23rd January 2019 My Ref: MRP 1/8/16
To: The Secretary All Branches & Regional Councils
Stagecoach Group Pension Scheme – Proposed Trustee Structure
Having received correspondence we are advised that following discussions at the Stagecoach Group Pension Scheme Trustee Board it is proposed to reduce the number of trustees from 12, currently comprising of 6 Member Nominated Trustees (MNTs) and 6 Employer Appointed Trustees, to 8 trustees (4 MNTs and 4 Employer Appointed Trustees).
The final composition of the MNTs would be as follows:
• 2 pensioner trustees filled by retired members from the Main Section
• 1 pensioner trustee filled by retired or active members from the London Section
• 1 deferred trustee to be filled by an “in service member” employed across National Bus Operations
Please note elections will take place amongst the relevant members if there is an oversubscription of nomination received in a particular category.
It is noted that briefing documents were circulated to union representatives in advance of a Joint Pensions Working Group meeting convened on 7th December 2018.
We are advised that the Trustee Board has been discussing the reduction in trustees for a few years and that this proposal would have been made earlier but was delayed due to the closure of Stagecoach Group Pension Scheme to future accrual in April 2017 and also the actuarial valuation also carried out in 2017.
In consideration your National Executive Committee on 17th January 2019 has accepted the proposals and I have advised the employer.
In respect of the National Bus Operation trustee position the RMT are currently considering nominations and I will advise you accordingly.
I will keep you informed of developments.