VAT is apportioned to employers. Please send feedback by 15 November 2021. The Scheme is intending to issue the VAT invoices for the 19/20 Scheme year in December 2021. You can find more information here.
Petition to Court update
The law requires the Trustee to pursue the section 75 employer debts due from employers who have not paid up. The Trustee has petitioned the Scottish Courts to provide directions. Last week the court issued a note to explain its reasons for declining to give directions to the Trustee’s petition at the current time. The…
Employer update
An employer update was sent out this week. In the newsletter you can read about the actuarial valuation, petition to court and other news.
