The Scheme's Committees
The Trustee delegates some of its day-to-day responsibilities for managing the Scheme to various Committees.
Each Committee is made up of a subset of Trustee Directors and reports back to the Trustee Board with updates of their meetings, suggestions and recommendations.
Currently there are five Committees:
The Audit and Governance Committee
Reviews and assesses the risks to the Scheme and is responsible for producing the Scheme’s annual accounts.
This Committee makes sure that the Scheme’s Annual Report & Financial Statements are prepared and finalised within the regulatory timescales. They also review the communication of the Financial Statements to members and ensure that contributions are paid in accordance with the Scheme’s Schedule of Contributions.
It also reviews and seeks assurances on the effectiveness of the Scheme’s compliance framework and reviews the polices for ensuring compliance with the relevant regulations and legislation.
The DB Section Committee
Monitors the DB Section funding (including overseeing the DB Section investment management policy).
Oversees the service provided to members by the DB Section Administrator.
The DC Section Committee
Responsible for our administration services and the monitoring of investments in respect of the DC Section.
This Committee monitors the performance of the investment funds available to DC Section members as well as reviewing the investment funds to ensure that they meet member’s needs. They also oversee the administration services provided to DC Section members, ensuring they adhere to the agreed service standards.
The Disputes Committee
Considers any complaints received by the Trustee.
The Trustee operates a two-stage disputes resolution process to address any issues raised by members that cannot be resolved quickly and informally. Stage one of the process is managed by the Pensions Manager, however if resolution of the issue cannot be found following Stage one the matter is then considered by this Committee as part of Stage two.
The Committee works with the Pensions Manager, Scheme’s legal adviser (and other advisers as appropriate) to ensure any issues raised under Stage one are appropriately considered, with their primary goal being to find an appropriate solution to the issue which is fair to all members.
The Emergency Powers Committee
Exists so that the Trustee can make urgent decisions where it is not possible for the Trustee Board or for the appropriate subcommittee to make urgent decisions because the usual processes cannot operate.