The Trustees and their Advisers

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The Trustees and their Advisers

Our Scheme is managed by a Trustee - BAA Pension Trust Company Limited.

The Trustee Board is made up of eight directors. Four are appointed by the Company and the remaining four by the Scheme’s members.

The directors nominated by the Scheme’s members are referred to as Member-Nominated Trustee Directors or MNTDs. Each MNTD serves for a fixed term (these terms vary, and could be for three, four or five-year periods).

We often refer to the work undertaken by the Trustee as a whole, but it’s equally important to highlight the excellent work undertaken by the five main Committees that provide essential support to the Trustee Board. Each Committee is made up of a smaller group of Trustee Directors who focus on specific issues. By working this way, we can use the individual expertise of each Trustee Director more efficiently.

Committee Responsibilities

All five Subcommittees are supported by the Secretary to the Trustee:

Investment Committee (ISC)

Operational matters relating to the implementation and oversight of the Scheme’s investment strategy are considered by the ISC. This involves the selection, recommendation and continued monitoring of investment managers. The ISC also implement and monitor Environmental, Social and Governance (ESG) considerations for the Scheme. The final decisions are reported back to the main Trustee Board at the next full meeting.

Select the plus sign to see some of the tasks the ISC are responsible for

  • Reviewing, updating and maintaining the Scheme’s Statement of Investment Principles, having taken advice from the Scheme’s investment consultant and consulted with the Company in line with any statutory and/or regulatory requirements.
  • Considering the Environmental, Social and Governance (ESG) implications of the Trustee’s investment strategy, including climate change.
  • Selecting, appointing and removing Fund Managers to implement the investment strategy agreed by the Trustee.
  • Monitoring the performance and effectiveness of the Trustee’s investment consultant periodically and making recommendations to the Trustee if it considers any changes to be necessary.
  • Periodically monitoring, reviewing and recommending to the Trustee changes to strategic asset allocation, to implement the agreed investment strategy.
  • Consulting with the Company and keeping it informed of investment matters in line with any statutory and/or regulatory requirements, and otherwise as the Committee decides is appropriate.
  • Receiving and considering updates and reports about the strength of the Company’s covenant, including receiving advice from the Scheme’s covenant adviser and updates from the Company, as well as reporting to and making any recommendations to the Trustee as the Committee considers appropriate.

Audit and Risk Subcommittee (ARC)

This Committee is responsible for dealing with the preparation and audit of the Scheme’s statutory accounts, monitoring the Scheme’s internal controls and record keeping. The ARC also maintains the Scheme’s Risk Register and coordinates the Trustee’s governance compliance projects.

Select the plus sign to see some of the tasks the ARC are responsible for

  • Taking operational decisions on behalf of the Trustee in relation to the preparation and audit of the accounts of the Scheme.
  • Monitoring the Scheme’s internal controls, record keeping and risk register.
  • Integrating the Scheme’s Integrated Risk Management Framework with the Scheme’s risk register.
  • Making a recommendation to the Trustee that the Scheme’s Report and accounts be approved, as the Trustee will need to give its formal approval.

Administration Subcommittee (ASC)

The role of monitoring the administration services, provided by XPS, sits with the ASC. It is also responsible for considering the payment of any discretionary benefits, including those payable following the death of a member.

Select the plus sign to see some of the tasks the ASC are responsible for

  • Agreeing the exact nature and extent of the services provided to the Trustee by the Scheme Administrator.
  • Agreeing the standards to which the Scheme Administrator is required to work and regularly monitoring the performance of the Scheme Administrator against those standards.
  • Audit of member benefits and benefit rectification exercises.
  • Agreeing and keeping under review the method and frequency with which the Scheme Administrator is required to report on its activities to the Committee and the Trustee Board.
  • Taking decisions on behalf of the Trustee Board in relation to certain queries and complaints from members, including Internal Dispute Resolution Complaints.
  • Taking decisions on behalf of the Trustee Board in relation to ill-health retirement and death in service, deferment or retirement cases.
  • Undertaking a full review of the Scheme’s governing documentation, when considered necessary, and consulting with the Company on any proposed changes or consolidating of documents.

Valuation Subcommittee (VSC)

At least every three years a formal review of the financial health of the Scheme is undertaken. This process is known as an Actuarial Valuation, the results of which are found in the Summary Funding Statement section. The VSC oversees this process, including any dialogue with the Company, and the preparation of any Valuation related correspondence, on behalf of the Trustee Board.

Select the plus sign to see some of the tasks the VSC are responsible for

  • Working with the Scheme Actuary regarding the preparation of each Valuation, in accordance with agreed timetables and statutory deadlines.
  • Liaising with the Company to discuss and negotiate the Valuation, making recommendations to the Trustee Board regarding approval of the final agreed outcome.
  • Commissioning and taking advice relevant to the Valuation from advisers including the Scheme Actuary and the covenant, investment, and legal advisers.
  • Liaising with The Pensions Regulator when necessary.
  • Following each Scheme valuation, work with the Scheme Actuary regarding the preparation of a schedule of contributions, recovery plan and other funding documents as required (and to the extent required) by legislation, the Trust Deed, or other legal principle, and to approve such documents.

Guaranteed Minimum Pension (GMP) and Data Projects Subcommittee

This subcommittee is dedicated to implementing the projects relating to Guaranteed Minimum Pensions (GMPs) and member data, including GMP reconciliation, rectification and equalisation. The Committee works with XPS, as the Scheme Administrator and the Trustee’s advisers, to coordinate and run the projects.

Company-Appointed Trustee Directors

Phil Wilbraham – Chairman

Kirsty Hayward

Fraser Brown

Christelle Lubin

Member-Nominated Trustee Directors

Terry Mackay

Mohammad Suhayb Riaz

John McCoy

Roger Cato

Independent Trustee

The Law Debenture (BAA) Pension Trust Corporation, generally represented by Mike Jaffe (until September 2024), Samantha Pitt, Sally Minchella or Sonel Mehta (from October 2024)

Pensions Manager

George Holah

The Trustee is supported by a number of advisers:

Scheme Actuary
Kirstie Nicholls FIA, Mercer Limited

Investment advisers
Redington Limited

Covenant advisers
PricewaterhouseCoopers (PwC)

Auditors
Crowe UK LLP

Bank
Barclays

Custodian services
JPMorgan Chase

Administrators
XPS Administration

Legal advisers
CMS Cameron McKenna Nabarro Olswang LLP

Communication advisers
Gallagher

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