Telefónica UK Pension Plan – Member Nominated Trustee (MNT) Elections 2017
In addition, Martine Trouard-Riolle was appointed in October last year by the Employer as an additional Director. Martine is a director of Capital Cranfield Trustees Limited, an independent trustee firm, and brings additional experience and in-depth expertise to the Board. Please click here for more details.
During 2016 the Trustee Board decided that it would be appropriate to postpone the 2016 elections of the MNTs to ensure stability and continuity on the Trustee Board during a period of potential corporate activity.
This was a decision that would be kept under review subject to circumstances and the relevant Directors availability to remain on the Board. In this regard, Trevor Boon advised he would like to step down as a Member Nominated Director in May 2017. A subsequent MNT election was held and Andrew Davies was successfully appointed following the elections process.
What’s the role of a Trustee?
Trustees have the responsibility to ensure the Telefónica UK Pension Plan is run correctly. They have a duty to act in the best interests of all members. Trustees need to understand the key requirements of the role and have a passion to ensure the members’ interests are always at the heart of their thinking.
What could the Trustees' duties include?
As a Trustee they would attend quarterly Trustee Board meetings where all matters relating to both the Defined Benefit and Defined Contribution pension arrangements are discussed. They will be a key influencer over investment choices, communications, and many other decisions which impact the members of the Plan. They will also be a member of sub-committees where they will influence the security and administration of the members’ benefits as well as enhancing the members’ experience.
What’s the structure of the board?
We currently have seven Trustees, four nominated by the Company and three elected by the members. We are looking to fill one MNT position by June 2017. A full list of the current Trustee board can be found here.
Who can be a Trustee?
The following individuals can be a Trustee of the Plan:
- An Active contributing member, i.e. currently working for Telefónica UK and making monthly contributions.
- Pensioner member i.e. someone who is drawing their pension from the Plan.
- A recognised Trade Union Official.
Please feel free to explore the Telefónica Pensions Website to read more about the Plan and our Trustees.
The Telefónica Pensions Team