The role and responsibilities of panel trustees include:

1. Operating the pension scheme

Trustees continue to look after members and pay pension benefits at equal to our levels of compensation.
They also continue to manage the scheme’s assets, working to keep any deficit to a minimum.

2. Meeting legal requirements

The legal framework for the assessment process is fully set out in the provisions in Part 2 of the Pensions Act, sections 107 to 220, Schedules 5-9 and associated regulations. Under Schedule 2 of the Pension Protection Fund (Provision of Information) Regulations, trustees also need to keep us up to date with how the scheme is being run and investments are being managed. 

3. Preparing a data audit

In order to prepare for a section 143 actuarial valuation of the pension scheme, trustees need to go through data protection exercises and reconcile Guaranteed Minimum Pensions.

4. Assisting us in our role as creditor

We take over the role as creditor of the scheme during assessment. This means that we’ll now represent the scheme at any creditor meetings, negotiate with relevant stakeholders and serve any debt.