We're looking for an enthusiastic Pension Scheme Trustee
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This article is only relevant for salaried colleagues who were earning a pension in the Final Salary Scheme at the time it closed in February 2011.
We are looking for a new colleague nominated trustee. This vacancy presents a great opportunity for an enthusiastic colleague to serve the Scheme.
What is required from a new trustee?
We are looking for a colleague who was building up a pension when the Scheme closed. Previous pensions knowledge may be useful, but is not essential, as full training will be available. We’re looking for a colleague who is able to think clearly and logically, and is comfortable making important decisions based on complex information – decisions that may potentially affect a large number of colleagues and former colleagues. Expert professional advice and support is always on hand but the responsibility for the decisions made rests solely with the Trustees.
Who are the current Trustees?
|Appointed by Asda||Independent||Nominated by Colleagues|
|Richard Phillips (Director of Corporate Finance)||David Felder (Law Debenture)||Allan Asher (pensioner)|
|Denis Mallas (Market Development Director)||Nick Fitzpatrick (BESTrustees plc)||Duncan Cross (Category Director – Toiletries & Baby)|
|Hayley Tatum ( Executive People Director)||Allan Miller (ROM, Central Scotland)|
|Mark Simpson (Business Improvement Director)|
It doesnt matter what the type of appointment is. All Trustees have the same duty to consider the interests of all colleagues as well as ensuring they act in colleagues’ best interests at all times.
What do the Trustees do?
The Trustees are responsible for ensuring that the Scheme is run properly in the interests of colleagues. This covers things like:
- Ensuring that information is provided to colleagues within certain deadlines
- Deciding how to invest the Scheme’s money
- Monitoring performance of these investments
- Ensuring that the Scheme complies with all laws and regulations
- Deciding who should receive the lump sums when a colleague dies or whether a colleague is entitled to take their pension early on the grounds of ill health
The Trustees meet at least four times a year. Some decisions are also taken between meetings.
The Trustees receive advice from experts and day to day support from the Asda Pensions Team, but the responsibility for the decisions made rests with the Trustees. Training is provided to all new Trustees as part of their induction.
Duncan Cross is a new Trustee and had the following to say about his role:
“Having worked in stores and at the home offices, I know how valuable the Scheme is to colleagues, particularly in these challenging economic times. It’s therefore a real privilege to work on behalf of colleagues as a Scheme trustee and do my best to ensure their future is protected. On the personal side, I find being a trustee fascinating, particularly when dealing with investments. Plus, working with the other trustees and everyone who helps run the Scheme has helped me build a bigger professional network. I am really glad I decided to apply to be a trustee.”
What skills does a Trustee need?
We are looking for someone who can:
- Think clearly and logically
- Be comfortable making important decisions that affect a large number of colleagues and former colleagues
- Contribute to group discussions on complex issues
- Challenge the advice provided
You will need to:
- Complete 30 hours of online training within 6 months of being appointed
- Seek further training in your own time (Asda will cover the cost of this)
- Attend four full day meetings at Asda House each year having prepared in advance (this is paid time off and Asda will cover travel expenses)
- Be flexible if further meetings or calls are required during the year
- Regularly check your personal emails for Trustee business
How do I apply?
If you think that you’ve got what it takes, you should complete the form at the end of this article by 31 December 2013. You’ll need to provide some basic details about yourself and get the support of one other colleague who was earning a pension in the Scheme when it closed in February 2011. What’s really important is for you to explain why you are interested in being a Trustee and why you feel you would make a good Trustee. If you have any previous experience of pensions, trusteeship or investment matters please provide details.
What happens next?
All applications will be checked to ensure the correct details have been provided.
A group of the current Trustees will review all the nominations and draw up a shortlist. The shortlisted colleagues will be invited to Asda House in the New Year. This is a great opportunity to find out more about the role of a Trustee and ask any questions. The new Trustee will be invited to attend the next Trustees’ meeting in Leeds during March 2014.
The role of a Trustee is extremely rewarding and gives you an opportunity to help look after the pensions of colleagues past and present. It is a challenging role and one that requires some time commitment. If you think that you’ve got what it takes to become a Trustee then please complete the form below.