Minutes

Meeting of the Pension Trustees held on 3rd December 2007

Present:
Mr D McClarty
Mr T Lunn
Mrs M O’Neill
Mr Jim Wells

Apologies:
Mr J Dallat

In the Chair:
Mr D McClarty

In attendance:
Mr E Hobson
Mrs L Anderson
Mr H Clarke

1. MINUTES OF PREVIOUS TRUSTEES MEETINGS

The minutes of the Trustees meetings held on 1 October 07 and 6 November 07 were agreed.

2. CHALLENGE TO THE SCHEME

Having considered the request by the Member for compensation to include legal costs the Trustees agreed to uphold the decision taken in the meetings of 1 October 07 and 6 November 07.

Actions Required:

• All parties to be informed of the Trustees decision

3. TENDER FOR INVESTMENT MANAGER

Following the tender evaluation meeting of 6 November 07, the contract was awarded to Prudential M&G on 27 November 2007. The Pensions Administration team will work closely with Prudential M&G, Baillie Gifford and GAD to ensure the smooth transfer of the Scheme’s assets. It was agreed that a press release be prepared, in consultation with the Procurement and Information Offices, and posted on the Assembly Website.

Actions Required:

• Pensions Administration team to liaise with all parties re transfer of assets
• Press release to be prepared and posted on the Assembly website

4. OPTIONAL CHANGES TO SCHEME RULES

Mrs Anderson presented the Trustees with a brief outline on the position of the proposed amendments to the Scheme rules. It was proposed and agreed that the residual changes would be split into two or three packages:

The first package consists of the two changes already agreed by the Trustees, which relate to increasing the scope for commutation and the introduction of voluntary early retirement.

The proposed wording for these amendments to be forwarded to the Office of the Legislative Counsel (OLC) for consideration and advice. The proposed amendments will then be forwarded to Assembly Legal Services before a motion to amend the Scheme would be proposed at a future meeting of the Assembly by the Chairman of the Trustees.

The Trustees agreed to consider the second package of changes in more depth at the next meeting.

Actions Required:

• Pensions Section to forward the proposed wording to Legal Services when a response is received from OLC
• Pensions Section to request further information from the GAD in relation to the second package of proposed amendments

5. ANY OTHER BUSINESS

Death of former MLA,Mr John Fee

The Trustees expressed their sympathy for the family of Mr John Fee, former MLA, who passed away on 10 November 2007. The Trustees approved the payment of a spouse’s pension to Mrs Fee.

Death of Mrs Mary Ann Doherty

The Trustees also expressed their sympathy for the family of Mrs Mary Ann Doherty who passed away on 15 May 2007. Mrs Doherty was the surviving spouse of the former MLA, Mr Arthur Doherty. The Trustees approved the payment of a residual lump sum payment to Mrs Doherty’s personal representatives.

Pension payment

The Trustees approved the payment of a pension to Mr Frazer Agnew.

Consultation paper

The Scottish Parliamentary Pensions Review Committee issued a consultation paper to the Trustees as part of a comprehensive review of their pension provision. The Trustees agreed to consider, at the next meeting, a response prepared by the Pensions Administration Team.

Action Required:

• Pensions Administration Team to draft a response to SPPS

6. DATE OF NEXT MEETING

It was agreed that the next meeting of the Pension Trustees would be held on Monday 14 th January 2008 at 10.30am.