The Trustees

Trustees of the Mineworkers’ Pension Scheme (the Trustee)
The Scheme’s Committee of Management (the Committee) is made up of ten Trustee Directors. Five are appointed and five are elected.

Appointed Trustee Directors
Appointed Trustee Directors are appointed, and may be removed, by the Committee. When there is a vacancy, a Nomination Group of two appointed and two elected Trustee Directors is set up to find a suitable replacement. The Nomination Group then make a recommendation to the Committee. The term of office for an appointed Trustee Director is three years. The maximum number of terms an Appointed Trustee Director can serve is three, although this can be extended with the agreement of the Secretary of State for Business, Energy and Industrial Strategy (the Guarantor).

Elected Pensioner Representative Trustee Directors
The Pensioner Representative Trustee Directors are elected by Scheme members from five constituencies. The term of office for an elected Pensioner Representative is five years after which he or she will be eligible for re-election. There is no maximum number of terms for an elected Pensioner Representative.

MPS constituencies

Derbyshire, Nottinghamshire & Lincolnshire

Yorkshire & North Lincolnshire

Scotland, North West England & North Wales

Central & Southern England & South Wales

North East England & Overseas


MPS Appointed Trustees

 

Chris Cheetham (Chair of CoM)

I was first appointed as a Trustee in September 2009 and until 30 June 2017 I was the Chair of the Investment Sub-committee. I was appointed as Chairman of the Committee of Management on 1 July 2017. I have 35 years’ experience in the investment management industry and have a wide range of investment experience at a senior level. Some of my previous roles include CEO of AXA Investment Managers UK and Director of Investment Strategy Research at Prudential Portfolios Management. I am currently Global Chief Investment Officer at HSBC Global Asset Management.



   

Ian Maybury

I was appointed as a Trustee in September 2014 and am currently a member of both the Investment Sub-committee and the Valuation Working Group. I am an experienced trustee and actuary with expertise in investment and risk management. I have held actuarial and management roles at Royal London, and investment consulting and asset management roles at Redington and Schroders respectively.  I have previously held Trustee roles at Royal London and Citi and I am currently an independent Trustee Director of the Universities Superannuation Scheme and a Trustee of the Citigroup, Unilever and the Royal National Institute of Blind People pension schemes.

 
   

Sophie O'Connor

I was first appointed as Trustee in July 2012 and am currently a member of both the Risk and Operations Sub-committee and the Discretions and Appeals Sub-committee. I am a Chartered Accountant with 15 years' experience at senior level at Bank of America Merrill Lynch. I am currently a non-executive Director of Scottish Widows and of BNY Mellon (International) Limited, Reliance Mutual Insurance Society Limited, BUPA Insurance, and a Trustee of Chance to Shine charity.


trickett  

Paul Trickett (Chair of ISC)

I joined the Committee of Management on 1 July 2017 as Chairman of the Investment Sub-committee. I spent the first 19 years of my career with the National Coal Board, starting as a graduate trainee and subsequently as Head of MPS Pensions Administration and MPS Scheme Secretary. I moved to Towers Watson where I spent 13 years as an investment consultant. In 2011 I joined Goldman Sachs Asset Management as Head of Global Solutions, EMEA before leaving in 2013 to undertake a number of roles within investment management and pensions. These roles currently include Chair of Railpen Investments, Chair of Aberforth Smaller Companies Trust and non-executive director and Chair of Investment Committee at Aviva Life Holdings. I am also a non-executive director at Thomas Miller Holdings. 


There is currently a vacancy on the Trustee Board. Details of the appointment will be confirmed shortly.

 

MPS Elected Trustees

  John Bonser

I was elected as the Pensioner Representative Trustee for Derbyshire, Nottinghamshire and Lincolnshire in October 2014, and am currently a member of both the Risk and Operations Sub-committee and the Discretions and Appeals Sub-committee. I worked underground in the mining industry for 36 years at New Hucknall and Annesley Colliery and have served as an NUM and UDM Union Branch Official and a Union Social Insurance Officer. I am currently President of the Midland Miners Fatal Accident Relief Society and an elected Trustee of the Nottinghamshire and District Miners Pension Scheme.


   

Ken Capstick

I am the Pensioner Representative Trustee for Yorkshire and North Lincolnshire, having been elected in October 2016. I worked underground in the mining industry for 38 years and was an NUM Branch Delegate and NUM Vice-Chairman of the Yorkshire Area.

   

Bobby Clelland

I was first elected as the Pensioner Representative Trustee for Scotland, North West England and North Wales in October 2009. I am currently a member of both the Investment Sub-committee and the Valuation Working Group. I worked underground for 26 years and was also Captain of the Mines Rescue Brigade. I am an active member of the NUM and have held various positions over the years. I am currently a representative for the medical appeals tribunal and an elected member of the Fife Council for West Fife and Coastal Villages.

   

Anthony W. Jones

I am the Pensioner Representative Trustee for Central and Southern England and South Wales. I am currently a member of the Risk and Operations Sub-committee and the Discretions and Appeals Sub-committee. I worked underground for 22 years, holding various posts in the industry; I served as Lodge Committee Secretary, and Chairman of the NUM South Wales Area. I was a previously elected member of Carmarthenshire County Council Board, and a Board Member of Dyfed Pension Scheme. I am currently Trustee of Ammanford & District Miners Welfare, the Swansea Valley Miners Disaster Trust and Ammanford Miners Theatre.

 

Allen Young

I was first elected as the Pensioner Representative Trustee for North East England and Overseas in April 2005, and am currently a member of the Investment Sub-committee, the Nomination Group and the Valuation Working Group. I worked in the coal industry for 20 years and my previous experience includes positions as a Lodge Secretary and Member of the NUM’s Durham Area and North East Area Executive Committee. I am currently an Independent Financial Adviser regulated by the Financial Conduct Authority.


The Trustees must adhere to the Scheme Rules and legislation, they must act wisely, responsibly and honestly, and most importantly they must act in the best interests of Scheme beneficiaries. The Trustees’ main responsibility is to pay Scheme beneficiaries the right benefits at the right time in line with the Scheme Rules. Their duties are wide ranging as set out below:
Monitoring investment performance and strategy

The Trustees work with their investment adviser to ensure the current strategy remains on target to deliver the Trustees’ investment objectives. They also use an independent investment performance measurer.

Investment strategy & Investment of the Scheme’s assets

The Trustees must make sure their investment strategy is consistent with their funding objectives and the amount of risk they are willing to take. They must also bear in mind the Scheme’s regular need for funds to pay benefits and other expenditure.

Working with advisers

The Trustees are legally responsible for the administration, management and investment decisions relating to the Scheme.

They have appointed specialist providers to help them run the Scheme effectively, including:
  • A Scheme Actuary - the Government Actuary
  • An Administrator - Equiniti Paymaster
  • An Auditor - Ernst & Young LLP
  • An Executive - Coal Pension Trustees Services Limited
  • An Investment adviser - Coal Pension Trustees Investment Limited
  • A Principal Legal adviser - Linklaters LLP

Statement of investment principles

Under the Occupational Pension Schemes (Investment) Regulations 2005, the Scheme is not required to produce a Statement of Investment Principles. However the Trustee is required to prepare and maintain a written statement of the principles governing investment decisions. The statement, which is reviewed at least every three years and immediately after any significant change in investment policy, is available on request to the Scheme Secretary.

Risk management

The Trustees have procedures in place to manage the risk of failure to achieve their objectives and give reasonable assurance against significant misstatement or loss. The procedures include a system of controls to help the Trustees identify, assess, prioritise and manage the Scheme’s risks.

 

Providing information to members

The following information is available to MPS members on request to the Scheme Secretary:

The Scheme’s Trust Deed & Rules
Actuarial valuation reports

The information below is available by clicking on the links:

 

The Trustees’ Annual Report & Accounts   Current and previous editions of Pensions Newsline  Fact Sheets  Pensions increase leaflets 

Report & Accounts 2016

 Newsline Winter 2016 GMP Factsheet Pensions Increase Leaflet 
 Report & Accounts 2015 Newsline Summer 2016 Pension and Divorce Factsheet  
Report & Accounts 2014 Newsline Winter 2015
Newsline Summer 2015
Newsline Winter 2014     


Resolving disputes

The Scheme has a formal procedure for resolving complaints - the Internal Dispute Resolution Procedure. Any complaint which the Scheme’s Administrators have been unable to resolve can be referred to the Scheme Secretary to be considered at the First stage of the procedure. Anyone who is not satisfied with the First stage decision can ask to go to the Second stage. The complaint would then be considered by the Trustees’ Discretions and Appeals Sub-committee.

If you are not satisfied with the decision at the second stage of the MPS Internal Dispute Resolution procedure you can contact The Pensions Advisory Service (TPAS) for help and advice. TPAS is a voluntary organisation of pensions professionals who give free and independent advice. TPAS can help at either Stage of the Scheme's Dispute Resolution Procedure. If TPAS are unable to resolve matters you can ask the Pensions Ombudsman to investigate your complaint. The Ombudsman will not normally consider a complaint unless an attempt has been made to resolve it through the Scheme's dispute procedure and through TPAS.

Record keeping

One of the most important requirements for the Trustees is to ensure the Scheme has good quality member data.

The Scheme’s Administrator is responsible for looking after member data and carries out regular data reviews to help check that the data is correct and up to date.

You can help the Trustees by telling the Scheme Administrator if your personal details change.

Conflicts of interests

The Trustees are required to declare any conflicts of interest which may arise in the conduct of Trustee business and decision making.

Training

All Trustees need to be able to contribute fully to the Committee’s decision making. The issues on which the Trustees are required to take decisions are complex and require a degree of Scheme and financial knowledge.

Training is provided to all new Trustees to ensure they are able to fully meet their responsibilities, and comply with the trustee knowledge and understanding requirements of pensions law. A continuing programme of training for all Trustees complements their existing knowledge.

Payment to Trustees

Members of the Committee are entitled to receive payment for the work they carry out for the Scheme.

For all the Committee members, other than the Chairman and the Chairmen of the Investment Sub-committee (ISC) and the Risk and Operations Sub-committee (ROSC), the rates are set by the Guarantor.

The Committee sets the rates payable to the Chairman of the Committee and the Chairmen of the ISC and ROSC.

Sub-committees

The Investment Sub-committee
The Investment Sub-committee (ISC) is responsible for the Scheme’s investment objectives, policies and strategy. ISC is also responsible for the appointment and monitoring of investment managers, consultants or other investment advisers.  

The Risk and Operations Sub-committee
The Risk and Operations Sub-committee reviews and monitors many of the day-to-day risks which might affect the Scheme, including the failure to pay benefits on time or in accordance with the Rules. The Sub-committee is also responsible for the service provided by the Scheme’s administrators and oversees the Scheme’s communications, including the regular Scheme newsletter and the website. The Sub-committee monitors all Scheme costs other than those relating to investment management, which are monitored by ISC.  

The Discretions and Appeals Sub-committee

The Discretions and Appeals Sub-committee makes decisions on cases where the Rules give the Trustees the power to exercise discretion. It also considers complaints made under the Second stage of the Scheme's Internal Dispute Resolution procedure.

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