Pensions Advisory Group (PAG)

Purpose

To provide, on behalf and from the perspective of Court as the formal employer, guidance and challenge to the Executive, recognising the inherent conflict of interest for staff, in relation to pensions issues, in the development of the University's position for strategic pension scheme decisions relating to all current schemes across the University and for where alternative pensions provision may be required.

Remit

To provide oversight to Court in relation to pensions made available to staff by the University.

Responsible for:

Universities Superannuation Scheme (USS)

• As part of the triennial actuarial review, receive any consultation materials submitted by USS, UUK or any other party (e.g UUK Actuaries)
• Oversight of any consultation with scheme members arising from the valuation process
• Oversight of any consultation between the University, UUK & USS and liaison with Trade Unions as appropriate
• Oversight of and guidance on the development of any employer response to any consultation; approval authority rests with University Court given expected levels of materiality
• Oversight of any debt monitoring or any other regulatory requirements arising from revised scheme design

University of Aberdeen Superannuation & Life Assurance Scheme (UASLAS)

• Review of the triennial actuarial review completed by the UASLAS Trustees
• Oversight of any consultation with scheme members arising from the valuation
• Oversight of and guidance on proposed major changes to scheme or benefit design to be recommended to the Court
• Delegated powers to approve minor changes to scheme rules

Composition and Quorum

Convener:

• An Independent Member of Court

Membership:

• A further independent member of Court and two staff members, ensuring inclusion of pensions and industrial relations issues.
• A member of Senior Management Team (SMT), by nomination of the Principal.

In Attendance:

• Director of People
• Assistant Director of Finance (Financial Accounting)
• University Secretary

Quorum:

50% of members (including Convener)

The advisory group may co-opt external specialist advice or members with the agreement of Governance & Nominations Committee.

Membership

Convener:

• O Thoresen

Membership:

• L Halliday
• O Cox
• D Skatun
• M White

In Attendance:

• D Dyker
• C Sherrit
• T Slaven

Reporting Line and Interface with Other Committees

• Formal reporting line: Court
• Interface with other Committees: Provides reports to SMT as required

Frequency and Timing of Meetings

• Three meetings per Academic Year

Publication of Papers

• Agenda and papers issued to Committee members and formal attendees only