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 12 Trustee Directors.
- 6 of the Trustee Directors are appointed by British Airways as Employer Nominated Directors (ENDs).
6 Trustee Directors are elected by APS members and pensioners as Member Nominated Directors (MNDs), as follows:
1 MND is elected by active members of the Scheme, and must be an active member of APS, except in the event that no nominations are received for an active member vacancy, in which case the vacancy is opened to pensioner members*.
- 1 MND is elected by active members of the Scheme, and must be an active member of APS, except in the event that no nominations are received for an active member vacancy, in which case the vacancy is opened to pensioner members*.
- 5 MNDs are elected by pensioner members* of the Scheme and must be pensioner members* of APS.
- 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.
Members who have taken Flexible Retirement cannot apply to be both a pensioner member* MND and an active member MND at the same time. However they are eligible to vote in both active member and pensioner member* MND elections.
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 four committees to cover Governance, Investment and Operations 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 Governance & Audit Committee is responsible for reviewing the performance of the Scheme's advisors, ensuring compliance with regulatory requirements, risk management and audit.
The Environmental, Social and Governance (ESG) Committee is responsible for supporting the Main Board in the development of its ESG policy, strategy and initiatives ensuring it is in line with regulatory and industry standards.
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.Close
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:
Sacker & Partners LLP
Bank of New York Mellon
External Custodian: State Street Bank & Trust Co
Independent Investment Experts