AQW 25741/22-27

Ms Kellie Armstrong
Alliance Party
Strangford

Tabled Date: 07/04/2025
Answered On Date: 18/04/2025
Priority Written: No

Question:
To ask the Assembly Commission whether the Assembly Pension Trustees will circulate an updated pension statement to all Members, outlining any changes to individual pensions as a result of the US trade tariffs announced by President Trump and subsequent market fluctuations on pension investments.

Answer:

As set out in the Assembly Commission’s response to AQW 11190/22-27, the annual pension benefit statements for Members are a matter for the Trustees of the Assembly Members’ Pension Scheme.

However, the Assembly Commission is aware that the 2024-25 annual benefit statements were discussed by the Trustees at their meeting on 2 April 2025, and work has already commenced on collating the information for this year’s exercise. The Trustees will issue the annual statements in due course.

Regarding the impact on accrued pension benefits due to the uncertainty in global markets, this is also matter for the Trustees. However, it may be helpful to note that the Assembly Members’ Pension Scheme is a Career Average Revalued Earnings, defined benefit scheme, where benefits accrue at a fixed percentage, currently 2%, of annual earnings. Accrued benefits are then revalued each year in line with inflation (CPI). The pension benefits payable on retirement, are therefore not dependent on the level of contributions made by a Member, or the final size of the pension pot.