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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 24 September 2025
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Displaying 1734 contributions

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Finance and Public Administration Committee

National Care Service (Scotland) Bill: Financial Memorandum

Meeting date: 25 October 2022

Michelle Thomson

I have a quick supplementary on the pension schemes. Perhaps I do not understand the situation correctly, but I think that the existing schemes are defined benefit schemes rather than defined contribution schemes. Is that right?

Finance and Public Administration Committee

National Care Service (Scotland) Bill: Financial Memorandum

Meeting date: 25 October 2022

Michelle Thomson

I fully accept that.

Finance and Public Administration Committee

National Care Service (Scotland) Bill: Financial Memorandum

Meeting date: 25 October 2022

Michelle Thomson

Correct. I absolutely agree with you. My point is that, in getting to the detail around the financial memorandum, given that we are talking about defined benefit pensions, the liability for which will lie with whoever takes them on, getting those costed up would be a pretty big consideration. That liability consideration is a worry for every defined benefit pension scheme, so the transfer of that liability might be quite beneficial, but that is a minor point.

Economy and Fair Work Committee

Trade (Australia and New Zealand) Bill

Meeting date: 5 October 2022

Michelle Thomson

I suspect that this has already been covered, but is part of your concern about getting this on the record now that, even if the power were to be subsequently changed a year down the road, it establishes a precedent that could be used for other potential disbenefits in similar trade deals, given the GDP figures that you outlined at the start of your statement?

Economy and Fair Work Committee

Procurement Bill

Meeting date: 5 October 2022

Michelle Thomson

I appreciate what you have outlined about engagement behind the scenes and at official level. Have any discussions taken place in either of those ways about the breadth of powers and about specific examples? Can you give any more colour to that?

Economy and Fair Work Committee

UK Infrastructure Bank Bill

Meeting date: 5 October 2022

Michelle Thomson

It may be that this question should live with the Public Audit Committee, but have there been any discussions about how moneys that are spent by the UK Infrastructure Bank will be actively scrutinised, audited and aligned with the national performance framework, given that the Scottish Government is responsible for outcomes?

Economy and Fair Work Committee

UK Infrastructure Bank Bill

Meeting date: 5 October 2022

Michelle Thomson

I highlight the issue because of the suggestions of an MOU and a representative who will consider the proactive, up-front aspirations in various areas. However, I am also thinking about the reactive scrutiny element in relation to value for public money. Those are the two sides to the coin. However, you can come back to us on that.

Economy and Fair Work Committee

Procurement Bill

Meeting date: 5 October 2022

Michelle Thomson

I have the same general observation that I relayed in the earlier session about how scrutiny will be undertaken and how there will be alignment with our priorities—in terms of fair work, conditionality or gender fairness—both proactively and up front and reactively in terms of value for spend and alignment to the national performance framework. That is my first question.

My second question is that it would be helpful for me—and would make your concern live—if you could outline some practical examples of where the fact that the powers are too broad would be a concern in procurement processes.

Economy and Fair Work Committee

Procurement Bill

Meeting date: 5 October 2022

Michelle Thomson

To go back to my first point, we covered this in an earlier session, but what was said then will belong in a different record. Will the discussions include any consideration of how procurement and the enactment of this bill will align directly with the national performance framework? I call your attention to the fact that the Finance and Public Administration Committee has asked that the UK Government has cognisance of this, because there are specific measurable outcomes that the Scottish Government will be measured against, even if it is not directly linear—we appreciate the complexity of the budget. Has any consideration been given to that or is that an additional area of concern for you?

Finance and Public Administration Committee

Public Finances 2023-24 (Impact of Cost of Living and Public Service Reform)

Meeting date: 4 October 2022

Michelle Thomson

You have talked eloquently about last week’s pretty disastrous fiscal event. Arguably, too many people in politics and perhaps even the media were too hasty to view the wider economic landscape through the prism of London. That often happens. However, that budget and fiscal event talks to a culture, perhaps, of risk taking. We saw that with defined benefit pensions, where liability lies with the providers. Today’s Financial Times reports some statistics on the dwindling investment of UK pensions in the domestic stock market. The article says:

“as recently as the mid-1990s, pension funds allocated just under half their assets to UK equities, a figure that has fallen to under 15 per cent.”

It goes on to say that the type of pension schemes that, last week, were

“caught up in the liquidity squeeze ... allocate just 3 per cent of assets to UK equities.”

Frankly, it is not a good sign that long-term patient capital vehicles are reluctant to invest in their home turf and the alignment of that. That strikes me as a business opportunity for Scotland whereby you signal a prudent approach, aligned with the Scottish National Investment Bank with long-term patient capital. Are you able to commit that, with regard to all funding towards the Scottish National Investment Bank, and, indeed, in relation to long-term patient investment capital, you will do all that you can to protect that and perhaps even increase it? It would be good if Scotland were seen as a place for some of these defined benefit schemes to invest, where they are not going to invest elsewhere.