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MINUTES OF THE THIRTEENTH MEETING OF THE PENSION TRUSTEES HELD ON MONDAY 24TH JUNE 2002 AT 13H30 IN ROOM 144
1. Minutes of 20th May meeting
IN THE CHAIR:
1. Minutes of 20th May meeting were accepted
2. MATTERS ARISING
3. ANNUAL BENEFIT STATEMENT
It was agreed that the Members' Annual Benefit Statements be circulated.
4. UPDATE ON AVC CLINIC
Mr Hobson updated the Trustees on the AVC Clinic. More enquiries regarding AVCs have been received. It was decided to circulate a letter to Members making it clear that a last AVC consultation was to be made available to discuss investments. The Consultation should take place before the recess.
5. AMPS ANNUAL REPORT
The printed Annual Report was presented to the Trustees for approval. The document is to be circulated to Members.
6. AMPS ANNUAL ACCOUNTS 2000-2001
The 2000-2001 Annual Accounts have been finalised and are now in the final stage of printing. These will be laid before the Assembly on completion.
7. DRAFT OF ANNUAL ACCOUNTS FOR 2001-2002
Mr Hobson presented the draft Accounts for the 2001-2002 financial year. Special note was made of the Return on Investment figure on Page13 as a loss had been made.
Mr Hobson will liaise with Finance Section to amend the Accounts to show the "Investment Management Expenses" separately from the "Change in Market Value of Investments" figures.
Due to the poor performance of the investment fund, the quarterly report from RLAM will be circulated to Trustees during recess and an emergency meeting called over this period if investment performance is not improved. RLAM will be called to attend this meeting. If performance for this quarter is acceptable, Trustees will reconvene after the recess to consider returns on investment for the following quarter. The trends in performance will be monitored closely.
Mr Hobson reminded the Trustees that the RLAM contract would be up for renewal in March 2003.
Mr Evans will investigate investment options with contacts in Westminster, including the viability of splitting the investment. Mr Evans will also compare the cost of fund management with the Scottish Parliament and Westminster to ensure costs incurred in the Northern Ireland Assembly are in line. The information will be circulated to Trustees during the recess for action if required.
8. ANY OTHER BUSINESS
ii) The Pension administration will investigate the possibility of the bank making automatic transfers of funds to RLAM should the balance rise above £5000.
iii) It was confirmed that the Northern Bank was appointed for the Assembly through competition. The Trustees can appoint other bankers should they see fit to do so. Pension administration will look into the benefits of other bank account options.
iv) Members have been reminded twice that they need to specify how they wish their AVC contributions to be invested with Clerical Medical. A letter has been sent to members who have still not specified investment details to let them know that if no specific recommendation is received within a certain period the funds will be transferred on their behalf to the specified default investment account so that no further loss of interest occurs while their further instructions are awaited. Funds belonging to Members who have specified investment instructions have already been transferred as requested.
9. DATE OF NEXT MEETING
At the Chairman's Call during the Summer Recess
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