About the Scheme’s Advisers
The Scheme has appointed a number of specialist investment managers to manage and invest the Scheme’s assets. In addition, professional advice to the Scheme is provided on legal, actuarial, medical and investment matters. All contracts with advisers and service providers are reviewed periodically, and their performance is closely monitored. More details of these appointments are contained in the Scheme’s Report and Accounts.
The Scheme’s Administrators
Pension scheme administration services are provided by a third party administrator selected by the Trustees.
The main point of contact for Scheme pensioners and deferred pensioners is the Scheme’s Administration Office. The Trustees expect the administrators to work to high standards of customer service and their performance is closely monitored. Every year, the Trustees carry out a survey of a sample group of Scheme members to obtain an independent view of how members regard the services provided by the Scheme. For the Administration Office’s contact details, click here or visit the Contacts section of the website.
The Trustees have appointed several investment managers to look after the Scheme funds. Specialist firms are engaged in the investment of stocks and shares (equities) in the UK and overseas and the Trustees closely monitor their performance against benchmarks set by the Investment Sub-committee. Other investment providers look after the Scheme’s property portfolio, and its investments in fixed interest securities, private equity, index linked gilts and cash.
The Actuary for the MPS is the Government Actuary. His main role is to assess whether the assets of the Scheme are sufficient to meet the cost of the benefits payable as they fall due. Between formal valuations, the Scheme Actuary advises the Trustees on many aspects of financial and investment matters.
The Scheme’s Auditors are Ernst and Young LLP. It is their responsibility to assess the financial records of the Scheme and ensure that the accounts represent a true picture of the Scheme’s financial health. There is a legal requirement for the Trustees to present audited accounts for inspection by any member who requests them.
Coal Pension Trustees Services Limited
The Trustees have a full time executive – Coal Pension Trustee Services Limited (CPT), a company jointly owned by the Trustees of the Mineworkers’ Pension Scheme Limited and the Trustees of the British Coal Staff Superannuation Scheme.
CPT is responsible for replying to questions which concern the provisions of the Scheme and deals with correspondence addressed to Trustees.