The fund came into existence on 1st August, 1964

Trustees Peter Cabrelli, Convener (2012); Mairi Stewart (Court); Reg Gavine* (2012)
Iain McDevitt* (2015); Moira McHugh* (2016); Prof Ron Piper (Court);
Bill Blyth [Retired trustee ] (2012) and Derek Watson (Court).

Past Staff Trustees
Bill Blyth {Technical Constituency} (1972-2007)
Gordon Dickson {Manual Constituency} (2005-06)
Ian McLaren {Retired Constituency} (2002-05)

Past Convenor's
Gordon Curruthers; Alastair McIntyre

Secretary to the Trustees Lisa Harley from 2005

*member nominated trustee and their date for re-election.


The Board of trustees meet again on 26th January, 2012

The Board of trustees met on 4th October, 2011 in Edinburgh as guests
of Baillie Gifford one of our investment managers.
A meeting with the new advisers Aon Hewitt went extremely well and the transfer
to them from Towers Watson was proceeding well. It is a long process and seems
likley to end around April/May by which time the data will all have been verified
and checked. In the meantime the monthly payment to pensioners will continue
to be paid by Towers Watson with Aon Hewitt taking this over in April 2012.
The fund has been hit with yet another recession but hopefully some solutions
will be found to put the world back on course once again.

The sub-committee met on 22nd August to interview the 4 applicants who wish to become
the next advisers to the Trustees.

The Board of trustees met again on 20th June, 2011
It was agreed to proceed with a review of the trusts advisers and to this extent
a meeting took place on 19th July to draw up a shortlist and arrangements put
in hand for the 4 chosen to attend interviews on 22nd August.
Lazrds one of our three investment managers attended to explain why their
fund is currently under performing. They advised their current situation of
under performance would likely continue for approx another 18 months.
Whilst this is not good news their performance up to this current problem
had been excellent, so the trustees expressed their concenrn and agreed to
keep the situation under review as both the other funds particularly Baillie
Gifford continued to out perform.

The Board of trustees met on 31st January, 2011
The increase in the retired members pension from 1st April, 2011 will be 4.6%
with the exception of that pension earned since 1st April 2006 to retiral which
will be the max of 2.5%
Baillie Gifford atteneded and in general both their funds with them are out performaing
The annual review to staff and retired members was finalised ready to be sent out
in early February. Whilst the fund in the report shows a deficit of £26M at the time
of this meeting it was estimated to be around £18M showing the trustees recovery
plan to be progressing


The Board of trustees met on 10th October, 2010
The continued discussions on the USS scheme details of which were to be
circulated to all the academic staff at the start of a 3 months consultation
period. It did seem obvious if the USS did give in to the academic unions
proposals the liklihood of further finanical reviews would seem inevitable
given the deficit was very large.
On the Consumer Price Index [CPI] is lower than the RPI the fund is still
commiteed to make payments to it retired members on the RPI figure and the
Final Salary is still in place.
The Schreodor's manager attended to give the trustees the latest update and
how they see the next two/three years unfolding.
A long running case for a member who had died after leaving the university seemed
likely to be resolved shortly.
It was reported that Iain McDevitt has been elected unoppesed to serve until
July, 2015.

The Board of trusttes met on 18th June, 2010
There are no in place conflicts of interest that ALL the trustees must declare and
update.
All the admin of our Scheme has been transfered to Leeds and whilst there have
been a few problems most should be dealt with in the near future.
The review of the academic scheme was underway and it was clear there were
differences between the USS and the academic trade union UCU.
Whilst we are still in deficit the overall funding level had increased from c62% to
c72%
The covenant which is a way of protecting the funds remains strong.

Board of trustees will met on 15th February, 2010
The appeals process to remian a 2 stage process but reduced fromn 6 to 3 months
Trustees to declare any conflicts of interest
Issue of an Independant Trustee put on hold

January, 2010 - Announced that Watson & Wyatt had joined up
with Tower Perrins to form a new partnership to be called
Towers Watson

Board of trustees special meeting took place 2nd December
It was agreed a sub-committee consisitng of Derek; Peter and Reg
would attend a meeting on 18th January, 2010 in Edinburgh with
Watson & Wyatt to discuss the options following the result of the
3 year review indicating there was now a larger deficit than in 2006.

Board of trustees met on 30th September, 2009
There was nothing major to report other than the triennial review is awaited
and a special meeting was arranged for December to look at the outline.
The universities had increased their contribution into the USS fund for
academic staff by 2% raising the employer's contribution to 16%

Board of trustees met again on 13th May, 2009
Deputy Convenor, Professor Ron Piper was appointed to this new post.
The full acturial review is due on 31st July, 2009.
The trustees noted the empolyers covenant was still strong but agreed to keep it
under review.
It was agreed as part of the trustee training programme all trustess needed some
background training on the Scheme Rules.

Board of trustees met again on 10th February, 2009
Th current investments are still being badly effected like all other pension funds and
it was felt necessary to look at our commitment to Baillie Gifford following their
presentation and the investments sub-committee was ask to look at other
alternatives. Watson Wyatt introduced their OneMeeting project which will in the
future allow the trustees to see all the past and current paperwork on-line.

Board of Trustees met on 1st October, 2008
As part of the ongoing training of Trustee all had been asked to complete module 5
of the Regulator's online training programme so that module 6 could be dealt with
at this meeting.
The first ill-helath early retirement since the new way of handling these was put in
place was approved.
Retired members had sought to have a yearly meeting but what was suggeted in
May was an AGM for both current/retired members to attend but when this was raised
by Mr Blyth no other trustees now supported the idea.
A meeting had taken place with Baillie Gifford and their progress would be monitored
but the other fund managers were performing well despite the current problems.

Board of Trustees will met on the 26th May, 2008.
The trustees agreed it was not the time to introduce an independent trustee but to
keep the issue under review.
Agreed a meeting with Baillie Gifford should be arranged to discuss their current
performance.
The trustees agreed to monitor the universities convenant with the Board of
Trustees.
All the trustees were asked to complete up to module 5 of the Regulator's e-learning
on-line training programme so module 6 could be dealth with a the next training
session in October.

Board of Trustees met on the 5th February, 2008. Mr Blyth welcomed as the
Pensioner trustee until 31st July, 2012. Investment sub-committee agreed to
recommend replacing the tracking fund with Schroders. The PaySave option was
to be put to a vote of members, if implemented a substantial amount could be
added to the fund from both employee and employer savings. Pensioners
request for yearly meet might best be met by holding an AGM which would
be for pensioner and current members. Baillie Gifford attended to give their
yearly update on their funds performance.

Board of Trustees met on the 8th October, 2007
Reg Gavine welcomed as the new technical constituency trustee and
Mr Blyth was thanked for his 35 years as a trustee . Sub-committee
of the Trustees travelled down to London 31st July to meet with Blackrock;
Schroders; Goldman Sachs and Pimco to resolve who to choose to replace the
tracker fund. The outcome was a further meeting with Schroders and Pimco was
to take place. At 30th September fund valued at £47 million.

Board of Trustees met on the 8th May, 2007
Staff who as a result of assimilaition into the Framework who now find themselves
in Grade 6 have 6 months to decide is they wish to stay in the local scheme or
transfer to the USS. This also applies to any current sppeals. New staff will in
the future have a retirement age of 65 current staff have the option of retiral at
age 60 with no actuarial reduction.
The Pension Regulator accepted our plan for recovery with some comments that
could be fully justified.

Board of Trustees met on the 9th October, 2006. Agreed Ian McDevitt's period of
office will be to 31st July, 2010. Details on the effect of the Framework Agrrement
would impact on the scheme. Grades 1 to 5 would be in S&LAS and Grade 6 and
above would be in USS with certain exceptions. A new Grade 6 appointments
would automaticaly join the USS. Staff on assimilaition to Grades 6/7 would have
6 months to decide if they wanted to transfer to the USS. Spouce's pension to be
50% of member's and if death within 5 years the full pension outstanding is to be
paid. The trustees met again on 1st December to consider the actuarial report
which showed the funding level was now at 83%

Board of Trustees met on the 9th May, 2006.

Board of Trustees met on the 24th January, 2006. Ron Piper to be new employer
trustee replacing Alaistair Work, following approval at the February Court meeting.
Still no replacement for the vacant Retired member trustee. The scheme actuary
now Neil Puxley. Susan Gostick and Jonathon Overland reported on the Lazards
Global Investment fund.

Board of Trustees last met on the 4th October, 2005. It was announced that
Ian McLaren had resigned and a new retired members trustee would have to be
found. It was also intimated that Alastair Work would be leaving the university
at the end of 2005.

Board of Trustees last met on 24th May, 2005 and received a report from Schroder's
one of our fund managers. However following the report from the special sub-committee
set up in January which recommended changes to the way the funds were split to the
investment managers it was agreed that Schroder's would be dropped in favour of a
new manager namely Lazards.
On the implications of the framework agreement existing staff could remain in the
current local scheme, the cost of a transfer would be prohibitive however new staff
would go into USS if they acceded the appropriate point in the pay scale yet to be
agreed. The next meeting is scheduled for the 4th October, 2005

Board of Trustees last met on 20th January, 2005 and received a much more encouraging
report from Baillie Gifford one of our fund managers.The fund now stands at a little under
£32 million a big improvement on the past, but still to early yet to report all is well.The equity
investments traditionally 55% UK and 45% overseas will be further examined to see if
performance returns could be improved. It was noted Gordon Dickson's period of office
would be up at 31st July, 2005, thus requiring issueing notices to members to seek
nominations, Gordon is of course eligible to re stand.

Board of Trustees last met on 4th October 2004 and received a detailed report from our
Investment Managers at Legal & General.The trustees noted the appointment by
Court of Peter Cabrelli as Convener.The Trust deeds and rules were being updated.
The trustees will next meet is on 20th January 2005.

Board of Trustees last met on 19th May and received a detailed report from our
Investment Manager from Schroder's.
As it was Alasdair MacIntyre last meeting the trustees thanked him for all his hard
work in what has been a difficult four years. The Court will shortly announce
Alasdair's successor to serve from 1st August, 2004 Board of Trustees met on
27th January, 2004 when they received a report from Baillie Gifford one of their
investment mangers. Contribution rates from 1st February, 2004 Employer 20.23%
and Employee 7.77% giving a joint funding rate of 28%Current ratio of funding
13/18ths (employer) and 5/18ths (employee) agreed by the unions summer 2002.
Whilst so far this formula has been used to increase contributions it will also be the
one to reduce contributions when the fund is in surplus.

Secretary to the Trustees Sharon McRobbie (resigned from 24/08/05)