Minutes of Proceedings

Session: Session currently unavailable

Date: 15 March 2016

In the Chair:

Mr T Lunn MLA / Mr J Wells MLA

 

The Chairperson thanked everyone for attending. As the meeting was quorate the Trustees covered item 6 first, followed by item 2.

1. APOLOGIES

Ms Ruane submitted an apology

2. MINUTES OF PREVIOUS TRUSTEES MEETING

The draft minutes of the meeting held on 19 January 2016 were agreed.

Action required:

  • Agreed minutes of the 19 January 2016 meeting to be uploaded to the Assembly website (Pensions Team).

3. STANDING ITEMS

Risk Register

There were no comments on the risk register.

4. CONFLICTS OF INTEREST

The Trustees declared that their membership of the Scheme is an ongoing conflict. Mr Wells declared his personal investment in relation to item 6.

5. MATTERS ARISING

All matters arising were deferred to the next meeting.

6. REVIEW OF RECOVERY FUND PERFORMANCE AND OPTIONS FOR FUTURE INVESTMENT

At the last meeting the Trustees considered a paper by GAD on the performance of the Fund generally and in particular the disappointing return on the M&G Recovery Fund. Alec Spooner from M&G attended the last meeting and provided information about the Fund performance and answered the Trustees questions.

It was agreed that further discussion about the future use of this particular fund was required. The Trustees commissioned GAD and Deloitte to provide papers for this meeting and the Chair invited Mr Gurden and Mr Sutherland to present their findings.

Mr Gurden talked the Trustees through his paper and reviewed the performance of the Fund over the 1, 3 and 5 year periods.

Mr Dallat joined the meeting 9.30am

Mr Sutherland presented his paper and facilitated a discussion around the Trustees options and the consequences of those options.

The Trustees also considered the costs of switching and how quickly costs may be recovered and whether there was any way of mitigating charges.

The Trustees agreed that the benchmark investment in the Recovery Fund should be moved to the M&G UK Equity Passive Fund. Mr Sutherland will liaise with M&G to find the most cost effective way to facilitate the transfer.

Mr Dallat left the meeting 9.45am

Action required:

  • Advice to be provided formally for the record (Mr Sutherland);
  • Liaise with M&G re transfer from Recovery Fund to UK Equity Passive Fund (Mr Sutherland);
  • Letter from the Trustees instructing M&G to transfer from the Recovery Fund to the UK Equity Passive Fund and work with Mr Sutherland to minimise charges (Pensions Team).

Mr Lunn left the meeting 9.52am
Mr Wells took the Chair – meeting no longer quorate

7. ADMINISTRATION REPORT

The Trustees noted a paper assessing the in house service provided by the Pensions Team against the service standards agreed by the Assembly Commission and the Trustees.

A recommendation to amend deadlines relating to the Annual Report and Accounts will be considered at the next meeting.

Action required:

  • Recommendation re deadlines to be added to agenda for next meeting (Pensions Team);

8. ANY OTHER BUSINESS

Revised pension contribution rates for the new Assembly Members Pension Scheme (NI) 2016

The Trustees noted the GAD paper detailing the proposed contribution rates which will apply for the new mandate. Once the new scheme is finalised, GAD will provide a paper formally recommending the new rates to be applied.

Action required:

  • GAD to formally recommend Consolidated Fund rate for the new scheme once Scheme Rules finalised (GAD);

Retirement of John Dallat

As Mr Dallat is retiring the Trustees wanted to thank him for his faithful service to the Scheme and its Members. Mr Dallat has served as Trustee since the Scheme's inception in 2000, making him the longest serving Trustee. A letter of thanks will be issued to Mr Dallat.

Action required:

  • Letter of thanks to be issued to Mr Dallat (Trustees).

9. DATE OF NEXT MEETING

Next meeting to be arranged after the election

The Trustee meeting ended at 10:10am

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