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Thread: Hand grenade thread to ponder

  1. #1

    Default Hand grenade thread to ponder

    So apparently the Councillors of our beloved Highland Council are considering using the workforce Pension Fund to generate work projects in and around the Highlands, or at least I think I heard this on the news but I might of been having a nightmare? now given their history of never getting a project done on time and to budget is this a recipe for disaster or a way out of the slump thats already here and only to get worse------discuss
    Oedipus was the first man to plug the generation gap

  2. #2
    Join Date
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    So do you mean they are going to use the funds in the pension scheme to generate work projects? If so then they are basically out on a limb. Those funds should be properly invested to ensure that workers in their retirement years get what they are entitled to in full. Diverting those funds will cost the fund a small fortune. Maybe (hopefully) you misheard.

  3. #3
    Join Date
    Feb 2008
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    Wick
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    Does anyone know were the Highland Council pension pot sits?
    A man who fears suffering is already suffering from what he fears.

  4. #4

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    Have a look at the P and J on 30th Jan, so sadly it wasn't a nightmare.
    Quote Originally Posted by Shaggy View Post
    So do you mean they are going to use the funds in the pension scheme to generate work projects? If so then they are basically out on a limb. Those funds should be properly invested to ensure that workers in their retirement years get what they are entitled to in full. Diverting those funds will cost the fund a small fortune. Maybe (hopefully) you misheard.
    Oedipus was the first man to plug the generation gap

  5. #5
    Join Date
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    Wick, Caithness
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    1,646

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    The Highland council Pension fund is approaching 2billion and has many investments.

    Pension Funds tend to be very conservative in making investment decision and use expert adviser companies.

    It has long been talked about that these fund could be used for investments in Highland rather than helping companies in other areas via the stock market or in lending via different means.

    A number of Highland councillors sit on various committees connected to the pension scheme and there are adviser and audit firms employed to oversee that everything is safe.

    Annual accounts and reports are published each year and I suggest read over the latest 2018/19 will supply answers to many questions regarding the scheme and what it might do.

    Some impetus to do more with the pension scheme could come from the fact that it looks likely that Scottish Government is to reduce capital grants to councils and other public bodies by one third.

    Pension funds could be used to fund safe projects like school and others where the council instead of borrowing elsewhere borrows from he Pension fund and makes repayments. This might help schools or housing projects and still ensure the money to the pension fund was not at much risk.

    The Highland council pension fund is also used by quite range of other bodies as shown in the accounts -
    Admitted & Scheduled Bodies with Active MembersAdministering AuthorityThe Highland Council (also Scheduled Body)
    Scheduled Bodies(specified in legislation as participating in the HCPF)
    The Highland Council
    Comhairle Nan Eilean Siar
    Highland and Western Isles Valuation JointBoard
    Scottish Fire & Rescue
    Highlands of Scotland Tourist Board
    Western Isles Tourist Board
    HITRANS
    Inverness College
    Lews Castle College
    Scottish Police Authority
    Scottish Police Service Authority
    The North Highland College

    Admitted Bodies(have applied and been accepted to participate in an LGPS fund under the terms of an‘Admission Agreement ‘)
    Bord Na Gaidhlig
    An Comunn Gaidhealach
    Cromarty Firth Port Authority
    Eden Court Theatre
    Forth & Oban Limited
    Hebridean Housing Partnership
    Highland Blindcraft
    Highland & Islands Enterprise (HIE)
    Highlife Highland
    Inverness Harbour Trust
    Morrison FM
    NHS Highland
    Skills Development Scotland
    Stornoway Port Authority
    University of the Highlands & Islands
    Sight Action
    WIPRO Holdings (UK)

    Security of pension
    The rules of the Local Government Pension Scheme (LGPS) for Scotland are set out in law. This means that benefits are safe, secure and fully guaranteed. The scheme provides members with a future income, independent of share prices and stock market fluctuations.

    See the full 2018/19 accounts at https://www.highlandpensionfund.org/...l-approved.pdf

    A look at a set of minutes from from the Pension Board will show anyone interested what happens with investments and what decision are bing take over the year. See the minutes from the meeting on 8th February 2018. https://www.highlandpensionfund.org/...c0-8-02-18.pdf

    The funding strategy can be found at https://www.highlandpensionfund.org/...-statement.pdf

    Check back if you can get through it all and there is plenty more - not for the faint hearted.

    And the question of whether to use some funds to invest in projects would have to go through a lot of checking legal and other wise to ensure the money was safe on behalf of the members of the pension scheme. If this can be assured then it would seem to make sense to use some of the funds to build assets in the Highlands that would see a return. By investing in the Highlands with pension funds those assets created also create employment and help local businesses.
    Last edited by Bill Fernie; 20-Feb-20 at 15:10.

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