PENSION SCHEME SHADOW TRUSTEES MINUTES OF THE SECOND MEETING

21 October 1999

THURSDAY 21 OCTOBER 1999 AT 2.00 PM

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

In the Chair:Mr D Watson

In Attendance: Mr T Evans, Mr J Hamilton, Mr E Hobson, Mr D Millar and Mr T Sexton.

Apologies: Mr E McGrady, Mr C Murphy

1. MINUTES OF PREVIOUS MEETING

The minutes of the first meeting were accepted with one change; paragraph 10 - Tuesday 1 November should read Monday 1 November.

2. MATTERS ARISING

2.1 Tim Sexton advised that the process of agreeing the Statement of Investment Principles should follow the scrutiny of the draft Pensions Bill.

3. PRESENTATION OF THE SCHEME AND SCRUTINY PROCESS

3.1 Mr Hamilton provided an overview of the scheme design and benefits, the structure of the draft Bill and then took Members through the detailed provisions set out in Part A (A3), Part C - Part F and Part H.

3.2 Members agreed that this was a helpful way to proceed and agreed that Mr Hamilton should take Members through the remainder of the scheme's provisions at subsequent meetings.

4. ROLE OF THE GOVERNMENT ACTUARY AND SIZE OF THE PENSION FUND

4.1 Mr Sexton outlined his role as the Government Actuary and adviser to the Trustees which includes the provision of an Actutahoma report every three years and general advice on all aspects of the Pension Scheme.

5. TRAINING FOR TRUSTEES

5.1 Mr Hamilton reported that he had sought quotations from four companies to provide a one day customised training course for Members. It was agreed that Mr Evans should consult Mr McGrady and Mr Murphy and if they are content Mr Hamilton should then commission the company which had provided the best value for money bid. Tuesday 30 November was provisionally agreed as the day for the training event.

6. ANY OTHER BUSINESS

6.1 The following issues were raised:

• What happens if a Member died before the scheme had been introduced. Mr Hamilton and Mr Sexton advised that contributions would be deducted from their death gratuity.
• The need to align section F of the scheme with the salaries determination.
• The need to provide Members with a booklet setting out the main provisions of the scheme.
• The transfer value for Members transferring in or out of the scheme is a very important issue.

6.2 It was agreed that Mr Hamilton should prepare a paper setting out the main provisions where Members will have to make a judgement before the drafting of the Bill can be finalised.

7. DATES OF FUTURE MEETINGS

7.1 Monday 1 November at 2.00 pm and Tuesday 16 November at 2.00 pm. Tuesday 30 November was provisionally agreed as the day for Trustee training (10.00 am - 4.00 pm).

7.2 It was agreed that the Pension Trustees should meet in private 2.00 - 2.30 pm at the next meeting on Monday 1 November.

TOM EVANS