Becoming a trustee
Your pension, your benefits, your future.
What's involved in becoming a Trustee?
What is a Trustee?
Trustees are people that look after the assets of a pension scheme for the benefit of its members and are legally responsible for doing so. They operate separately from the employer that sponsors the pension scheme.
Your Scheme is managed by two types of Trustee: those appointed by British Airways (employer nominated directors – ENDs), and those elected by members and pensioners (member nominated directors – MNDs).
The role of a Trustee is a rewarding one. Yes, it carries some responsibility, but your duties will be wide-ranging and fulfilling. You’ll also receive support in your role from professional advisers.
The UK pensions system simply would not work without trustees. Your input is important – Trustee Directors really do make a difference.
- You’ll need to dedicate enough time to prepare for, and attend, regular trustee meetings.
- The term of office for a Trustee Director is for a period of between five and five-and-a-half years.
- The number of meetings varies from year to year – in some years Trustee Directors could attend an average of 20 meetings.
- The full Trustee Board meets at least four times a year, and the sub-committees also convene regularly during the year.
Some of the responsibilities of a Trustee include:
- Understanding how your Scheme works, including the rules that govern it
- Taking part in Board and Committee meetings
- Acting responsibly, honestly and prudently in the best interests of Scheme members
- Managing the Scheme in line with the Trust Deed & Rules, the law of trusts and pensions legislation
- Safeguarding the retirement savings of Scheme members by identifying, assessing and mitigating risk
To find out more, visit The Pensions Regulator website - www.thepensionsregulator.gov.uk/trustees
Training, development and support
We understand that you might need to expand your pensions knowledge when you take on this role – that’s why we provide all newly appointed Trustee Directors with comprehensive training and support.
During the course of your appointment, you’ll take part in our ongoing award-winning Trustee Director training programme and attend courses leading to qualification for The Pensions Management Institute’s (PMI) Award in Pensions Trusteeship.
There’s also an e-learning programme in the ‘Trustee Toolkit’ on the home page of The Pensions Regulator website www.thepensionsregulator.gov.uk
British Airways Pensions
020 8538 2100