How we work

This Committee is responsible for overseeing the full ‘health-check’ of the schemes’ finances that takes place every three years (called a Valuation). It keeps a close eye on the financial performance of the schemes through a quarterly funding update.

The Company plays a big part in the ongoing financial stability of the schemes and so an open and collaborative relationship is important. This Committee works with a specialist adviser to monitor the ongoing financial strength of the Company and its ability to continue to support the schemes.

This Committee is also responsible for setting the schemes’ investment strategies and deciding how to invest their monies with the support of the investment consultant.

This Committee makes sure that the schemes’ governance is in line with current law and pensions’ best practice.

It also balances the various risks with the actions being taken to address them. This means developing relationships with lawyers and other advisers in key areas and key activity such as Trustee training.

This Committee also leads on the work to benchmark the performance of each of the schemes’ advisers to make certain we’re getting the best advice and that they represent good value for money.

This Committee manages the schemes’ Administrator who is Willis Towers Watson (WTW). The Administrator calculates members’ pensions and puts them into payment, ensuring these calculations are undertaken as specified within the Rules set out for each scheme. The Trustee also produces audited accounts for each of the schemes every year. This Committee oversees the production of these accounts along with the creation of the supporting reports.

Communicating with our members and keeping them up to date is a key activity for this Committee working with the schemes’ Communication consultants to produce targeted and meaningful communications.