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, any associated deficit recovery plan, and the exposure of the Fund to the covenant;
- Monitor all investment and 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, 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.