PENSION SCHEME SHADOW TRUSTEES MINUTES OF THE FIRST MEETING

12 October 1999

TUESDAY 12 OCTOBER 1999 AT 2.00 PM

Present:Mr G Campbell
Mr D McClarty
Mr E McGrady
Mr C Murphy
Mr D Watson

In Attendance:Mr T Evans, Mr J Hamilton, Mr D Millar.

1. APPOINTMENT OF CHAIRMAN

Mr Watson was appointed chairman, proposed by Mr Campbell, seconded by Mr McClarty and carried without division. Mr McGrady was appointed vice-chairman, proposed by Mr McClarty, seconded by Mr Campbell and carried without division.

2. OPERATING ARRANGEMENTS

The Trustees agreed on a quorum of three Members and that the Group would operate by consensus, meeting initially on a weekly basis then moving to fortnightly meetings.

3. SECRETARIAT SUPPORT

It was agreed that initially Assembly staff from Mr Millar's directorate would provide secretariat support.

4. APPOINTMENT OF INTERIM ADVISERS

It was agreed that the Government Actuary's Department (Mr T Sexton) should continue to act in the role of Actuary and adviser to the Trustees and Mr McCartney, Departmental Solicitor's Office, to provide legal advice as required.

5. MEETING WITH TRUSTEES OF THE HOUSE OF COMMONS SCHEME

The Trustees agreed that a visit should be arranged to coincide with the December meeting of the Westminster Trustees.

6. TRAINING FOR TRUSTEES

It was agreed that Mr Hamilton should arrange for the provision of a customised in-house training course taking account of arrangements in Scotland and Wales.

7. DRAFT PENSIONS BILL

Mr Sexton to be invited to the next meeting to take Members through the main provisions of the latest draft of the Pensions Bill.

8. FORWARD WORK PROGRAMME

Trustees agreed that the process of appointing an investment manager was an immediate priority. Mr Sexton to provide the necessary support including the preparation of a statement of investment principles.

9. DATES OF FUTURE MEETINGS

Tuesday 26 October at 2.00 pm; Monday 1 November at 2.00 pm; Tuesday 16 November at 2.00 pm and Tuesday 30 November at 2.00 pm.

TOM EVANS