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G and MEN Permanent Employees

Trustees

Trusts

Most company pension schemes in the UK, such as the Lifestyle Plan, are set up as trusts. There are two main reasons for this:

  • it makes sure that the pension scheme’s assets are kept separate from those of the employer. This is important for the security of members' benefits.
  • it is necessary to gain most tax advantages associated with pension schemes.

Who appoints the Trustees?

The Company appoints four Trustees, with another four trustees being elected by the members, as follows:

  • one by active members employed by GN&M
  • one by active members employed by all divisions, except GN&M
  • two by all active members.

The term of office of the elected Trustees is normally four years, so that one elected Trustee retires at each Annual Meeting.

Who are the current Trustees?

Company Appointed:

Carolyn McCall (Chair) - Chief Executive, Guardian Media Group

Andrew Miller - Group Finance Director, Guardian Media Group

Chris Elliott - Managing Editor, Guardian Editorial

Carolyn Gray - Group HR Director, Guardian Media Group

Member Elected:

Andy Beven - Observer - GN&M constituency

Judy Gordon - M.E.N. - all divisions, except GN&M constituency

Bob Wilde - M.E.N. - all active members constituency

Ian Donnelly - M.E.N. - all active members constituency

Trustee Meetings

The trustees normally meet four times a year. At Trustee meetings if any question requires decision by a vote, this is by a simple majority with the Chairman of the meeting having a casting vote in the event of an equality of votes.

Trustees' duties and responsibilities

Trustees have a number of very important duties and responsibilities, including those listed below. In practice, the trustees delegate some tasks, e.g. GMG Pensions Department handle the administration and most of the communications to members.

  • acting impartially, prudently, responsibly and honestly and in the best interests of all beneficiaries
  • acting in line with the trust deed, scheme rules and the legal framework surrounding pensions
  • appointing suitable professional advisers (as specialist advice is often required)
  • keeping financial and member records and ensuring the right benefits are paid on time
  • providing information to members, beneficiaries and prospective members
  • informing members of their choices at retirement
  • holding and taking records of meetings, decisions and transactions
  • keeping Lifestyle Plan assets separately from the company assets
  • approving the audited annual report and accounts within seven months of the scheme year end date
  • resolving any member disputes
  • taking investment decisions (in accordance with their statement of investment principles)

Focus on Investments

The role of the trustees is to provide an appropriate range of funds and to review the investment strategies of the various funds from time to time, but it should be stressed this does not include the trustees trying to forecast investment market movements.

It is important to understand that in a money purchase arrangement, such as the Lifestyle Plan, it is the responsibility of members to ensure that the funds in which they are invested are best suited to their individual requirements.

Knowledge and Understanding

Each trustee must have knowledge and understanding of:

  • the law relating to pensions and trusts
  • the principles relating to the investment of the assets of pension schemes
  • any other matters as may be prescribed by The Pensions Regulator

Conversance

Each trustee must be familiar with the Lifestyle Plan documents:

  • the trust deed and rules
  • the statement of investment principles
  • any other important document recording the current policy adopted by the trustees in relation to the administration of the scheme generally
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