Scheme Governance
Who runs the Scheme?
The Scheme is established under what is known as an "irrevocable trust", governed by legal documents, the Trust Deed and Rules, which specify the way in which the Scheme must be operated. It is the duty of the Trustees to ensure that the Scheme operates according to these legal documents. This arrangement ensures that the Scheme's assets are kept separate from those of the Group and are used specifically for the benefit of members and their dependants.
The day to day administration of the Scheme is undertaken by the Group Pensions team of Human Resources on behalf of the Trustees. Therefore, if you have any queries regarding the Scheme, you should contact Group Pensions at Friars Street, Ipswich.
The Trustees, Willis Pension Trustees Limited, is a limited company which has been established to hold the assets of the Pension Scheme on behalf of the members. This Company is run by the Trustee Board which has six Directors. Of these Directors four are nominated by the Group, of whom one is an independent Director who has no other involvement with the Group and who can only be replaced by the Group with 12 months' notice. The remaining two directors are nominated by the members through a member-nominated selection process
Currently the Trustee Directors are:
Independent Appointee |
Keith Greenfield
|
Company Appointees |
Peter Routledge (Chair) Jane Armstrong Liz Hitchcock
|
Member Nominee |
Stuart Carey |
Pensioner Nominee |
Allan MacDonald |
The Trustee Board is supported by the Trustee Secretary who is responsible for the governance of the Scheme to ensure the Scheme is operated efficiently, effectively and compliantly. Any issues relating to the Trustee Board and the operation of the Scheme can be directed to the Trustee Secretary at:
The Willis Pension Scheme
Trustee Secretary
Willis Towers Watson
4 Falcon Way
Shire Park
Welwyn Garden City
Herts AL7 1TW
How are the Scheme's assets invested?
The Trustees are responsible for the investment of the Scheme's assets and new contributions to the Scheme. Specific day-to-day investment decisions have been delegated to specialist investment managers. The Trustees have appointed these managers after receiving advice and after considering past performance and reputation.
It is the duty of the Trustees to ensure that the Scheme's investments yield the best possible returns with an acceptable level of risk. The performance of the investment managers is, therefore, reviewed regularly, and if this is not satisfactory in the long-term, the Trustees have the power to remove and to appoint new investment managers if they feel it would be appropriate. The Scheme's assets are kept totally separate from the Group.
How are the Group's contributions to the Scheme calculated?
The Group's contribution rate is based on the advice of the Scheme Actuary (who is professionally qualified to provide advice on such matters) following regular valuations of the Scheme's assets and liabilities.
Can the Scheme be altered?
The Trustees have the power with the consent of the Group to alter the Scheme at any time in accordance with the Trust Deed and Rules. If an amendment is made that affects your benefits, you will be informed in writing.
Can the Scheme be discontinued?
The Group reserves the right to withdraw from the Scheme at any time without providing a replacement. The Trustees would then use the Scheme's assets to provide the benefits earned by the members up to the date of discontinuance. In the unlikely event that the Scheme's assets are insufficient to pay for all of the benefits, the Group has not entered into any obligation to pay the benefits. However, the shortfall, as calculated by the Scheme Actuary, would be treated as a debt on the Group.
Are my pension records protected?