A pension trustee is someone who legally holds a scheme’s assets on behalf of the trust’s beneficiaries. They act separately from the employer and their powers are written in the trust deed and the scheme’s rules.
Our pension trustee is a company (known as a corporate trustee) called Electricity North West (ESPS) Pensions Trustee Limited. The individual members of the corporate trustee are called directors and collectively they form the Board of Directors. The directors include representatives from the company and the membership. Trustee directors have the same responsibilities as individual trustees in relation to the pension scheme. Learn more about our trustees and read their profiles.
Trustees have a legal duty to:
- appoint professional advisers
- keep financial and member records
- hold and take records of meetings, decisions and transactions
- keep scheme assets separately from the business assets
- obtain an auditor’s statement and actuarial certificate
- approve the annual report
- take investment decisions in accordance with the statement of investment principles
- provide information to members, beneficiaries and prospective members
- sort out member disputes
The trustees are helped in their duties by a number of professional advisers who are formally appointed. All adviser appointments are reviewed on a regular basis, at least every three years.
The current advisers are:
Group Actuary - Chris Vaughan-Williams of Hewitt Associates Limited.
Carries out valuations and advises on all matters relating to funding
In providing actuarial services to the Trustees, the Trustees, their adviser Aon Hewitt and the Scheme Actuary require access to personal data about members and their dependants. The Data Protection Act governs how the Trustees, Aon Hewitt and the Scheme Actuary use and store personal data. Members can find out more information about how their personal information is used in the provision of actuarial services. Should a member have further questions regarding the processing of their personal information, they should contact the Trustees in the first instance (trustee contact details can be found in the scheme booklet or regular communications such as this). General guidance is also available from the Information Commissioner's website.
Auditor - PricewaterhouseCoopers LLP
Reports on the audit of the Annual Accounts
Scheme Custodian - The Bank of New York Mellon
Responsible for the safe custody of the scheme assets
Investment - KPMG LLP
Advises on all investment matters, including the Statement of Investment Principles
Legal - Sacker & Partners LLP
Advises on legislative requirements and application of the Scheme provisions