The Trustee Board of the Magnox Electric Group consists of six Elected Trustee Directors and five Appointed Trustee Directors. The member elected directors serve for four years.
The Trustees are responsible for stewardship of the scheme and their responsibilities include:
- to determine an investment strategy for Group assets
- to ensure appropriate management of Group assets
- to arrange for regular actuarial valuations of the Group to be carried out in accordance with the funding principles agreed with the Employers
- to prepare and agree with the Employers a Statement of Funding Principles which includes the actuarial assumptions used to assess the Group’s liabilities
- to agree a recovery plan with the Employers for making good any shortfall in assets against liabilities identified in periodic actuarial valuation
- to make available to members annual funding updates on the financial position of the Group
- to ensure that the correct benefits are payable to members when they fall due.
In carrying out their work to Group Trustees must always act impartially and in the best interests of all the members of the scheme.
To assist them in their work the Group Trustees have appointed a team of professional advisers whose advice should be taken into account when necessary. The advisers include, lawyers, actuaries, investment consultants and investment managers.
The Scheme is registered for tax purposes with HM Revenue and Customs.
Trust deed and rules
The Trustees administer the Scheme and pay benefits in accordance with the Trust Deed and Rules.
Copies are available from the Finance and Reports section.
The Pensions Regulator oversees the running of pension schemes and can intervene in cases where scheme trustees, employers or advisers may have failed in their duties.
The Regulator has powers to protect funds held in pension schemes. It also aims to promote high standards and good practice in the pensions industry.