The Pension Board of Scottish Borders Council met on Monday, 22 September 2025, to discuss several items including the minutes from their previous meeting, the membership of the board, and succession planning. The meeting was scheduled to follow a joint meeting of the Pension Fund Committee and Pension Board. Councillor Julie Pirone, Pension Board - Scheme Employer Representative, was scheduled to attend the meeting along with Mr David Bell, UNITE - Scheme Member Representative.

Joint Meeting of Pension Committee and Pension Board

The Pension Board was scheduled to consider any issues arising from the joint meeting of the Pension Fund Committee and Pension Board.

At the previous meeting on 24 June 2025, attendees discussed a report considered at the Pension Fund Committee meeting regarding a request from 'Time to Divest', who sought disinvestment from companies involved in ongoing Israeli actions in Gaza. According to the minutes of the meeting, it was noted that pension specialists had advised members to take no further action, a recommendation they followed. It was highlighted that this decision was in the best interests of pension fund members and aimed to maintain optimal returns.

The minutes also state that clarification was sought regarding the deferral of proceeds by Blackrock, with official notification expected by 5 July 2025. The anticipated £95 million from disinvestment, originally expected by early July 2025, was likely to be delayed for two years. Attendees requested an update on this matter at a future meeting.

Succession Planning

Succession planning was listed as a standing item on the agenda. At the previous meeting, Ms Jill Murray, Pension Investment & Accounting Manager, advised that Mr Andy Todd had been appointed as an Independent Professional Observer. It had been suggested that a non re-elected Elected Member could potentially undertake a similar role. However, there were some initial concerns regarding the appropriateness of such an arrangement.

According to the minutes:

Attendees reiterated concerns that the Committee remained vulnerable to upheaval if there was a major change in the composition of the Committee following an election. That could result in substantial loss of knowledge and experience.

The item was scheduled to feature on future agendas to facilitate further discussion.

Membership of Pension Board

The board was scheduled to note the membership of the Pension Board following the appointment of Mr Ross MacNay. The membership of the board was listed as:

• Councillor Julie Pirone – Vice Chair (Scheme Employer Representative - Scottish Borders Council)
• Ms N McArthur (Scheme Employer Representative – South of Scotland Enterprise)
• Mr Ross MacNay (Scheme Employer Representative - Live Borders)
• Ms K Robb (Scheme Employer Representative - Borders College)
• Mr D Bell – Chair (Scheme Member Representative - Unite)
• Mr M Drysdale (Scheme Member Representative - GMB)
• Ms K M Hughes (Scheme Member Representative - Unison)
• Mr A Stavert (Scheme Member Representative - Unison)