All occupational pension schemes are currently having to re-appoint their Member-Nominated Trustees. Every member of the scheme must have the opportunity to be considered and make nominations, and members must be involved in choosing who is appointed.
UNITE-Amicus believes that Trustees need to be prepared to act vigorously to look after the interests of pension fund members. For example, if a plan is in deficit (as most are), Trustees have strong powers to ensure that the Company puts in enough money. In the event of a possible takeover, they can insist that the company doing the takeover proves its ability to go on funding the pension scheme, and if necessary that it injects very large amounts of money to safeguard pensions – and that can even block the takeover.
Member-Nominated Trustees should keep in touch with members of the scheme, and they should tell members what is going on except where information is confidential on grounds of personal privacy or has the potential to affect stock exchange prices.
Trustees are responsible for the plan as a whole, and all of them (whether nominated by members, the Company, or as “independents”) must protect the interests of plan members, not the employer. They should not take instructions from anyone (including their union) but they should listen to members and their representatives.
If you are interested in helping to protect your future (and who isn’t?) and you think you have the right qualities, please consider becoming a Trustee of whichever pension plan you belong to.
The ICL Group Pension Plan is one of the biggest, and applications to be a trustee of this plan close on Friday November 16th. See http://www.cafevik.fs.fujitsu.com/viewer.aspx?/content/0502/public/00023/mndannouncementoct2007.pdf for details. Trustee positions for both current contributing members and retired members are available. A selection panel of the ICL Pensions Members Committee will be interviewing applicants early in December.
The TUC has made a short “Introduction to Pensions” course available online. If you are considering becoming a trustee, please make use of it. UNITE can provide extensive further training for members taking on trustee roles.
Other pension plans in the Company are also likely to be looking for Trustees, and if you are a member of one of them, you should have had a similar communication recently or will get one soon.
Occupational Pension Schemes and Trustees
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