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, HEINEKEN UK Pensions Team, support the various committees. In addition, Merry Barrow, HEINEKEN UK Internal Communications, supports the Member Relations Committee.

Allan Whalley (non-Trustee Board representative and also Chair)
Mark Condron
Jane Scriven
Plus other non-Trustee Board representatives Frank De Waart, 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 Allan Whalley. Allan was once an Independent Trustee Director on the SNPP Trustee Board but has agreed to continue to offer his experience and support to the Investment Committee.

The committee also benefits from the input of the following non-Trustee Board members: Frank De Waardt, who is the Managing Director of HEINEKEN’s Dutch pension fund; 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, Mercer.

As the Chair of the Investment Committee, Allan then 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 and will happen again once the 2018 valuation has been completed. However, in between valuations, the Investment Committee has some discretion to change the actual allocation of assets in response to changing market conditions.

Kelly Taylor-Welsh
James Sharpe
Martin Coles

 

TASKS
  • Approves the process for selecting and monitoring the Plan’s administrator and professional advisers
  • Reviews the annual audit of the Plan and prepares and signs off the Annual Account
  • Exercises delegated discretions in respect of members’ benefits
  • Reviews risk management and internal controls

Find out more about the Governance and Audit Committee

The GAC is chaired by Kelly Taylor-Welsh, who is a Company-appointed Director. Kelly’s day job is Head of UK Tax at HEINEKEN.

The GAC meets formally every three months, and its members also have a monthly call to discuss any non-standard cases or new issues. This ensures that there are no unnecessary delays in settling benefits, particularly in the event of a member’s death.

Alongside Kelly on the committee there are two other Directors, Martin Coles and James Sharpe, plus Janis Ireland and Neil Parfrey from HEINEKEN’s Pensions Team as support. Representatives from Capita, the Plan administrator, also regularly attend the meetings.

The GAC spends a lot of time reviewing individual death benefit cases, particularly where the circumstances are not straightforward – for example, if a member has separated or is living with a partner who does not appear to be a financial dependant. These types of cases can be particularly difficult for both the surviving relatives or partners and Capita, the Plan’s administrator, and we’ve been reviewing our processes and documentation to help with this.

Dee Mair (Chair)
Naomi Harding

 

TASKS
  • Reviews the Plan website and other communications available to members
  • Makes recommendations to the Trustee Board about the type of information available to members
  • Prepares regular newsletters and approves all regular or ad hoc communications to members

Find out more about the Member Relations Committee

The MRC meets every three months but its members email and phone each other more frequently to ensure the communications projects run smoothly. The committee currently comprises two Directors, plus Janis Ireland and Neil Parfrey from HEINEKEN’s Pensions Team and Merry Barrow, Colleague Engagement Manager at HEINEKEN. Merry provides professional expertise as well as access to HEINEKEN resources such as the images we use in our newsletters.

The MRC has recently undertaken three major initiatives.

New website: We have taken on board feedback to revamp the ‘front end’ of our website, to make it easier for you to find the information you’re looking for. Through the website you can access the secure online portal provided by the Plan administrator, Capita, where you can see your personal pension details online. Capita has created a leaflet, which they send out with any written communication to members, explaining how to use the online portal. You can also download a copy here. The Plan website is a valuable source of information for our members. The MRC is committed to increasing the number of members who engage with the Plan online. More online communication will help reduce our costs and is more environmentally friendly.

New look newsletter: The Plan’s newsletter has been redesigned, with a focus on using everyday language to talk about pensions. Feedback has been very positive so far. 

Customer satisfaction survey: This survey is sent out by the Plan administrator, Capita, after a member contacts them or receives a service such as a retirement quote. The MRC worked hard to ensure the survey is quick and easy to complete with clear questions and a range of responses. The survey responses will help the MRC and the Plan’s Pensions Team to monitor the service Capita provides and will continue to develop the survey to ensure we’re getting meaningful feedback. We’ll provide updates in future newsletters.

Mark Condron
Dee Mair
Jane Scriven

 

TASKS
  • Assesses the covenant strength and proposed 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 Independent Trustee Directors, whose experience of working across many different pension schemes is invaluable.

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 actuary.