Minutes of Proceedings

Session: 2013/2014

Date: Tuesday, 21 January 2014

1.    MINUTES OF PREVIOUS TRUSTEES MEETING

The minutes of the Trustee meeting held on 24 September and 10 December 2013 were agreed.

Action required:

  • The minutes of 24 September are to be uploaded to Assembly website (Pensions Team).

2.    APOLOGIES

3.    STANDING ITEMS

Risk Register

The Trustees noted that there were no amendments to the risk register. Trustees also noted that the Risk Register is being reformatted to match the Corporate template, a draft of which will be distributed when completed.

Conflicts of Interest

The Trustees confirmed that there were no conflicts of interest to declare for this meeting.

4.    MATTERS ARISING

Draft Conflict of Interest Policy

The Trustees agreed the Conflict of Interest Policy

Investment Manager Tender – update

The Trustees were informed that the competition has concluded and a successful supplier selected.  The evaluation panel have selected M&G Investments to continue to provide Investment Manager Services to the Scheme. 

Annual Report and Accounts 2012 – 2013 - update

The Trustees were advised that a final copy of the report and accounts will be issued for approval prior to being printed and laid before the Assembly.

Action required:

  • Final copy of Annual Report & Accounts 2012 – 13 to be issued to Trustees for approval (Pensions Team);
  • Annual Report & Accounts to be printed and laid before the Assembly (Pensions Team);

Administration Agreement

The Trustees were informed that the administration agreement approved at the last meeting has been signed by the Commission and is now in operation.  The Pensions Team will report annually on their performance against the standards in the agreement.

Review of Investment Manager Performance 

The Trustees considered M&Gs response in relation to the Recovery Fund. 

Pension Sharing on Divorce

The Trustees noted that the Pensions Team is reviewing a draft amendment to the AMPS rules from Eversheds and will distribute a copy to Trustees for approval as soon as possible. GAD have confirmed that no new actuarial factors will be required.

5.    REVIEW OF INVESTMENT PRINCIPLES

The future strategy was discussed with Alex Spooner from M&G Investments and Matt Gurden from GAD.

Action required:

  • GAD to prepare a paper on the proposed options for the next meeting

6.    ANY OTHER BUSINESS

AMPS Internal Audit Review

Trustees noted that the assurance level was raised to ‘substantial’ after a follow up audit carried out in November 2013 found that all recommendations had been satisfactorily implemented.

Service Level Agreement with GAD

Members noted that GAD have amended the current SLA to permit IFRP to request (and pay for) any calculation work that they require.

If there is any potential conflict of interest, GAD will notify the Trustees.

New Pension

The Trustees approved a pension in respect of a former member.

Agenda Items

A number of agenda items were put forward for the next meeting.

7.    DATE OF NEXT MEETING         

Tuesday 6 May 2014 at 9.30am

8.    TRUSTEE TRAINING SESSION

The Trustees received a short training session on monitoring Investment Manager performance delivered by Mark McClintock from Deloitte.

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