Minutes of Proceedings

Session: 2012/2013

Date: Tuesday, 26 February 2013

The Chairperson welcomed the representatives from Deloitte to the meeting and handed over to Mr Sutherland who delivered a short training on 'Investment Manager Selection'.

Mr Wells joined the meeting at 9.55am

Mr Dallat left the meeting at 10.05am - meeting inquorate

1. MINUTES OF PREVIOUS TRUSTEES MEETING

As the meeting was inquorate the minutes of the Trustee meeting held on 25 September 2012 would be agreed by correspondence.

Action required:

• Pensions Team to seek agreement of minutes by correspondence
• Agreed minutes to be uploaded to website (Pensions Team).

2. STANDING ITEMS

Risk Register

The Trustees noted that there has been no change to the risk register since the last meeting.

Conflict of Interest

The Trustees were informed that an opportunity would be allowed at the start of each meeting for them to declare any conflict of interests. This is a recommendation arising from the recent Internal Audit.

3. MATTERS ARISING

Scheme Rules Review - update

The Trustees noted that the revised Scheme Rules have been printed and are now available on the website and on request from the HR Office.

The explanatory booklet has been updated and issued to all scheme members for information.

Investment Manager Tender – update

The Trustees were informed that stage 1 of the Investment Management Tender process has closed and that 17 responses have been received.

The Trustees noted that Mr Wells has withdrawn from the evaluation group after declaring a conflict of interest. Mr Dallat has replaced Mr Wells on the evaluation group.

The evaluation group are due to meet on Friday 1st March to score the bids before inviting up to 5 bidders through to stage 2 of the competition.

The Trustees also noted that the contract with M & G has been formally extended until May 2013.

Review of Actuarial Factors

This item has been deferred until the next meeting for consideration as the meeting was inquorate.

Annual Report and Accounts 2011 – 12

The Trustees noted that the Annual Report & Accounts 2011 – 12 has been laid before the Assembly. A copy of the accounts has been distributed to all scheme members and is available on the Assembly website.

4. ANY OTHER BUSINESS

Approval of Pensions

As the meeting was inquorate approval of new pensions for 2 former members will be sought by correspondence.

Action required:

• Pensions Team to seek approval of new pensions by correspondence

5. DATE OF NEXT MEETING

Tuesday 21st May 2013 at 9.30am

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