Minutes of Proceedings

Present: 
Mr D McClarty 
Mr T Lunn
Mr J Dallat

Apologies:
Mrs M O’Neill 
Mr J Wells

In the Chair: 
Mr D McClarty

In attendance: 
Ms Sinead Lappin, Mr W Long, Mr A Kennedy

1. MINUTES OF PREVIOUS TRUSTEES MEETING

The minutes of the Trustee meeting held on 18 May 2010 were agreed.

Action required:

• Pensions Team to arrange for upload of minutes of 18 May 2010 to the Assembly website.

2. STANDING ITEMS

Risk Register

The Trustees agreed that there were no further areas of immediate concern other than the issue of Trustee training.

Action required:

• Pensions Team to contact Trustees to arrange training during summer recess.

3. MATTERS ARISING

Scheme Rule Changes

The Trustees were advised that the Pensions Team will continue to investigate options for the provision of specialist advice as to how this could be done and that there would be a further progress report at the September Trustee meeting.

Action required:

• Pensions Team to further investigate options for the provision of specialist advice in relation to the Scheme Rules amendments and report back at next meeting.

Extension of Investment Manager Contract

The Trustees noted that the Procurement Office will arrange for the contract with M&G for Investment Management services to be extended until November 2012, under the existing terms.

Pensions for Children

The Trustees were advised that an application has been received and is being processed.

Attorney General for Northern Ireland – pension arrangements

The Trustees noted that the Assembly Commission has agreed that the Scheme Rules will be amended to admit the Attorney General to the AMPS.

4. ANNUAL REPORT AND ACCOUNTS 2009 - 10

The Trustees considered and approved the draft annual report and accounts for the period 1 April 2009 – 31 March 2010.

Action required:

• The Pension team to forward report to the Northern Ireland Audit Office.

5. M & G QUARTERLY REPORT

The Trustees were provided with a copy of the M & G Quarterly Report for information. A copy of an e-mail from Alex Spooner, M & G Investments, explaining the impact of holding BP stock following the recent BP Oil disaster was also provided for Trustees information.

The Trustees were advised that Mr Spooner will be invited to the next meeting to provide an investment update.

Action required:

• The Pensions team to arrange for Alex Spooner, M & G Investments to attend next meeting to brief Trustees.

6. ANY OTHER BUSINESS

Northern Ireland Assembly Members Act 2010 – impact on pensions

The Trustees were briefed on the potential impacts of the recently enacted Northern Ireland Assembly Members Act 2010 on Members’ pensions.

Action required:

• The Pension team to provide clarification regarding the transfer of benefits from the AMPS to the Westminster scheme by newly elected MPs.

Application for ill-health retirement

The Trustees were advised that a request for ill-health retirement has been received from a former Member and medical advice is being sought for consideration of the ill-health application at a future meeting.

7. DATE OF NEXT MEETING

The Trustees agreed to meet on 21 September 2010 (at 10.00am).

Action Required:

• Pensions Team to confirm date and issue meeting invites.