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PENSION SCHEME SHADOW TRUSTEES MINUTES OF FIFTH MEETING MONDAY 24 JANUARY 2000 AT 1.00 PM IN ROOM 106 1. Minutes of the Fourth Meeting Present:Mr D Watson In the Chair:Mr D Watson In Attendance:Mr T Evans, Mr J Hamilton & Mr D Millar Apologies:Mr J Dallat 1. MINUTES OF THE FOURTH MEETING Minutes of 30 November were accepted with agreed additions to paragraph 2 'Presentation of the Report'. 2.1 Mr Hamilton has written to the Inland Revenue and is awaiting a response. 2.2 A copy of the explanatory letter, issued to Members of the Scottish Parliament, was circulated at the meeting. Mr Hamilton to begin work on customising the Scottish Parliament Pension Scheme booklet. It was also agreed that a briefing note for Members should be prepared immediately and a lunchtime seminar for Members to be arranged. 2.3 Mr Millar confirmed that a note went out in the December salaries reminding Members of the need to make provision for the deduction of 6% pe 3.1 Mr Watson reflected on the key learning points from the Westminster visit which were endorsed by Mr Kelly: The extent of the issues which come in front of the Trustees. How in touch the Trustees are with the subject matter. One of the Trustees has a medical background and provides advice on ill-health issues. The need to appoint legal advisers, a fund manager and an actuary. The need to formalise Trustees' status once the Bill has been passed. Importance of the Actuary assessing early years liability. Members fund for hardship cases. Separate Trustees. Funded by Members contributions (£2.00 per month) and £215k from the exchequer plus return on investments. 4. COMMITTEE STAGE OF THE PENSIONS BILL Mr Evans outlined the possible format for the Committee stage of the Pensions Bill scheduled for 27 January. It was agreed that Rev Coulter and Mr Watson will make a short introductory statement. Mr Hamilton will then outline the purpose of each section of the Bill and respond to any questions. Grant Ballentine, the Government Actuary, will be available to deal with any questions of a technical nature. It was recognised that the Committee stage may require a number of meetings. 5.1 The Shadow Trustees considered a priorities paper prepared by Jim Hamilton and agreed the following: the Assembly's Finance and Personnel Directorate to administer the scheme on behalf of the Trustees; accept the offer of the Government Actuary to act as the Assembly's Pension Consultant and also provide actutahoma services; consider the draft Statement of Investment Principles at an early meeting; the Government Actuary to put in train arrangements for the appointment of a fund manager and prepare a note for Members on transferring service into the scheme; the Government Actuary to prepare advice on the Public Sector Transfer Club; half day training for Trustees to be arranged. No issues raised. Monday 31 January, 1.00 - 2.00 pm in room 106. TOM EVANS |
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