Issue - meetings

The Committee had before it a report by the Director of Resources which provided details of the termination of First Aberdeen from the North East Scotland Pension (NESPF) with effect from 31 October 2023.

Members heard from officers in respect of the report and asked a number of questions.

The report recommended:-

that the Committee –

(a)      note that First Aberdeen have ceased to participate within the NESPF with effect from 31 October 2023;

(b)      note that the scheme actuary will calculate the final surplus exit credit in line with the requirements of the Local Government Pension Scheme (Scotland) Regulations 2018; and

(c)      delegate authority to the Chief Officer – Finance, in consultation with the Interim Chief Officer – Governance, to sign off the final calculated surplus exit credit amount for payment to First Aberdeen.

The Committee resolved:-

(i)       to thank Mr Ian Hodgson, First Group, for his participation and helpful questions and contributions during his time on the Pension Board; and

(ii)       to approve the recommendations.