Trustee information

Trustees

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:

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.

Annual report

Copies are available from the Finance and Reports section.

Pensions Regulator

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.