The Corporate Trustee

The Trustee arrangements for NAPS are as follows:

NAPS is managed by a Corporate Trustee (New 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 the NAPS membership Member Nominated Directors (MNDs). As part of the closure of NAPS to accrual on and from 1 April 2018 the Scheme Rules for Trustee arrangements were amended, replacing the active member category with employed deferred members. MNDs are elected as follows:
    • 4 of the MNDs are elected by employed deferred members of the Scheme. Each will come from different occupational groups and must be an employed deferred member of NAPS.
    • 2 of the MNDs are elected by pensioner members* of the Scheme and must be pensioner members* of NAPS.

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 NAPS MNDs from the employed deferred members of the Scheme must be supported by at least twenty employed deferred members in the relevant constituency and nominations for NAPS MNDs from the pensioner members* of the Scheme must be supported by at least ten pensioner members* 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 employed deferred member MND at the same time. However they are eligible to vote in both employed deferred 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.

* For this purpose 'pensioner members' does not include pensioners whose benefits have not yet come into payment, spouses, dependants or children in receipt of pensions and pensioners receiving only Equivalent Pension Benefits under the National Insurance Acts.

The Trustee Directors are those who have been appointed or elected to manage the Trust on your behalf.

NAPS Trustee Directors Appointed / elected Voting category
Neil Blackburn Neil blackburn Elected Cabin Crew
Ian Bretherton Ian bretherton Elected Pilots
Chris Daw Chris daw Elected Engineering, TMGs and Ground Services
Graham Fowler Graham fowler Elected Pensioners
Dave Southcott Dave southcott Elected Administration and the Rest of Management
Jack Wheale Jack wheale Elected Pensioners
Position
Virginia Holmes (Chair) Virginia holmes BA appointed Independent Trustee
Sian Davies Sian davies BA appointed Financial Controller Engineering (BA)
Bill Francis Bill francis BA appointed Head of Group IT (IAG)
Caroline Mellor Generic BA appointed Senior Commercial Lawyer (BA)
Ben Sehovic Generic BA appointed Head of Heathrow Terminal 3 (IAG)
Karen Slinger Generic BA appointed Head of Cabin Crew (BA)
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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.

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Scheme Actuary

Mr Aaron Punwani of Lane Clark & Peacock is the Actuary for NAPS. 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

Eversheds Sutherland (International) LLP

Freshfields Bruckhaus Deringer LLP

Legal advice on specific areas is also provided by:

Mssrs MacFarlanes
Mssrs Forsters LLP
Mssrs Shepherd & Wedderburn LLP

Bankers

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

Scheme Auditors

KPMG LLP

Financial & Investment Advisers

Andrew Threadgold
PricewaterhouseCoopers LLP
James Maggs (Mercer)
Ian Maybury

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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
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