ABOUT
THE PLAN

TRUSTEE SUBCOMMITTEES

The Trustee Directors are responsible for the efficient operation of the Plan and have agreed that some aspects of its operation should be conducted through subcommittees of the Trustee Board.

Each committee focuses on a particular aspect of running the Plan. The subcommittees then report back to the main Board on developments requiring their action.

Neil Parfrey and Janis Ireland, Scottish & Newcastle Pensions Team, support the various committees.

After a recent review, it was decided to restructure the subcommittees. The Member Relations Committee and the Governance & Audit Committee have been replaced by three new committees – the Notable Cases Committee, a Risk Committee and an Audit Committee. The Investment Committee and Funding Committee remain unchanged.

The purpose of each committee and the Trustee Directors who sit on each one are listed here:

Mark Condron (Chair)
Kelly Taylor-Welsh
Jane Scriven
Allan Whalley (non-Trustee Board representative)
Plus other non-Trustee Board representatives Radovan Sikorsky and Sean Patterson.

TASKS

  • Makes recommendations to the Trustee Board on setting objectives and long-term investment strategy.
  • Appoints and monitors the investment managers and Plan’s custodian.

Find out more about the Investment Committee

The Investment Committee makes recommendations to the Trustee Board on setting the Plan’s long-term investment strategy. The aim is for the Plan to have a diverse portfolio of investments so that members receive their benefits when they’re due – whatever happens in the financial markets.

The Investment Committee is chaired by Mark Condron.

The committee also benefits from the input of the following non-Trustee Board members: HEINEKEN UK Chief Financial Officer, Radovan Sikorsky; and Sean Patterson, Finance Director - Star Pubs and Bars.

The Investment Committee delegates the day-to-day management of the investments to a number of external fund managers. The committee meets quarterly to review the managers’ performance. These meetings are attended by the Plan’s specialist investment adviser, Isio.

As the Chair of the Investment Committee, Mark reports to the full Trustee Board at their quarterly meetings.

Every three years, the Trustee reviews the investment strategy and decides how much of the portfolio to invest in different asset classes. This is something that takes place after each actuarial valuation. However, in between valuations, the Investment Committee has some discretion to change the actual allocation of assets in response to changing market conditions.

The committee is also responsible for establishing and monitoring the Plan’s investment policy on Environment, Social and Governance matters, and checking that the investment managers are acting in accordance with the policy.

Kelly Taylor-Welsh (Chair)
Jill Adamson
Martin Coles
James Sharpe

TASKS

  • Reviews cases where discretion is required.
  • Approves pension benefits and lump sum payments.

Find out more about the Notable Cases Committee

This committee exercises the Trustee’s discretion in respect of members’ benefits, for example if a member dies and hasn’t named their unmarried partner as a beneficiary, or if the member has young children who are eligible for a pension.

Max Graesser (Chair)
John Hutchison
Sandra Winstanley

TASKS

  • Periodically reviews the Risk Register for the Plan.
  • Reviews the audit controls over the reporting and custody of Plan assets.

Find out more about the Risk Committee

This Committee has been set up to ensure the Trustee complies with the Pension Schemes Act 2021 requirements.

Jill Adamson (Chair)
Martin Coles

TASKS

  • Maintains a process for review and monitoring of the Plan auditor.
  • Prepares and reviews annual financial statements and accounts.

Find out more about the Audit Committee

The Audit Committee ensures compliance with audit standards and relevant legislation.

Jane Scriven (Chair)
Mark Condron
Max Graesser
Sandra Winstanley

TASKS

  • Assesses the covenant strength and proposes the approach for setting actuarial assumptions at triennial valuations.
  • Reviews provisional valuation results.
  • Considers options for addressing any deficit arising out of a valuation.

Find out more about the Funding Committee

Unlike the other subcommittees, the Funding Committee does not meet regularly on a quarterly basis. Instead it meets as and when required, for example when a valuation is taking place or when there is a special funding project.

The Funding Committee is made up of the Plan’s three Independent Trustee Directors, whose experience of working across many different pension schemes is invaluable, and one of the Company appointed Directors.

A valuation is a very complex task, which can take up to 15 months to complete. The Funding Committee will play a critical role in the process, from proposing the approach for setting the assumptions that will be used by the Plan actuary, to making recommendations to the Trustee Board on finalising the valuation, after taking advice from the Plan actuary.