Minutes of Proceedings

Session: 2002/2003

Date: 19 March 2003

PRESENT: 
Mr D Watson
Mr M Carrick
Mr J Dallat
Mr J Kelly
Mr D McClarty

IN THE CHAIR: 
Mr D Watson

IN ATTENDANCE:
Mr T Evans, Mr E Hobson, Ms A Whitaker

1. Minutes of 10th February meeting were accepted with one amendment - namely the inclusion of Mr Dallat's apologies

2. MATTERS ARISING

  • Visit to Westminster
    the meeting between the Trustees and the Parliamentary Pension Advisors for the Westminster Scheme has been scheduled for Thursday 20th March. Items for discussion were covered briefly.

3. INCREASE IN PENSION CONTRIBUTION

The Trustees agreed that as a date for the elections had been set, a submission recommending the estimated increase in contributions will be held over to set before the Assembly rather than placed before the Secretary of State for approval.

4. SCHEME VALUATION 31 MARCH 2002

The Valuation report was formally signed off. The Government Actuary's will be informed that final approval has been given.

5. PRICEWATERHOUSE COOPERS CHANGE OF STATUS

A document detailing PriceWaterhouse Coopers conversion to a Limited Liability Partnership with a transfer of the Scheme contract to the new company under exactly the same terms and conditions was presented to the Trustees and signed off as required.

6. ANY OTHER BUSINESS

  • Trustees Training
    A Trustee training session to be run by Pricewaterhouse Coopers has been proposed for 31 March 2003
  • Meeting with Scheme Consultants
    The meeting held with Pricewaterhouse Coopers (PWC) covering issues to be raised at the meeting with RLAM was discussed. It was agreed that PWC will attend the meeting to assist the Trustees in investigating Fund Managers performance and investment strategy. Also raised from this meeting was the need for the investment strategy to be reviewed so that it reflects the scheme's liabilities more closely. This matter will be revisited at the next meeting with PWC.

The Trustees thanked Mervyn Carrick for attending the meeting with Pricewaterhouse Coopers on their behalf.

  • Meeting with Investment Managers
    A meeting with the Investment Managers has been proposed for 2nd April 2003 to discuss the Fund performance. Pricewaterhouse Coopers will attend in their capacity as Pension Scheme Consultants.

7. DATE OF NEXT MEETING

The next meeting will be held on Wednesday

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