The Trustee

The key responsibilities of the Audit & Governance Committee are:

• Working with the external auditors to plan, scope, discuss and consider the auditor’s findings and recommendations in connection with the annual audit of the Scheme;
• Ensuring that the Scheme’s Annual Report & Accounts are prepared and finalised within the regulatory timescales;
• To maintain the Scheme’s Risk Register, review the Scheme’s framework and the effectiveness of the Scheme’s internal controls;
• To review and seek assurance on the effectiveness of the Scheme’s compliance framework and to review the Scheme’s policies for ensuring compliance with relevant regulations, industry codes and legal requirements;
• To make recommendations to the Trustee in relation to the appointment, reappointment or removal of the external auditors;
• To review the annual communication of the Scheme’s financial statements to members; and
• Ensuring that contributions are paid in accordance with the Schedule of Contributions and Payment Schedule.

The key responsibility of the Disputes Committee is to consider and decide on any Stage 2 disputes received by the Trustee under the Internal Disputes Resolution Procedure.

The Committee may also consider complex and high liability death cases requiring Trustee Discretion which are referred to the Disputes Committee by the Trustee Board for consideration and approval.

This Committee will only be convened to make urgent decisions where it is not possible to arrange a Trustee Board meeting or a meeting of the appropriate Committee because usual processes cannot operate.

The key responsibilities of the DB Section Committee are:

• Reviewing and recommending to the Trustee the funding strategy and investment policy for the Defined Benefit (DB) Section of the Scheme;
• Monitoring the investment performance of the DB Section’s investment managers;
• Monitoring the DB Section’s funding position;
• Appointing and removing the investment consultants, investment managers, custodians and performance measurers and overseeing any changes to their agreements;
• Maintaining and recommending to the Trustee changes required to the DB Section’s Statement of Investment Principles;
• Working with the Scheme Actuary and the Company to recommend to the Trustee the Statement of Funding Principles, Recovery Plan (if required) and Schedule of Contributions in connection with the Scheme’s valuations;
• Reviewing the DB Section’s factor calculation principles and approving any changes to factors being used to calculate members’ benefits;
• Reviewing and agreeing the recommendation from the Scheme Actuary regarding the bonus rate and conversion factors to be applied to the DB Section’s in-house AVC arrangement;
• Reviewing communications in connection with the DB Section’s in-house AVC arrangement, the Summary Funding Statement and any other communications in relation to the DB Section’s investment and funding; and
• Monitoring the service standards and reviewing the overall operation of the DB Section’s third-party administrator.

The key responsibilities of the DC Section Committee are:

• Monitoring the performance of the investment funds available to DC Section members;
• Reviewing the investment funds available to members to ensure that they meet members’ needs and making any necessary changes to the fund range;
• Maintaining and recommending to the Trustee changes required to the DC Section’s Statement of Investment Principles;
• Monitoring the service standards and reviewing the overall operation of the DC Section’s third-party administrator;
• Ensuring that DC Section members receive or have access to detailed, clear, accurate, compliant information regarding their benefits from the Scheme; and
• Developing the communications strategy for the DC Section of the Scheme.

The DC Section Committee is assisted by an Investment Committee.