Correspondence between Scottish Government and pension providers regarding issuance credit (loans) on a sixty year term: FOI release

Information requested

You asked for “Data that does display communications took place between 2009-2011:

1. Document confirms the loan term were sixty years?

2. That at the end of the loan term the homes (assets) built from that issued credit would revert to ownership of the organisation that sought the credit (debt)?

3. What interest rate was offered?

4. The offer from any pension provider ever discussed any organisation outside Scottish Government?

Provide a list of all organisations involved, include the pension fund?

4.1. What was the outcome of those discussions?

5. What were the terms of the credit. E.G., if an organisation defaulted what would be the penalty? “

Response

The answer to your question is that we hold some of the requested information. Discussions between the Scottish Government and Social Housing Partners Ltd between 2009 and 2011 on the use of 50 year funding from pensions through Aviva took place. Aviva had delegated development of this model of funding to Social Housing Partners Ltd to pursue. The Scottish Government decided not to proceed with this proposal. This proposal did not leave initial discussions and no offer of loans were made. In response to your specific questions:

1. The proposed term of finance for development of the model was 50 years. A period of 60 years was also evaluated.

2. As no specific terms were discussed, we do not hold this information. This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested.

3. As no specific terms were discussed, we do not hold this information. This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested.

4. As no offer was made, we do not hold this information, however development of the model involved Social Housing Partners Ltd and Aviva. This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested.

4.1. As no offer was made, we do not hold this information, however the Scottish Government decided not to proceed with developing the model. This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested.

5. As no specific terms were discussed, we do not hold this information. This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested.

About FOI

The Scottish Government is committed to publishing all information released in response to Freedom of Information requests. View all FOI responses at https://www.gov.scot/foi-responses.