Member Nominated Trustee Vacancies
02.10.2024
We are currently seeking nominations for three Member Nominated Trustees to join the Trustee Board and play an important role in the governance of the Scheme. We welcome applications from active members of either the Defined Benefit (DB) or Defined Contribution (DC) sections, as well as those DB section members who are currently in receipt of a pension. Please submit your nominations to us by the deadline of 15 November 2024.
The Role of the Trustee
All Trustees, including Member Nominated Trustees, are legally responsible for ensuring that the Scheme is administered in accordance with both the Scheme's Trust Deed and Rules, as well as current legislation. Trustees also play a key role in the Scheme’s investment decisions and are responsible for ensuring adequate funding provision to pay benefits to members and their beneficiaries.
Trustees will need to set aside sufficient time to read and understand substantial information about most aspects of running the Scheme. You may be able to fit this around your normal working day, however, you should be aware that there will inevitably be a requirement to commit some personal time in the evenings and weekends.
The full Trustee Board meets four times a year. 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, sub-committees. These are held in addition to the full Trustee Board meetings and are used to undertake detailed work in the following areas: (The usual number of meetings dedicated to each topic is shown in brackets):
- Investments (4)
- Audit (2)
- Property (2)
Sub-committees report back to the full Trustee Board.
Being a Trustee is a really important role and it can be challenging, but it is also 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 that have arisen as a result of members leaving the business and retiring. As such, the Trustee Board has decided to undertake the selection process, ahead of the usual cycle, to ensure the term in office of all MNTs are aligned. Current MNTs that meet the membership criteria are also able to apply.
Pension legislation requires the Trustees to have sufficient knowledge and understanding of the running of their Scheme, as well as pensions-related law, Scheme funding and investment. Training in all of these areas is offered to Trustees through a variety of external training courses and regular refresher training delivered by the Scheme's Legal Advisors, In House Team, Investment Consultant and Scheme Actuary. All trustees will be required to complete The Pension Regulator’s Trustee Toolkit within six (6) months of appointment.
The Pensions Regulator (TPR) was created primarily to oversee the running of work-based pension schemes. Their objectives include ensuring 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 ABF Trustees are asked to complete a declaration each year to self-certify their knowledge across all areas that form part of the TKU. 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 submit a nomination to become an MNT. You can also nominate someone you think would make a good MNT, but only if they agree to be nominated and meet the eligibility criteria.
To be eligible, you must be an active or pensioner member of one of the DB sections of the Scheme, or an active member of the DC section of the Scheme.
To submit your nomination, or to nominate another eligible member, please email Colin Hately at, pensions.admin@abfoods.com by 15 November 2024.
Your email should include which section of the Scheme you belong to, your pension reference or member number, name of the person nominating you including their membership number and a brief statement outlining why you are interested in becoming an MNT.
Your nomination will then be forwarded to the Selection Panel. More information about the selection process is detailed below.
If there are insufficient nominations, the nomination and selection process will be repeated.
The Selection Process
The Selection Panel will comprise of the Scheme's Senior Management, Scheme advisers and the Independent Chairman. The Panel will meet to consider the nominations received, and successful nominees will be invited to an induction day. At this event, you will have an opportunity to put forward any questions you have to the Pension Management Team, the Scheme Actuary, the Scheme Legal Advisors, and existing Trustees. This will enable you to gain a better understanding of the role and its key responsibilities.
The Selection Panel will then review the nominations and a short list of applicants will be selected for individual interviews.
When the Selection Panel has reached a decision, all applicants will be notified. Scheme members will also be advised of the new full Trustee Board.
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