Pension Committee 27/6/2011 – Part 10 – Governance Policy Statement, Equitable Life

The three issues were including details of the Governance and Risk Working Party, a change to post titles and an alteration to who can attend the Fund Operation Group meeting. Also important only the agenda, reports and minutes of the Pension Committee would be published rather than the IMWP and Governance and Risk Working Party reports and minutes.

Future agendas for the IMWP & Governance & Risk Working Party would be published showing the topics. However the detailed minutes would be treated as exempt. The Chair asked if anyone had anything to add. Peter said that attendance and declarations of interest would also be published.

Th Chair asked the committee to approve the updated policy and statement. This was agreed.

Report 19 and appendix were about Equitable Life. Equitable Life had been an ABC provider since 1998, but had encountered legal problems and the with profits section. There were 446 active or deferred people and there had been difficulties with the company. The compensation scheme for individuals who lost out financially so that they would receive compensation had not had its full details confirmed. It would be at least twelve months and could be three years before people saw the money. They wanted to ensure members were treated fairly. The report stated that there was the belief that there was excess funds which they were looking to distribute. This would enhance the payouts by 12.5%. Some however, would be better off with other guarantees. They wanted to make people aware what was in their best interest. There were no questions and the report was agreed.

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