Role of the Trustee Board
The role of the Trustee is to invest the SOCPF’s assets, administer the scheme in line with the Trust Deed and Regulations, and pay the benefits. The Trustee must always act fairly between all classes of beneficiary.
The Trustee’s duties are summarised below:
- To manage the day-to-day running of the SOCPF in line with the Trust Deed and legislation (for example, paying benefits and collecting contributions).
- To determine the investment strategy and investment of the SOCPF’s assets.
- To determine what level of assets is required to meet the SOCPF’s liabilities by undertaking regular valuations.
- To agree with the Company the amount and timing of Company contributions to ensure the SOCPF is fully funded.
- To communicate with members in line with legislative requirements and keep them informed about their pension.
In practice, the Trustee delegates the day-to-day running of the SOCPF to the Trustee Service Unit and the investment activities to the Investment Manager. The Trustee is also required to appoint external professional advisers to help manage the SOCPF.
There are at least four Trustee Board meetings each year, where the performance and administration of the SOCPF is reviewed and discussed.