Member Nominated Trustee Vacancy
The Scheme’s Trustee Board should have three Trustees who are nominated by the membership, known as Member Nominated Trustees (MNTs). There are currently three MNT vacancies due to one member retiring and the other two members approaching the end of the term. We are therefore seeking nominations for MNT Directors from the membership. DC active members and DB active and pensioner members are able to apply. The deadline for nominations is 8 January 2021.
The Role of the Trustee
All Trustees, company and member nominated, have a legal obligation to ensure that the Scheme is administered in accordance with both the Scheme's Trust Deed and Rules and current pension law, and ensure that it is appropriately funded. They will also need to make key decisions regarding the Scheme's investments.
Trustees will need to set aside sufficient time to read and understand substantial amounts of information about most aspects of running the Scheme. Whilst some people may be able to fit this into their normal working day there is inevitably a requirements to commit some personal time in the evenings and at weekends.
The full Trustee Board meets four times a year. These meetings are held in London and usually take up most of the day. The Trustees are also required to sit on some but not all subcommittees. These groups meet outside of the full Trustee Board and have responsibility to work in detail on the following (the usual number of meetings is shown in brackets):
- Investments (4)
- Audit (2)
- Property (2)
The subcommittees report back to the full Trustee Board. The role is serious and responsible but it is also challenging, enormously rewarding and highly valued by ABF plc.
The Trustee Board should have three Trustees who are nominated by the membership, known as Member Nominated Trustees (MNTs). There are currently three MNT vacancies due to one member retireing and the other two members approaching the end of their current term.
Pension legislation requires the Trustees to have knowledge and understanding of the law relating to pensions, pension scheme funding, scheme investment and how the scheme that they are a Trustee of operates. Training is offered by means of external training courses and regular refresher training delivered by the Scheme's lawyer, investment consultant and actuary.
The Pensions Regulator (TPR) was created primarily to oversee the running of work based pension schemes. Their objectives include ensuring that schemes are administered properly and that member benefits are protected. TPR publishes a code of practice for Trustees relating to Trustee Knowledge and Understanding (TKU). All of the ABF Trustees are asked to complete a declaration each year to self-certify their knowledge across all areas included within the TKU and, where training needs are identified, these will be delivered as appropriate. More information on TPR can be found at www.thepensionsregulator.gov.uk.
The Nomination Process
Any eligible member can put themselves forward to be nominated to become an MNT or you can nominate someone who you think would be a good Trustee but only if they are in agreement to being nominated.
Eligible members are active and pensioner members of the DB sections of the Scheme and active members of the DC section of the Scheme.
Nominations are encouraged from both DB and DC sections of the Scheme.
To submit your nomination, or to nominate someone else, please email Colin Hately, firstname.lastname@example.org by 8 January 2021.
Your email should include which section of the Scheme that you are in, your pension reference or member number and a brief statement detailing why you are interested in becoming a Trustee.
Your nomination will then be forwarded to the Selection Panel, you can find out more information about the Selection Panel below.
In the event that there are not enough nominations, the nomination and selection process will be repeated.
The Selection Panel
The Selection Panel will comprise of the Scheme's senior management, advisers and the Independent Chairman. Before the Panel meets to consider the nominations received, successful nominees will be invited to an induction day where nominees will be able to ask questions of the Pensions Management Team, the Scheme's Actuary and Lawyer and the existing Trustees to get a better feel of what the role is really all about.
The Selection Panel will then review the nominations and call a short list for individual interviews. It is important for the selection process to be open and transparent and all nominees will be kept informed of the progress being made.
When the Selection Panel has reached a decision on who is being appointed, all unsuccessful nominees together with all Scheme members will be advised of the new full Trustee Board.< Back to News