Chair’s foreword
The Trustee of the 91热爆 Pension Scheme (the Scheme) understands that good governance, with the resources and structures to support effective decision-making, will help the Scheme give a positive member experience, comply fully with legal and regulatory requirements and manage risk.
The purpose of this document is to explain to Scheme members the arrangements that are in place for managing the Scheme appropriately and effectively. The Trustee wants to operate a well-run scheme and is committed to regularly reviewing and improving its governance arrangements.
Catherine Claydon
Chair of the Trustee Board
Trustee’s objectives
The Trustee’s main objective is to ensure that all beneficiaries receive the benefits to which they are entitled under the Rules of the Scheme.
To meet this objective, the Trustee monitors the balance between the Scheme’s assets and liabilities, holds the assets securely on trust, invests them appropriately, makes provision to meet the future costs of benefits jointly with the 91热爆, and ensures the proper administration of the Scheme.
Governance and regulatory compliance
Summary: Governance is the framework of rules, relationships, systems and processes by which an organisation, like a pension scheme, is controlled and operates. The Trustee may delegate day-to-day management of certain Scheme functions to third parties, but it remains accountable for ensuring the Scheme is well managed.
The Trustee aims to meet good governance standards. It manages the Scheme in line with industry best practice and the guidelines set out by the Pensions Regulator, in order to comply with applicable law and regulatory requirements and to achieve its objective of paying members the benefits due to them.
The Scheme
The Scheme is set up under trust, the effect of which is to separate the Scheme’s assets from those of the 91热爆. The Trustee holds the assets on trust to provide the benefits under the Scheme.
The Scheme is governed by a (the Rules), and the Trustee is required to act in accordance with these. The Rules set out (amongst other things):
- How the Trustee Directors are appointed and how the Trustee conducts its business
- The obligation on members and employers to pay contributions
- The investment powers of the Trustee
- Details of the benefits payable
91热爆 Pension Trust Ltd
The Trustee of the Scheme is a company, 91热爆 Pension Trust Ltd. This is a wholly owned subsidiary of the 91热爆 and exists only for the purpose of acting as sole corporate trustee of the Scheme. This is a common arrangement which simplifies management of the Scheme, for example when documents need to be signed.
The Trustee company acts through its Board of Directors. The directors are referred to throughout this document as ‘the Trustee Directors’ and the Board of Directors as ‘the Trustee Board’. The Chair of the Board of Directors is referred to as ‘the Chair of the Trustee Board’.
Trustee Board structure and activities
There are eleven Trustee Directors.
- Four are appointed by the 91热爆.
- Four are appointed by Scheme members. Three of these are elected by the active members and those deferred members employed by participating employers. One is elected by the pensioners. All four serve for six years.
- Three are independent Trustee Directors, appointed by the other Trustee Directors with the agreement of the 91热爆 Board.
The Trustee exercises its powers and duties in the interests of the Scheme as a whole, as required under the Scheme’s governing documents and legislation.
The Chair of the Trustee Board is responsible for leading the Board and promoting effective decision-making. The names of the Trustee Directors are published in the Scheme’s Annual Report and Financial Statements and are available online here.
Trustee knowledge and understanding
The Trustee Directors must have the appropriate level of “knowledge and understanding” of pensions and investment necessary for them to fulfil their role and keep up to date on key issues and trends in occupational pensions. New Trustee Directors are offered a range of training opportunities.
All Trustee Directors are expected to keep their knowledge and understanding up to date through Scheme-specific training sessions provided as part of Trustee Board meetings, and by reading and attending self-selected seminars and conferences. Trustee Director training is recorded and monitored.
Meetings and decision-making
The Trustee Board meets at least quarterly and keeps records of its decisions.
A quorum consists of six Trustee Directors, of whom at least one must be appointed by the 91热爆, at least one must be appointed by Scheme members and at least one must be an independent Trustee Director. Unless a vote is requested, decisions are made by consensus. If a vote is taken, the matter is decided by a simple majority of those present. If there is an equality of votes, the Chair has a second or casting vote.
Items discussed at Trustee Board meetings include committee reports, appointment of Scheme advisers, funding position, investment strategy, Scheme budget and accounts, auditor’s reports and the annual workplan.
Delegation
The size of the Scheme is such that it is neither practical nor desirable for the Trustee to become involved in all day-to-day activities or decisions. The Trustee’s primary role is to set overall policy, and to put in place and monitor the effectiveness of the controls designed to ensure that the Scheme operates in accordance with its objectives.
The Trustee may appoint service providers to carry out specific tasks such as administration of pension benefits. It may also appoint third parties to provide advice and supplement the skills and knowledge of the Trustee Board. The Trustee, however, retains ultimate accountability.
The Trustee has appointed a Pensions Executive (the Executive) who support the Trustee and administer the Scheme on its behalf. The Executive and staff who report to them are employed by the 91热爆 but are managed by and accountable directly to the Trustee for services in relation to the Scheme, under the terms of an Administration Agreement.
The Trustee has also established 91热爆 Pension Investment Limited, a company regulated by the Financial Conduct Authority, to exercise investment discretion and provide advice in relation to specific aspects of the Scheme’s investment portfolio.
The Trustee delegates many of its powers and discretions under the Trust Deed and Rules to the Executive or members of their teams. The Trustee Board also delegates some of its powers and responsibilities to sub-groups of Trustee Directors called committees.
All delegations are documented and in each case the level at which such authority can be exercised is specified. The Trustee is satisfied that those who exercise this authority on its behalf have a strong understanding of its values and objectives.
Appendix 1 below sets out the activities that have been retained by the Trustee Board, those that have been delegated to committees and those that have been delegated to the Executive.
Committees
The Trustee has set up the following standing committees.
The Governance Committee considers the systems and processes concerned with the management of the Scheme.
The Investment Committee implements the Trustee’s investment strategy and the arrangements for managing the Scheme’s assets. It includes two independent members, who are appointed by the Trustee Board. The independent members are expected to enhance the capability of the Investment Committee to manage the Trustee’s investment responsibilities effectively. They carry the same fiduciary responsibilities in this role as the Trustee Directors.
The Finance and General Purposes Committee monitors the effectiveness of the Scheme’s financial management and internal controls and all aspects of the Scheme’s administration.
The Scheme has a two-stage Internal Disputes Resolution Procedure, which is appended to the Rules. Normally, the first stage is determined by either the Communications and Engagement Manager or the Administration Manager (or the nearest equivalent to these offices). The Internal Dispute Resolution Committee considers second-stage complaints referred by complainants who feel the matter has not been resolved satisfactorily at the first stage.
Committee members are appointed by the Trustee Board. The Trustee has approved terms of reference that explain how the Trustee Board and its committees operate. These are available here.
Conflicts of interest
The Trustee has agreed a conflicts of interest policy and procedures. Trustee Directors are required, on joining the Board and at meetings, to declare any personal or business interest that could give rise to a conflict of interest, and to update this declaration as required. All declarations are recorded. The policy and procedures set out the ways in which a potential conflict of interest may be handled.
The Trustee has adopted an Anti-Bribery Policy and a Hospitality Policy in response to the Bribery Act 2010. Any hospitality received in excess of £100 is recorded on a central register which is available to members on request.
Compliance with the law and regulations
There is no single source of pensions law. The main sources are:
- trust law, from which is derived the general principles of trusteeship, such as the requirement for trustees to act prudently, conscientiously, honestly and with the utmost good faith;
- social security law, which regulates the interaction between the State scheme and occupational schemes;
- tax law, which provides and controls the tax reliefs available to pension schemes;
- codes of practice issued by the Pensions Regulator; and
- pensions legislation, which sets out the statutory requirements for occupational pension schemes.
The Trustee ensures that the Scheme operates in compliance with all applicable law and regulations.
The Scheme is registered under Chapter 2, Part 4 of the Finance Act 2004. Consequently, the Scheme and its members benefit from certain tax reliefs currently available.
Reporting to the Pensions Regulator
The Trustee submits an annual report to the Pensions Regulator.
The Trustee has a statutory duty to report breaches of law and certain Scheme- related notifiable events to the Pensions Regulator. The employers, advisers and Scheme administrators also have a duty to report breaches of law to the Pensions Regulator and the employers have a duty to report employer-related notifiable events.
Funding
Summary: The Trustee aims to maintain a position where the value of the fund is sufficient to pay the benefits promised, and the Scheme is unlikely to need to seek additional funding from the 91热爆. With help from the Scheme Actuary, the Trustee monitors the funding position carefully and reports on it regularly to members.
The Trustee’s funding objectives are set out in the Statement of Funding Principles and Statement of Investment Principles. These are published on the Scheme website and are regularly reviewed.
The Actuary advises the Trustee on funding the Scheme. The funding position is monitored throughout the year. A formal update is given to the Trustee annually and the results notified to the 91热爆 and to members. A full review of the Scheme’s financial position is carried out at least once every three years by undertaking a valuation. This involves comparing the value of the fund with the value of benefits the Scheme is expected to pay. The Actuary then calculates the contributions needed from the employer both to pay for benefits as they continue to accrue, and to make up any deficit. The contributions payable by the 91热爆 are recorded in a Schedule of Contributions. Valuation reports and the Schedule of Contributions are published here.
Scheme-specific funding was introduced under the Pensions Act 2004. It provides a framework intended to ensure that pension schemes have sufficient assets to meet their “technical provisions” (i.e. the value of their liabilities as calculated by an actuary in accordance with the requirements of the Pensions Act 2004 regime). The contributions to the Scheme under these statutory provisions may not be lower than those which the Actuary would have required if they, and not the Trustee with the agreement of the 91热爆, had responsibility for setting them. The Trustee has agreed a recovery plan and a timetable for making good the funding deficit revealed on the basis agreed at the last three-yearly valuation in 2022. An objective assessment of the support available from the employer is crucial when carrying out a valuation, and the Trustee appoints a specialist adviser to assess it. If agreement cannot be reached on a three-yearly valuation the matter would be referred to the Pensions Regulator.
Investment
Summary: The Trustee aims to invest the fund in assets that will provide a sufficient return to pay benefits as they fall due, with the minimum necessary risk. It takes into account the ability of the 91热爆 to support the Scheme with additional funding.
The Trustee’s investment objectives are set out in the Statement of Investment Principles which is published on the Scheme website and is regularly reviewed.
The Statement of Investment Principles includes a set of investment beliefs which are used as foundation blocks for the Trustee to develop investment policy.
The Trustee delegates responsibility for implementing investment policy to the Investment Committee, and day-to-day investment decisions to suitably qualified investment managers. The Statement of Investment Principles explains how the Trustee monitors this delegated authority, the type of assets the Scheme invests in, and risks relating to Scheme liabilities.
The Scheme adopted the performance of its liabilities as its primary investment benchmark from 1 April 2012. The Trustee believes that this approach aligns the management of the Scheme’s assets directly with the objective of being able to pay pensions to beneficiaries as they fall due.
The Trustee recognises that with ownership comes responsibility and it is committed to exercising its influence and control to promote the long-term sustainability of the Scheme’s investments. The Trustee believes that well governed companies that manage their businesses in a responsible way will produce higher returns over the long term. The Trustee has agreed a Responsible Investment Policy which is here as part of the Statement of Investment Principles. This policy is regularly reviewed.
Covenant and sponsor relationship
Summary: Covenant means a sponsoring employer’s legal obligation and financial ability to support its pension scheme.
The Trustee recognises the dependence of the Scheme on the sponsor covenant as well as an appropriate investment strategy. It intends in the longer term for the Scheme to be fully funded on a measure of self-sufficiency. If the Scheme were to reach full funding on this self-sufficiency basis, it could remove the majority of investment risks and meet benefit payments as they fall due, with limited likelihood of requiring recourse to the 91热爆 for additional contributions.
The Trustee also recognises the importance of monitoring and maintaining a good understanding of the covenant.
Although it remains independent of the 91热爆, the Trustee wishes to maintain a constructive and collaborative relationship with it through executives and Trustee Board members.
Monitoring the covenant
The Trustee receives regular updates from the 91热爆 including information about its financial circumstances. The Trustee obtains regular independent expert analysis of that information from its covenant advisers. In this way it monitors and assesses the employer’s ability to continue contributions at a level necessary to fund the Scheme’s benefits. This sound understanding of the employer covenant informs the Trustee’s investment and funding decisions.
The 91热爆
As the principal employer, the 91热爆 has a duty to provide on request such information as is necessary or reasonably required for the Trustee to fulfil its obligations. The Trustee consults with the 91热爆 on investment strategy taking into account the 91热爆’s view on the risk and reward aspects of the strategy. In practice the two parties work closely together to ensure the smooth running of the Scheme.
Member experience and benefits
Summary: The Trustee aims to provide an enduring high-quality, value for money service to members, and to communicate regularly and clearly in order to enable members to understand their benefit entitlements and options.
The Trustee has a number of principles that, in addition to obligations under applicable law and regulations, underpin and influence the services provided to members.
High quality service
The Scheme administrator should be appropriately skilled and resourced.
The Pensions Executive and staff provide the personnel and resources necessary for the day-to-day administration of the Scheme. The Pensions Executive and staff are employed by the 91热爆 but are managed by and accountable directly to the Trustee for services in relation to the Scheme, under the terms of an Administration Agreement.
Administration systems, processes and controls should be robust, secure and fit-for-purpose.
Operating procedures are designed with a view to minimising the risk of error, fraud and data breach. Processes are automated where possible and changes to them are carefully managed. Procedures are set out in manuals and regularly tested.
Service levels should be formally agreed with the administrator, appropriate and closely monitored.
The Administration Agreement between the Trustee and the 91热爆 sets out the terms on which the services are provided and their scope. A more detailed Services Schedule sets out the level of service that the Trustee can expect for each activity. The Trustee regularly monitors compliance with the Services Schedule.
Value for money
The Scheme should provide above-average service at average or below-average cost, monitored through regular benchmarking.
The Centre operates to a budget agreed each year by the Trustee. When procuring services such as printing and systems, the Centre manages its fees and costs by various processes including tendering, negotiation, monitoring and budgets. The Centre benchmarks its costs periodically using independent surveys. Such comparisons enable the Scheme to identify and adopt cost-effective working practices.
Investment management fees are charged either as a proportion of the assets under management or are related to performance targets. They are negotiated individually when a manager is appointed and are reviewed periodically. The investment team negotiates to ensure that the Scheme receives the best possible value for money from its relationships with investment managers and other suppliers. The Investment Committee monitors a broader measure of investment costs which includes fee and performance fee accruals in funds, commissions, administration and custody costs, property expenses and other investment governance and advisory costs.
The Trustee appoints a range of advisers who provide professional assistance in addressing the issues faced by the Scheme. The Trustee seeks to achieve good value from these advisers by:
- building a strong mutual understanding between the parties;
- budgeting for the work predicted each year and monitoring expenditure against the agreed budget;
- seeking to agree work and setting an appropriate charge in advance; and
- maintaining a rolling cycle of value-for-money reviews.
The Trustee should seek to understand member experiences through periodic member surveys.
Regular surveys provide a useful snapshot of member satisfaction, expectations and understanding of the Scheme. Over time, they give valuable information about trends. Members who attend pension seminars are asked to provide feedback, which influences the future structure of such activities.
Regular and clear communications
The Scheme should communicate with members in a way that is easy to understand, accurate and comprehensive.
The Scheme communicates with members in a variety of ways, and focuses on giving accurate, timely, jargon-free and helpful information. Members can contact the Centre by phone or email.. All staff who are in contact with members receive training in customer care.
The Centre provides a range of member handbooks and guidance, written with an emphasis on clarity of language and ease of understanding. These and other Scheme documents are available on the Documents section of the Scheme website and in other formats on request. Appendix 2 below lists the key Scheme documents.
The Scheme should continue to develop online communications and member self-service offering to provide members with the information they need at the time they need it.
All members are able to view and update their personal information, see details of their benefits and carry out some transactions via the online portal .
Risk control
Summary: The Trustee carefully monitors risks that might result in the Scheme being unable to pay benefits as they fall due. The Trustee operates a robust framework of risk management to control and mitigate against these risks.
Managing risk
The Trustee is required to identify, measure, monitor and manage risk.
The Trustee assesses the risks facing the Scheme. These could be internal, for example a lack of access to computer systems, or external, for example an increase in inflation or longevity.
The Trustee maintains a register of the key risks to which the Scheme is potentially exposed. The register rates the potential impact and likelihood of the risks, and summarises how they can be removed, reduced or managed. It is reviewed annually by the Trustee.
The Trustee Board is responsible for managing risks relating to governance, regulation and covenant. It delegates more detailed work on investment risk and operational risk to its committees, but retains oversight of this work.
Investment risk
The Investment Committee is responsible for identifying and monitoring investment and funding risks and when appropriate implementing controls to mitigate those risks. Willis Towers Watson (WTW), the Scheme’s investment consultant, conducts extensive asset liability modelling (ALM) the output of which is reviewed in detail by the Trustee. The modelling considers the long-term expected evolution of the Scheme’s funding position. The focus of the work has been not just to understand the average (i.e. median) outcome, but also to estimate the risk that the Scheme could be severely underfunded in the future.
The Trustee also looks at shorter term measures of investment risk such as scenario analysis, value at risk and tracking error. These model the sensitivity of the Scheme’s funding position to market developments and can be updated more frequently than the ALM work. The Statement of Investment Principles published on the website gives further details of the controls in place for different types of risk.
Operational risk
The Finance and General Purposes Committee is responsible for identifying where the Scheme might be vulnerable to financial management and administration risks, and recommending controls to mitigate that risk.
All aspects of the Scheme’s administration are controlled by rigorous procedures that are periodically reviewed. All automated processes are specified, documented, tested and formally accepted before going into operation.
An automated workflow system is used to track work, and processes involving manual intervention are subject to checks. Benefit authorisation and payments are separate processes carried out by different people.
Database access is controlled by security level checks. The administration system produces an audit trail of changes to member records that is periodically checked.
All 91热爆 staff supporting the Trustee receive training on how to handle personal data in line with relevant data protection principles and legislation. All calls to the service line are recorded. The Administration systems hold personal data in secure, encrypted databases and are subject to periodic security reviews.
The Centre maintains a business continuity policy which is reviewed and tested annually.
Audit
An external auditor certifies that the Scheme’s financial statements are properly prepared. They review both the Scheme’s accounting records and the adequacy and execution of the Scheme’s accounting controls and procedures, as well as auditing the calculation and payment of benefits. The audited accounts are included in the Scheme’s Annual Report and Financial Statements which are published on here.
The accounts are governed by a Statement of Recommended Practice and the Scheme Administration Regulations. The auditor must be able to certify that the accounts represent a true and fair view of the Scheme’s income and expenditure, and its assets and liabilities. The auditor also provides a separate
Appendix 1 – Trustee functions
Administration
Retained by the Trustee Board:
- appoint the administrators of the Scheme and other key providers;
- approve the appointment of the Director of Governance and Operations, Director of Investment and Secretary of 91热爆 Pension Trust Ltd;
- agree the quality of service to be provided;
- agree with the 91热爆 services to be provided under the Administration Agreement;
- observe the order of priorities on winding up and restrictions on Scheme modifications; and
- report to the Pensions Regulator such matters as may be prescribed.
Delegated to committees:
- oversee and manage administrators;
- monitor delivery of administration services against specified standards;
- implement benchmarking exercises to measure value for money for financial, investment, administration and governance services;
- agree changes to the benefits procedures consistent with existing policy;
- review powers delegated to the Administrator;
- monitor discretions exercised by Scheme officers and decide how discretions should be exercised in complex cases; and
- monitor the appropriateness of the Additional Voluntary Contributions (AVC) arrangements.
Delegated to the Executive:
- maintain member records;
- manage the administration;
- pay benefits; and
- exercise discretions permitted under the Rules.
Advisers and service providers
Retained by the Trustee Board:
- appoint, and remove key professional advisers including the Actuary, solicitor, auditor, administrator, strategic investment consultant, covenant advisers, and custodian; and
- review the performance of the solicitor, Actuary and covenant advisers.
Delegated to committees:
- review the performance of auditor, administrator, strategic investment consultant, and custodian; and
- appoint, monitor and remove other service providers (e.g. administration software) and the investment managers.
Delegated to the Executive:
- manage the advisers and investment managers; and
- deal with routine aspects of agreements with third parties.
Audit
Retained by the Trustee Board:
- appoint, remove and set the remuneration for the external auditor; and
- receive the audit report and approve the Annual Report and Financial Statements.
Delegated to committees:
- agree audit plans with internal and external auditors;
- approve the extent and nature of the auditor’s responsibility;
- review the auditor’s report and management letter and oversee action as appropriate; and
- evaluate the effectiveness of all audits.
Delegated to the Executive:
- maintain the Scheme accounts;
- ensure the Scheme accounts are audited; and
- follow up audit recommendations.
Communications with members
Retained by the Trustee Board:
- approve the Scheme’s communication strategy; and
- sign off the Annual Report and Financial Statements and this Governance Statement.
Delegated to committees:
- develop, implement and review the communications strategy;
- consider second-stage appeals under the Internal Dispute Resolution Procedure;
- periodically assess member satisfaction;
- sign off benefits-related communications;
- plan and draft governance reporting; and
- approve timetable for production of Annual Report and Financial Statements, Summary Report and Summary Funding Statement.
Delegated to the Executive:
- draft and produce communications;
- observe statutory disclosure regulations;
- deal with the first stage of the Internal Disputes Resolution Procedure;
- produce a communications plan; and
- manage the Scheme section of 91热爆 website and intranet, and the member site .
Covenant and sponsor relationship
Retained by the Trustee Board:
- monitor the 91热爆’s covenant, including by maintaining regular dialogue with the 91热爆 about its finances in relation to the Scheme funding position; and
- take advice from independent covenant advisers on the covenant offered by the 91热爆.
Financial management
Retained by the Trustee Board:
- approve annual budget and set budgetary parameters; and
- authorise expenditure, outside work planned in the budget, of more than £100k per project.
Delegated to committees:
- oversee income and expenditure of the Scheme and monitor against budget;
- oversee budgetary process;
- review financial authorities;
- authorise spend, outside work planned in the budget, of up to £100k; and
- monitor delivery of financial management by the Administrators against specified standards.
Delegated to the Executive:
- monitor the Scheme’s cash flow;
- draft budget proposals;
- manage and reconcile the Scheme bank accounts;
- check that contributions are paid correctly and on time to the Scheme; and
- check that assets are released as necessary to pay benefits.
Funding
Retained by the Trustee Board:
- determine high level funding objectives;
- take advice from the Scheme Actuary on and agree the basis for funding valuations and potential funding plan, and maintain oversight of this plan;
- agree a funding programme with the 91热爆, including recovery plan when necessary;
- determine the appropriate frequency for full or interim valuations;
- sign off annual funding updates;
- maintain a statement of funding principles and Scheme financial management plan and agree a schedule of contributions; and
- agree the basis for interim valuation reports.
Delegated to the Executive:
- instruct the Actuary to carry out valuations; and
- ensure relevant documentation is provided by the Actuary.
Governance and regulatory compliance
Retained by the Trustee Board:
- Establish a management framework for Scheme governance;
- Maintain a workplan for the year;
- Manage conflicts; and
- Delegate specific responsibilities to committees, agree their terms of reference, appoint committee members and receive committee reports
Delegated to committees:
- Initiate an assessment of the Board’s effectiveness;
- Review the performance of each committee;
- Review effectiveness of Scheme governance; and
- Monitor Scheme compliance with legislation, regulation, Deed and Rules.
Delegated to the Executive:
- Keep a record of Board and committee meetings and decisions.
Investment
Retained by the Trustee Board:
- consult the 91热爆 regarding investment policy;
- set the strategic investment objective, investment policy and journey plan;
- agree investment risk parameters;
- agree the Statement of Investment Principles (including investment beliefs); and
- set the Responsible Investment Policy.
Delegated to committees:
- review the key Scheme investment policies and documents and make recommendations to the Trustee Board;
- research investment policy options consistent with the Scheme’s strategic investment objective;
- consider the initial investment assumptions underpinning any asset liability modelling study;
- determine and review rebalancing policy across asset classes; and
- review the investment performance and report annually to the Trustee.
Delegated to the Executive:
- reconcile balances between managers and custodian;
- research new strategies and investment managers in consultation with the investment consultant;
- authorise and execute minor changes to the investment management agreements, subject to their being reported to the next Investment Committee meeting;
- instruct the allocation and withdrawal of funds to and from the Scheme’s investment managers, subject to agreed limits; and
- sign appointment and operational documentation.
Delegated to 91热爆 Pension Investments Ltd:
- exercise investment discretion subject to specified mandates being approved by the Investment Committee; and
- provide advice to the Investment Committee in relation to specific aspects of the Scheme’s portfolio.
Risk control
Retained by the Trustee Board:
- review the risk register; and
- establish risk management policies and practices
Delegated to committees:
- manage and oversee risk management policy; and
- ensure risks are identified and adequately controlled to best practice levels.
Delegated to the Executive:
- identify risks and implement a robust system of controls and processes.
Appendix 2 - Key Scheme Documents
1.
2. Members鈥� handbooks and guides
3. Scheme Annual Report and Financial Statements and Summary Reports
4. Actuarial valuation reports
5.
6.
7.
8.
9.
11. Terms of reference for the Board and committees