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.
The Trustee Directors are those who have been appointed or elected to manage the Trust on your behalf.
|APS Trustee Directors||Appointed / elected||Voting category|
|Tom Mitchell||Elected||Active Members & Pensioners|
|Virginia Holmes (Chair)||BA appointed||Independent Trustee|
|Zoe Davis||BA appointed||Group Chief Procurement Officer (IAG)|
|Andrew Fleming||BA appointed||Head of Legal and Company Secretary (BA)|
|Rebecca Napier||BA appointed||Head of Finance Transformation (BA) and Acting IAG GBS CFO|
|Steven Showell||BA appointed||Finance Controller (BA)|
|Jude Winstanley||BA appointed||Head of Brand and Customer Experience Effectiveness|
In addition to regular quarterly meetings, the Trustee has established three 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, transaction related costs, strategic asset allocation decisions, reviewing the performance benchmarks, compliance with Myners proposals, evaluating the funds policy on shareholder activism and monitoring of the Statement of Investment Principles. 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 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:
Eversheds Sutherland (International) LLP
Sacker & Partners LLP
Legal advice on specific areas is also provided by:
Mssrs Forsters LLP
Mssrs Shepherd & Wedderburn LLP
Bank of New York Mellon
External Custodian: State Street Bank & Trust Co
Financial & Investment Advisers
James Maggs (Mercer)
It's our role to make sure your BA pension scheme is managed in the best way for you, our members. Our vision and strategy are key to this. We want to pay the right benefits to the right people at the right time and we’ve developed objectives to help deliver this:
- secure members’ benefits at an acceptable level of risk in the context of the funding position of the Scheme
- maintain an integrated risk management framework that balances covenant, investment and funding
- build and maintain the confidence of beneficiaries and other stakeholders through effective and timely communication
- ensure sound financial and administrative management and that all Scheme activities are undertaken in a manner which delivers value for money for beneficiaries, the Trustee and the sponsor
- maintain the highest standards of governance proportionate to the activities of the Scheme and to regularly evaluate these
- protect Scheme assets and member data (including protection against cyber threats)
- drive efficiencies through adopting technology and seeking out innovation
- establish and maintain a list of values and behaviours which the Trustees, our Executive team at BA Pensions and colleagues will respect