Minutes of Proceedings

1.    MINUTES OF PREVIOUS TRUSTEES MEETING

The minutes of the Trustee meeting held on 21 May 2013 were agreed.

Action required:

• Agreed minutes to be uploaded to Assembly website (Pensions Team).

2.    STANDING ITEMS

Risk Register

The Trustees noted that the risk register has been updated as agreed at the last meeting.

Conflicts of Interest

The Trustees confirmed that there were no conflicts of interest to declare for this meeting.

3.    MATTERS ARISING

Draft Conflict of Interest Policy

The Trustees were advised that this item will be discussed at the next meeting.

Action required:

• Conflict of Interest policy to be produced for consideration by Trustees at next meeting (Deloitte / Pensions Team).

Investment Manager Tender – update

The Trustees were advised that stage 2 of this competition had closed on 18^th September.  5 out of the 6 companies invited through to stage 2 submitted tenders.

The Evaluation Group has secured additional technical support to assist in scoring the tenders and determining which bidders are invited to presentation stage.

The Evaluation Group will meet on 10^th October to review the bids.  A further meeting at the end of October will be required for the bidder presentations.

The Trustees will be informed once the competition has been concluded and a successful supplier selected.   

Action required:

• Arrange meetings (Pensions Team);
• Attend meetings and agree scoring (Evaluation Group).

Review of Actuarial Factors

The Trustees noted that the actuarial factors have been adopted with immediate effect as agreed at the last meeting.

Annual Report and Accounts 2012 – 13

It was agreed at the last meeting that approval to release the draft Annual Report & Accounts 2012-13 to the Northern Ireland Audit Office (NIAO) would be sought by correspondence.

The Trustees noted that the NIAO has commenced its annual audit and are currently liaising with the NIA Finance Office.  The audit report has not been received yet but will be issued to the Trustees for information once it is received.

The Trustees were advised that a final copy of the report and accounts will be issued for approval prior to being printed and laid before the Assembly.

Action required:

• Final copy of Annual Report & Accounts 2012 – 13 to be issued to Trustees for approval (Pensions Team);
• Annual Report & Accounts to be printed and laid before the Assembly (Pensions Team);
• Issue Audit Report to Trustees when received (Pensions Team).

Administration Agreement

The Trustees had agreed at the last meeting to seek further information on the liability limit referred to in the agreement.  Eversheds have confirmed that the liability limit is the amount the Commission would make good in the event of Commission staff making errors resulting in a financial loss to the fund.  This is not an insured amount.

In light of this clarification, the Trustees accepted the administration agreement as presented.  The agreement will be effective as soon as it is signed by the Trustees and the Assembly Commission.

Action required:

• Agreement to be signed (Trustees / Commission).

Pension Awareness Seminar

The Pension Trustees were reminded that a Pension Awareness Seminar was held on Tuesday 4^th June.  Around a dozen Members attended and informal feedback was positive.

The Chair thanked Mr Wells for delivering the presentations on the day.

M & G Investment Summary Q2

The Trustees had agreed at the last meeting to review M&G’s 2^nd Quarter performance following disappointing 1^st Quarter returns on the Recovery Fund.

The Trustees reviewed the report and the explanatory note provided by M&G.

4.    REVIEW OF INVESTMENT MANAGER PERFORMANCE

The Trustees considered the paper produced by GAD reviewing the performance of the Investment Manager up to 31 March 2013.

In light of the returns in 1^st and 2^nd Quarters, the Trustees agreed to write to M&G as recommended by GAD.  The Trustees are content that the letter will be approved by the Chair.

Action required:

• Letter to M&G to be drafted (Pensions Team).

5.    ANY OTHER BUSINESS

New Pension

The Trustees approved a pension in respect of a former member.

6.    DATE OF NEXT MEETING    

Tuesday 21^st January 2014 at 9.30am

7.    TRUSTEE TRAINING SESSION

The Chairperson welcomed the representatives from Deloitte to the meeting and handed over to Mr Burns who delivered a short training session on ‘Pension Sharing on Divorce’.

The Trustees noted that pension sharing is not covered within the Scheme Rules and while there have not been any cases to date, agreed that consideration should be given to developing a policy.

Action required:

• Information to be provided for the next meeting on how pension sharing is dealt with in the other legislatures and other public sector organisations (Pension Team);
• Develop a policy on pension sharing at the next meeting (Trustees).