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||Elected||Cabin Crew|
|Chris Daw||Elected||Engineering, TMGs and Ground Services|
|Dave Southcott||Elected||Administration and the Rest of Management|
|Virginia Holmes (Chair)||BA appointed||Independent Trustee|
|Sian Davies||BA appointed||Financial Controller Engineering (BA)|
|Andrew Fleming||BA appointed||Head of Legal and Company Secretary (BA)|
|Bill Francis||BA appointed||Head of Group IT (IAG)|
|Rebecca Napier||BA appointed||Head of Finance Transformation (BA) & Acting IAG GBS CFO|
|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
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:
Eversheds Sutherland (International) LLP
Freshfields Bruckhaus Deringer 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)