Trustee Committees

There are three Committees, made up of smaller groups of Trustee Directors. These Committees are:

Investment & Funding Committee (IFC) Meets quarterly to:

  • Monitor and implement investment decisions that reflect the strategic investment objectives of the Fund
  • Monitor the performance of the investment managers
  • Monitor the funding position of the Fund
  • Monitor the performance of the Fund against the flight plan and considers the actions required in accordance with the agreed de-risking protocol
  • Negotiates with the Society on the triennial valuation, and any associated deficit recovery plan and the exposure of the Fund to the covenant
  • Monitor all investment & funding risks recommending any necessary controls

Operations Committee (OC) Meets quarterly to:

  • Monitor administration performance and compliance against, and the appropriateness of, the service standards
  • Benchmark the performance of the Administrator
  • Oversee the implementation of all member communications
  • Monitor the annual budget.
  • Monitor all operational risks recommending any necessary controls
  • Monitor and consider Permanent Ill-Health
  • Early Retirement (PIER) processes

Governance Committee Meets twice a year to:

  • Monitor and review the Trustee Governance structure and the Terms of Reference for all the Committees
  • Monitor the Strategic Plan and the Trustee business plan
  • Review the Trustee Knowledge and Understanding
  • Review and agree the yearly audit plan and draft annual report and accounts
  • Monitor and review of all delegations under the Fund's delegations register
  • Have oversight of the Trustee risk process and undertake an annual review of the risk framework
  • Monitor and review all Trustee policies, agreements and protocol