The Corporate Trustee

The Trustee arrangements for APS are as follows:

APS is administered by a Corporate Trustee (Airways Pension Scheme Trustee Ltd), made up of eight Trustee Directors.

  • Four of the Trustee Directors are appointed by British Airways as Employer Nominated Directors (ENDs).
  • Four Trustee Directors are elected by APS members and pensioners as Member Nominated Directors (MNDs).
  • Adult Survivors in receipt of a pension cannot seek election but are entitled to support a nomination and to vote in a ballot that relates to a pensioner vacancy or an active and pensioner combined vacancy.

An MND may remain in office for a minimum of five years and a maximum of five and a half years and is eligible for re-appointment (provided that he/she still meets the eligibility criteria for the relevant vacancy).

Nominations for the elected APS MNDs must be supported by at least ten members, pensioner members* or adult survivors in receipt of a pension in the relevant constituency. If there is more than one nomination for a vacancy, a ballot of the relevant members is held and the result is decided on a simple majority of the votes cast.

An elected MND may be removed from office following a ballot in which two-thirds of the votes cast by the members in the relevant constituency are in favour of removal. A ballot may be held on written request to the Trustee by fifty of the relevant members.

In addition to regular quarterly meetings, the Trustee has established two committees to cover Investment, Operations Governance and Environmental, Social and Governance (ESG) matters.

The committee structure ensures that all issues receive detailed consideration before they are escalated to the full board for final decision.

The Investment Committee is responsible for detailed consideration of investment initiatives and transaction related costs, making recommendations on strategic asset allocation to the Main Board, reviewing the performance benchmarks, compliance with investment regulations and monitoring of the Statement of Investment Principles and other governance documents. The Committee has adopted a forward looking business plan with the primary objective of ensuring the continuing suitability of investment arrangements.

The Operations Committee is responsible for payments of Scheme benefits, considering legislative and benefits changes to the Scheme, overseeing the implementation of the communication programme and monitoring management and controls.

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Scheme Actuary

Michael Pardoe of Willis Towers Watson is the Actuary for APS. The actuary advises on the Scheme's ability to meet its commitments to members and on a range of financial matters, including what the Company needs to pay into the Scheme.

In addition, the following provide specialist advice and support:

Legal Advisers

Sacker & Partners LLP

Bankers

Bank of New York Mellon
External Custodian: State Street Bank & Trust Co

Scheme Auditors

KPMG LLP

Investment Consultants

Mercer Limited

Independent Investment Experts

Ian Maybury
Robert Talbut

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