About Your Scheme
The Scheme's Advisers
About the Scheme’s Advisers
The Trustees have appointed several advisers and contractors to carry out the day to day running of the Scheme. They appointed a pension scheme administrator after the privatisation of British Coal, and have appointed investment managers to manage and invest the Scheme’s assets. In addition, professional advice to the Scheme is provided in medical, legal, actuarial and investment matters.
All contracts with advisers and service providers are reviewed periodically, and the performance of all bodies that provide services to the Scheme is closely monitored.
Administration
The Scheme is administered on behalf of the Trustees by Paymaster (1836) Limited. Their offices are at Sutherland House in Crawley. The Trustees appointed Paymaster as administrators with effect from December 2006 for a further five year period.
Paymaster are contracted to provide the Scheme members with an efficient quality service and must meet agreed standards of service. The performance of the administrators is closely monitored to ensure those standards are met on a consistent basis.
Investments
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 Committee. Other investment providers look after the Scheme’s property portfolio, and its investments in fixed interest securities, private equity and cash.
Actuarial Services
The Scheme’s actuary is the Government Actuary’s Department. The Government Actuary himself is the appointed Actuary to the Scheme. The Actuary’s job 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.
Auditors
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.
Secretariat
The Trustees have a small full time office which provides secretariat, financial management, and internal audit services. These staff are employed by Coal Pension Trustees Services Limited (CPT), a company jointly owned by 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.
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Geoff Mellor, Chief Executive |
Karen Coupland, |
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Other CPT staff working for the scheme include: |
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Mike Furbank, Benefits Manager |
George Bruce, Finance Director |
