Good governance means that the Trustee has the right processes in place to make sure that the Scheme follows the Scheme rules, complies with legislation and reaches best practice standards.
We are legally required to pay into the Scheme the money the Trustee requires (on the advice of the Scheme Actuary) to be able to pay the benefits due from the Scheme now and in the future. Although the Trustee always acts independently, we work closely with them to make sure we’re getting things right for members. Both sides have to agree on a decision before it can go ahead.
The Trustee is responsible for:
- Making sure the Scheme complies with the Scheme rules
- Looking after investment decisions
- Managing potential risks to the Scheme’s finances
- Letting you know how we’re working to keep your pension benefits healthy
Committees
To manage the Scheme effectively, the Trustee is supported by three main committees, which are responsible for different aspects of the Scheme. Together, these committees make sure the Scheme remains financially stable, compliant with regulations, and responsive to your needs.
Sometimes sub-committees or working groups are set up to manage important standalone projects and other more specific responsibilities.
Risk and Audit committee
The Risk and Audit committee makes sure the Scheme’s financial reporting meets all necessary requirements and that risks impacting the Scheme are identified, monitored and where possible mitigated. They will:
- update financial controls to protect your benefits.
- support any requests made by external auditors.
- work closely with all of the committees and the full Trustee Board to report and manage the risks affecting the Scheme
Investment committee
The investment committee looks after the Scheme's investments, including:
- monitoring the performance of the investment funds.
- appointing and reviewing external investment managers.
- reviewing the Scheme’s investment strategy.
Member services committee
The member services committee is responsible for your benefits and the communications you receive, including:
- any decisions around what you’re entitled to receive from the Scheme
- reviewing the performance of the Scheme administrator.
- the content and method of communications you receive in relation to Scheme updates or changes.