Telefónica UK Pension Plan – Member Nominated Trustee (MNT) Elections 2018
In April 2018, Antony Soothill was promoted from a member nominated trustee to the position of Chair of the Pension Trustee, leaving a vacant position. As a result we are about to begin the process for electing a new MNT. If you are actively contributing to the pension plan, an active employee but not currently contributing to the pension plan, or retired member of the Plan you will shortly receive information about how you can nominate yourself to become one of the Plans’ Trustees.
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 your duties include?
As a Trustee you would attend quarterly Trustee Board meetings where all matters relating to both the Defined Benefit and Defined Contribution pension arrangements are discussed. You will be a key influencer over investment choices, communications, and many other decisions which impact the members of the Plan. You will also be a member of sub-committees where you 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 January 2019. 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:
Active Contributing Members - Currently working for Telefónica UK making monthly pension contributions.
Deferred Pension Plan Members - An Active employee currently working for Telefónica UK who has been a pension plan member, but is currently not making monthly pension contributions.
Pensioner members e.g. someone who has retired from Telefónica UK and is drawing their pension from the Plan.
A recognised Trade Union Official.
Sounds interesting, what’s next?
We will shortly be writing to the Plan’s Active members, Active Employees who are Deferred Pension Plan Members, Pensioner members and recognised Trade Union Official to explain the nomination and election process. In the meantime, please feel free to explore the Telefónica Pensions Website to read more about the Plan and our Trustees.