About the Trustee
What does the Trustee do?
The Trustee is responsible for managing the Fund in accordance with its Trust Deed & Rules and prevailing legislation.
The Trustee is ICI Pensions Trustee Limited and is completely separate from the contributing employers (AkzoNobel and ICI). It is owned by an independent trustee company, The Law Debenture Trust Corporation p.l.c.
What is the structure of the Trustee Board?
The Trustee Board consists of 11 Directors:
- five Member-Nominated Directors (MNDs) who are members of the Fund and applied for the role with membership support;
- an Independent Director (Law Debenture Pension Trust Corporation p.l.c.); and
- five other Directors, appointed with the agreement of the Independent Director.
How the Trustee Directors run the Fund
The Trustee Board uses five committees to help run the Fund. The committees are made up of a mix of Trustee Directors who focus on different areas. The committees are:
- Investment Committee (IC) – makes investment policy decisions, appoints investment managers for the Fund and monitors their performance within the parameters set by the Board.
- Strategic Risk Committee (SRC) – considers wider economic, political and regulatory issues that may have a significant impact on the Fund or affect employer support for the Fund.
- Policy and Administration Committee (PAC) – makes policy decisions about how the day-to-day administration of the Fund should be managed and the provision of discretionary benefits. It also monitors the performance of the administration provider.
- Appeals Committee – hears appeals against decisions made at the first stage of the Fund’s formal internal dispute resolution procedure (IDRP) and reviews a proportion of the decisions taken on discretionary benefits.
- Audit Committee – responsible for ensuring that the interests of the members of the Fund are properly protected in relation to the financial reporting, internal control and risk management carried out by the Trustee on behalf of the Fund.
Details of the individuals who are the Trustee Directors, and the committees they sit on, are included in the annual member newsletter, Pensions News. Copies of Pensions News can be found in the Library.
Apply to be a Trustee Director
The role of a Member-Nominated Director (MND) would be of interest to anyone who enjoys a challenge and working as part of a team. It gives you an opportunity to be involved in running one of the biggest pension funds in the UK.
What does being a MND involve?
Being a MND nowadays typically involves devoting 50 days a year to attending and preparing for Trustee Board meetings, committee meetings and training events. Due to the complex nature of pension schemes, all Trustee Directors of the Fund are required to successfully complete the Pensions Regulator’s trustee toolkit within 6 months of their appointment.
Training on all aspects of the role and the key decisions that you will need to make as part of the Trustee Board is provided to all Trustee Directors. In addition, the Company supports the Fund by allowing Trustee Directors who are Company employees time off from their normal duties and pays remuneration to all other Directors.
To find out more about what is involved in being on a trustee board, you can visit the Pensions Regulator’s website at www.thepensionsregulator.gov.uk and, in particular, their training website www.trusteetoolkit.com
What is the application process?
To be nominated as a MND, you must be a contributing, deferred or pensioner member of the Fund. You will also need to provide proof that three other Fund members support your nomination for this role. The application process is online.
The Fund’s key advisers
The Trustee is supported by a range of professional advisers.
Actuary: Graham McLean, Willis Towers Watson Limited
Auditor: KPMG LLP
Investment Adviser: Willis Towers Watson Investment Consulting
Investment Managers: A list of investment managers appointed by the Trustee can be found in the Report of the Trustee and Financial Statements.
Solicitors: Allen & Overy LLP, Squire Patton Boggs (UK) LLP