How we work
All members of our Trustee Board have a responsibility to act in the best interests of our members.
There are nine Trustee Directors, including:
Six who are appointed by the Company, and
Three who are selected from the membership, known as Member Nominated Directors (MND)
The team also has:
Three committees made up of smaller groups of the Trustee Directors and TTP members, who focus on specific areas of the schemes’ management.
Working parties which are created to work on specific projects - for example to consider cyber security.
How often and where does the Trustee Board meet?
The Trustee Board normally holds at least four full Board meetings a year with additional meetings arranged for training days and setting out the schemes’ strategies. The three Trustee Board Committees each meet at least four times a year and every Trustee Director is a member of at least one of these Committees.
All our meetings have generally taken place in London. However, during the pandemic, we made use of technology and held our meetings virtually. The success of these virtual meetings means that we now have a mixture of virtual and in-person meetings, giving us greater flexibility for the future.
How do Trustee Talent Pool (TTP) members get involved?
Each TTP member will join one of the three Committees, which allows them to get real-life experience of working with the advisers and the decisions the Trustee Directors make. This provides a real understanding of how the Trustee Board works.
As a TTP member, it’s not just about gaining insight and experience; it’s your chance to share your views and thoughts and make a difference to how the schemes are run. You have no formal vote as a TTP member, but each of the Committees works collaboratively and welcomes all views and opinions to support better decision making.
Can you tell me about the training days?
All Trustee Directors and TTP members are invited to attend our training days, virtually or face to face.
The days are a combination of targeted training for the Trustee team, including opportunities to refresh or build on key skills and knowledge, as well as the chance to learn about any changes to legislation and how these may impact how we operate as a team.
Our advisers also run regular trustee training programmes which you can attend. As these are open to all their clients, not just us, they are a great way to find out about what is going on in the pensions industry generally and hear from other scheme trustees about their challenges and ideas.
How long are Trustees in post?
TTP members usually have a term of 12-24 months.
Member Nominated Directors (MNDs) are appointed for a two-year term (although this can be extended with the agreement of the Board). Being a TTP member means that you’ll have a clear understanding of the role of a Trustee and will have already done much of the training if you then decide to apply to be an MND in the future.
How much time would I have to commit?
As a TTP member, you’ll need to set aside around 15 days a year.
MNDs can expect to commit around 25 days a year to their role.
Would I get paid?
We understand the very valuable contribution you’ll be making with this kind of time commitment so you may be eligible for an annual recognition payment. We’ll also reimburse your expenses and travel costs.
What is each committee responsible for?
Funding and Investment Committee
Oversees the full ‘health-check’ of the schemes’ finances that takes place every three years (called a valuation).
Keeps a close eye on the financial performance of the schemes through a quarterly funding update.
Works with a specialist adviser to monitor the ongoing financial strength of the Company and its ability to continue to support the schemes.
Sets the schemes’ investment strategies and decides how to invest the schemes’ money with the support of the investment consultant.
The Company plays a big part in the ongoing financial stability of the schemes, so an open and collaborative relationship is important.
Governance and Compliance Committee
Makes sure that the schemes’ governance is in line with current law and best practice.
Oversees the Trustee’s risk management plans.
Develops relationships with lawyers and other advisers in key areas and key activity such as Trustee training.
Benchmarks the performance of each of the schemes’ advisers – this ensures we’re getting the best advice that represents the best value for money.
Administration, Benefits and Communications Committee
Manages the schemes’ administrator (WTW) – amongst other things, they calculate members’ pensions and put them into payment, ensuring compliance with the Rules for each scheme.
Oversees the production and audit of the schemes’ accounts along with the creation of their accompanying reports every year.
Communicates with our members, ensuring communications are clear, concise, relevant and accessible.