Issue - meetings

39.1     The Board considered a report on the Pension Board Insurance Arrangements.

39.2     The Chair explained that although the Board did not take decisions, it could still be considered negligent if it failed in its duty to report breaches of the law to the Pension Fund Regulator. However, only two of 89 pension boards had so far opted to acquire an insurance premium to cover potential liability. He recommended that the Board defer this recommendation to the Committee until such time as more pension boards had opted for the insurance premium.

39.3     SM observed that as only Aon Risk Solutions was offering this insurance policy, the value of the asking price could not be verified against a market average. This made it more prudent to wait until the market matured.

39.4     The Board RESOLVED to:

1) note the report; and

2) defer the recommendation to the Pension Committee to approves the Pension Board Insurance premium for payment until the next meeting on 26 June 2017.