Non-Executive Committee Chair and Management Board Member - Funding Committee
- £40,000 per annum
- Leeds, West Yorkshire (GB)
The Pensions Trust – Funding Committee, Non-Executive Committee Chair and Management Board Member
20 days commitment per annum; £40,000
The Pensions Trust (the Trust) was established in 1946 and is a centralised (or ’industry-wide’) occupational pension scheme. It is a not-for-profit organisation, run purely for the benefit of its members, and is a Registered Pension Scheme under Part 4 of the Finance Act 2004. The Trust provides a variety of Defined Benefit (DB) and Defined Contribution (DC) pension arrangements for over 1,500 participating employers. Membership has grown to over 240,000 and the value of the assets that the Trust manages now exceeds £7 billion. The Trust currently operates from offices in Leeds, Edinburgh and London. Day to day operations are delegated to the Chief Executive and staff of The Pensions Trust.
The Trust currently has 37 DB and 2 Master Trust DC pension schemes under its umbrella. An exciting new business strategy was launched in October 2014, through which the organisation will expand into all sectors of the market. The initial objective of the strategy is to grow significantly the number of DB schemes that the Trust manages, enabling the organisation to continue to offer excellent scheme management combined with exceptional value for money. Longer term, the Trust is committed to being a key player in the DC and post-retirement pensions marketplace.
In light of the revised strategy of the organisation, and the increasing regulatory pressures on both the pension and investment worlds, the Board of the Trust has conducted a far-reaching review of its governance. As a result of this review, the Board has agreed to implement a new governance structure which ensures the Trust is sustainable for the long-term and is able to apply the right resources at the right level to meet the significant challenges faced by the organisation today and into the future. This has led to the establishment of a two tier governance structure, with a senior, representative, Trustee Board which appoints and holds to account an empowered Management Board, which itself holds delegated authorities to make most decisions about the day to day running of the business.
As Funding Committee (FC) Chair you will chair the quarterly FC meetings and provide independent challenge, support, guidance and oversight on all funding related matters to the Senior Management Team. You will also be an integral member of the Management Board (5 members) providing oversight across all areas of the Trust’s business. You will have extensive trustee experience of both DB and DC Pension Schemes - ideally not for profit employer schemes (recognising the here and now) and other sectors (recognising the future); be able to demonstrate knowledge of the interaction of investment risk, sponsor covenant and recovery plans; and be accustomed to challenging scheme actuaries, particularly on valuation assumptions. Additionally you will have experience of chairing groups, carefully balancing commercial realities and Trustee responsibilities.
This appointment will need to foster strong relationships between Trustees, Management Board and Senior Management Team personnel - an important consideration when assessing an individual’s suitability in terms of fit and behavioural attributes. Linked to this will be the individual’s aligned values to those of the Trust i.e. an ability to espouse the values and/or to demonstrate a strong empathy with a business model predicated on “Making Membership Worthwhile”.
Please submit a short covering letter demonstrating how you meet the requirements of the role and reply with your CV to firstname.lastname@example.org and quoting reference number: RAGF5298. Alternatively, please Tel: 0845 261 0600.
All third party and direct applications will be forwarded to Warren Partners.