Clarification of The Sunday Herald article (14 June 2009) about the current review of the Society’s final salary pension scheme.
The final salary scheme was closed to new employees in 2002. Since then, eligible employees have been invited to join the Society’s defined contribution group pension scheme. A review of the final salary scheme is now at the consultation stage with those 46 members of staff who pay into that scheme. There are 37 former employees who are deferred members, i.e. they no longer contribute but made payments while employed at the Society, and 26 former staff members receive pension payments. The consultation closes in July 2009.
The pension consultation with staff is distinct from the wider, ongoing review of the Society’s operations and services.
Following on from the AGM in May, proposals for a reduced Practising Certificate fee will be put to members at the Society’s SGM in September.
Lorna Jack, chief executive said: “As the Society’s new chief executive I am committed to taking forward changes that will result from our on-going review of how the Society operates and the services it provides to its members. This started before my arrival but has been given more impetus since. I want to ensure that we bring about change so that the Society can meet the needs of the profession as well effectively regulate it. "