Meetings

Commissioners considered a letter from the Members Pension Scheme Actuary which set out the results of the most recent routine valuation and their recommendation as to the level of contributions that the Commission should pay into the Scheme over the next three years.

Commissioners agreed their response to the Actuary’s letter.

Commissioners noted a change to the investment strategy of the Members of the Senedd Pension Scheme, made by the Pension Board.

Commissioners were presented with options for the appointment of a Commission Nominated Trustee on the Pension Board for the Members’ Pension Scheme.

Commissioners agreed to nominate Bob Evans for re-appointment as Commission Nominated Trustee for a further term, for so long as he remains as a Commission Independent Adviser.

Commissioners also requested officials to explore the potential to extend his current appointment as an Independent Adviser, with a view to the period of significant change anticipated for the remainder of the Sixth Senedd.

Commissioners noted that the Remuneration Board had written about a proposal to change the Scheme Rules to give the Actuary flexibility as to when the actuarial valuation must be completed and signed. All Members were consulted.

Commissioners noted information from the Pension Board about a change to the investment strategy of the Assembly Members’ Pension Scheme, reducing the Scheme’s investments in the oil and gas sector.

Commissioners noted the changes to the Statement of Investment Principles (SIP) made by the AM Pension Board, in line with new disclosure requirements.

Commissioners noted the investment strategy agreed by the Pensions Board.

Commissioners received, and noted, the report of an internal audit of the AM Pension Scheme. The audit had recorded a substantial assurance opinion rating, meaning that, on the basis of results of the work undertaken, Internal Audit conclude that the Scheme’s framework of governance, risk management and control is adequate and effective.

Commissioners were asked to provide their view as to whether the latest 2016 Office for National Statistics population projections should be adopted for use in the Members’ Pension Scheme valuation, and agreed that it should.

The Llywydd confirmed the change to the Commission nominated Pensions Board membership, moving from Suzy Davies to Joyce Watson. Commissioners were already aware on the change, and confirmation was given that the formal letter had been sent to the Remuneration board on 16 February.

The Remuneration Board has responsibility for the Members’ Pension Scheme and introduced a new scheme from May 2016. In November 2015, the Commissioner agreed that the Accounting Officer should be responsible, in consultation with Commissioners, for identifying and nominating the Commission representatives to the new Pensions Board.

Commissioners considered the Accounting Officer’s recommendations for the Commission representatives and agreed that they should be the Director of Finance and Suzy Davies AM.

Other members of the Board will be Jill Youds, who has been appointed as the Independent Trustee Chair, Mike Hedges (current AM, Labour) and Gareth Jones (former AM, Plaid Cymru).

Commissioners were provided with information about the work the Pensions Team are doing to implement and communicate the changes to the Assembly Members’ Pension Scheme made by the Remuneration Board.

The new Pensions Board will be made up of:

•        A professional Independent Trustee to act as chair.

•        Two representatives nominated by current and previous Assembly Members.

•        Two representatives appointed by the Assembly Commission.

The Pensions Team will arrange the appointment of all members of the Pensions Board in readiness for May 2016. Commissioners asked that, as well as writing to all members asking them if they wish to stand as a Member Nominated Trustee, group offices be contacted.

Commissioners agreed that the Accounting Officer should be responsible, in consultation with Commissioners, for identifying and nominating the Commission representatives on the new Pensions Board.