The Committee of Management
Trustees of the Mineworkers’ Pension Scheme Limited (TMPSL) is the MPS trustee company whose ten directors are responsible for managing the Scheme. They form the Scheme’s Committee of Management.
Of the ten members of the Committee of Management, five are appointed, and may be removed, by the Committee. A Nomination Group makes recommendations to the Committee for these five Trustees, from whom are drawn the Chairman and the Chairmen of the Sub-committees. The appointments of the Scheme Chairman and the Chairman of the Investment Sub-committee require the consent of the Guarantor.
The remaining five members of the Committee are Pensioner Representatives elected by Scheme members from five geographical constituencies. The period of office for new Pensioner Representatives is five years.
All Trustees are entitled to receive payment for their work as members of the Committee. The rate of remuneration is set by the Guarantor and is confirmed in the Scheme’s annual Report and Accounts.
Each Trustee has a duty to consider the interests of every member and beneficiary of the Scheme. Trustees have a duty to represent the interests of pensioners and deferred members equally, regardless of whether they are appointed or elected Trustees. Elected Trustees are unable to treat members in their constituency in a more favourable way to that of the other constituencies.
The Trustees’ duties and responsibilities
The Trustees are responsible for the management of the MPS, including investing the Scheme’s funds, and for ensuring that benefits are paid in accordance with the Rules.
The Trustees’ duties and powers are defined in the MPS Scheme and Rules and in the general law. Trustees must act honestly, prudently and conscientiously in the best interests of all the beneficiaries of the Scheme.