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MINUTES OF THE TWENTY FIRST MEETING OF THE PENSION
PRESENT: Mr D Watson
IN ATTENDANCE: Mr T Evans, Mr E Hobson, Mrs K McCartney, and Mr N Burns
RESPONSE FROM RLAM - INVESTMENT PERFORMANCE
The Trustees were provided with the response from PWC relating to RLAM's comments on the disappointing investment return for the period up to March 2002. The Trustees agreed to discuss the document in more detail at the next meeting however they did wish to highlight how RLAM's overall performance was below the required level. The Trustees agreed that important lessons could be learnt from this in terms of the next contract.
In discussing the new contract the Trustees agreed that they should scour
the market for a more robust group of firms to compete in the tender exercise.
The Trustees requested that a paper should be produced outlining the key requirements
that should be built into the tender including the production of quarterly reports.
APPOINTMENT OF SCHEME ADVISERS MEETING WITH THE WELSH ASSEMBLY
Mr Evans informed the Trustees that following a meeting with Mr Wayne Cowley the NAW Trustees have accepted the invitation of the Trustees to have a meeting at Parliament Buildings. This meeting will be arranged for a Thursday in mid to late January.
METHODOLOGY FOR ACTUARIAL VALUATION
The PWC response, received on 8 December compared GAD's valuation methodology with their own. Mr Evans confirmed that PWC's methodology would be more focused to the private sector. PWC concluded that GAD's methodology is a traditional actuarial method and the Trustees should not worry about which method is more correct. The Trustees agreed there was no further action required.
The chairman informed the Trustees that RLAM's response in relation to quarterly
figures for 2002/ 2003 in comparison with GAD's valuation statement as at 31
March 2003 has not yet been received.
Mr Hobson informed the Trustees that he had not yet received the Assembly Legal Advisers response to PWC's paper regarding pension sharing on divorce.
OUTSOURCING PENSION PAYROLL
Mr Evans informed the Trustees that he had received the support of Mr Archie Cameron in relation to the Outsourcing of Pension Payroll. Mr Evans also informed the Trustees that he and Mr Hobson would be arranging a meeting with Mr Ralph Garden and that they would expect to have a proposal in place early in the next financial year.
The Trustees agreed that there were no further issues to add to the Trustee
Checklist at this time
The Trustees approved the payment of pension benefits in respect of Mrs Margaret Joan Carson, Mr Samuel Foster, Sir John Gorman, Mr John Kelly, Mr Edward McGrady and Ms Brid Rodgers.
Mr Hobson informed the Trustees that Mr John Gibson (Head of Procurement)
had agreed to the formal extension of the current contract on a monthly basis
until a new contract is in place.
4. INCREASE IN EMPLOYER'S CONTRIBUTION
Mr Evans reviewed the decision by the Secretary of State to invite the Trustees to remain in position following suspension. He also outlined his intentions to liaise with Stuart Johnston from OFMDFM and to obtain legal advice in relation to the implications the election has on this position.
Mr Evans also informed the Trustees of a recent meeting with Mr Archie Cameron in which they discussed the composition of a new Pension Trustees group. Mr Cameron had suggested the benefits of including a pensioner and a professional person, possibly a lawyer, on the group. He also stated that such a position would require an amendment to the current legislation. The Trustees agreed for Mr Evans to explore further.
Mr Hobson informed the Trustees that the Swiss Life (UK) group income protection
business and renewal rights to group life and group critical illness protection
have been sold to Unum Provident. This will take effect on 1 January 2004. Our
scheme will continue to be administered by Swiss Life, however we will have
the option to transfer to Unum Provident when our scheme is due for renewal
in October 2004.
It was agreed that the next meeting involving the NAW Trustees should be held
in mid to late January.
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