The £12m pension pot deficit in Scotland’s Rural College accounts was expected following the Brexit referendum, according to a letter from the SRUC CEO Wayne Powell to the Parliament’s Environment committee. MSPs on the committee raised concerns about the large deficit when the SRUC presented its finances to them in December 2017.

The SRUC has submitted further details to clarify the reason for the actuarial loss, it states that Brexit has “had an impact on bond yields”. An updated pension position will be known following the next triennial valuations, expected in early 2018.