Governance
Key drivers of good governance include:
- periodic self-assessment
- Trustee knowledge and learning activities.
All 11 Trustee Directors complete a self-assessment questionnaire annually. The questionnaire is based on the Pension Regulator's scope document and it comprises the following units;
the law relating to trusts
the law relating to pensions
investment
funding
contributions
strategic asset allocation
funding DC arrangements
investment choices
fund management (including how performance can be measured)
the Plan's Trust Deed and Rules
the Plan's Statement of Investment Principles (SIP)
the Plan's Statement of Funding Principles
and other relevant pension documents.
The Pensions Regulator has an e-learning programme - known as the Trustee Toolkit - which has 11 modules which cover the knowledge and understanding required of trustees. All 11 Trustee Directors have successfully completed the ‘Toolkit'.
Training on topical subjects is provided for all Trustee Directors throughout the year. In addition, tailored training is offered to individual Trustee Directors having regard to the results of their self-assessment questionnaires and the sub-committees of which they are members.
Trustee Directors meet annually to consider their current effectiveness and how they can strive to improve.