Chairman's introduction
Welcome to our 2023 digital edition of Focus, the BAA Pension Scheme Magazine.
As Trustee, our key aim is to manage the Scheme, and its assets, to help safeguard your financial health in retirement. But we also recognise our responsibility to seek to protect the environment - both for our future and the generations to follow. The paper version of Focus sent to members who’ve not selected digital communications, has moved to a new smaller format. This change is in support of this aim to operate the Scheme in a way that has as little detrimental impact on the environment as possible. Other initiatives we have underway include encouraging members to choose to receive communications digitally and, as a Board, having fewer face-to-face meetings and more online ones using video conferencing tools.
How we invest is also key to our ongoing response to climate change. Our aim, which is in line with Heathrow’s, is to be carbon neutral by 2050. Using the Task Force on Climate-related Financial Disclosures as a framework, we’re tracking our progress against this objective. You can read more about this here.
At the end of 2022, we moved the administration for our Scheme from Equiniti to XPS Administration. The reasons for this change included improving the service you and your fellow members receive, as well as seeking to improve the online experience for those who are looking for a more self-service approach to managing their Scheme benefits. XPS are going through an important data cleansing exercise before introducing this new functionality, but you can expect to see more being introduced soon. We’re impressed with the progress XPS has made and excited about what is still to come.
We understand some members are interested in how their benefits are valued, specifically in respect of transfer values. You may be interested to read the interview with our Scheme Actuary, Kirstie Nicholls FIA, where she talks to this very point.
Now turning to Trustee news, Mike Macgregor decided to step down as a Trustee Director earlier this year. Mike has been the Pensioner representative on our Board for many years, and his invaluable input has helped positively shape the way our Scheme is managed – he was a member of both the Administration Committee and the Audit and Risk Committee. I’d like to thank Mike for all his hard work and support during his terms of office. Shortly we’ll be looking for someone to replace Mike, so if you’re a Pensioner member, look out over the next few weeks for your invitation to put yourself forward to join our Trustee Board.
We hope that you and your family are keeping safe and well and that this magazine is helpful to you. If you have any feedback or would like to see anything covered in future editions, please do let us know.
Phil Wilbraham
Chairman
On behalf of the Trustee
of the BAA Pension Scheme