Thursday 3 September 2015
MAGNOX ELECTRIC GROUP
OF THE ELECTRICITY SUPPLY PENSION SCHEME
TRUSTEE ELECTION PROCESS
The trustee board comprises of eleven directors, six of whom are elected by the scheme members. The term of office for the elected directors is usually four years. The terms of office for three of the existing directors will come to an end on 31st December 2015. The trustee board is therefore seeking nominations from members for these vacancies. Two of the vacancies are for a pensioner member and one is for a current employee member. The incumbent trustee directors are eligible to apply for the vacancies and, if there are more nominations received than there are vacancies, then an election will be held. The first two past the post in the pensioner category and the first past the post in the current employee category will be elected, all for a period of four years.
The trustee directors are keen to encourage applications but are concerned to ensure that all who apply have a realistic understanding of the requirements of the role, which can be very demanding. Further information about the role of a trustee director can be obtained from Rachel Hewlett at the address shown below but, in brief, trustee directors are responsible for the good governance of the scheme and ensuring that there is an appropriate investment strategy for the scheme. They must act in the interests of all beneficiaries at all times and must have sufficient knowledge to make informed decisions. Those who are interested in applying are encouraged to speak to Rachel Hewlett, who can arrange discussions with an existing trustee if required.
Training will be provided but newly appointed directors will be required to achieve an appropriate standard of knowledge and understanding within six months of taking up office. Applicants will also be expected to complete a series of on-line training modules provided by The Pensions Regulator. The trustee board is supported by advisers but ultimately any decisions must be made by the trustee directors. Whilst becoming a trustee should not be entered in to lightly it can be very rewarding. If you decide to seek nomination please obtain the necessary form and associated paperwork from Rachel Hewlett whose contact details are:
tel: 01454 422608
postal address: Berkeley Centre B12, Berkeley, Gloucestershire GL13 9PB.
Should an election be required the timetable will be as follows:
|Closing date for receipt of nominations by Group Administrator||18th September 2015|
|Distribution of voting papers to eligible members||16th October 2015|
|Closing of voting (last day by which voting forms should be received by Electoral Reform Services)||13th November 2015|
|Declaration of result of election by Electoral Reform Services and notification of results to all candidates by the Group Administrator||20th November 2015|
|Results declared at the Magnox Group Annual Meeting, on the Website (www.megtpensions.com) or by contacting 01453 814881||26th November 2015|
|Elected trustee directors take up office||1st January 2016|