Have a say in how the
Horizon Pension Scheme is run

As a Member Nominated Trustee Director (MNTD) of the Horizon Pension Scheme (the Scheme), your role, alongside that of the other Trustee Directors, would be to ensure the smooth running of the Scheme.

Being a Trustee is an important job as you’ll look after assets totalling £1.2bn in respect of over 16,000 members. The Trustee is constantly facing new and complex challenges as legislation changes and investment markets develop. Whilst you do not need to be a pensions expert, as an MNTD you will need to build a thorough understanding of how the Scheme operates and have the knowledge and confidence to make decisions alongside the other Trustee Directors.

Who are the Trustee Directors?

The Scheme is managed by a corporate Trustee comprising of four Trustee Directors appointed by the Company and two who are drawn from the Scheme members (the MNTDs). One of the Trustee Directors appointed by the Company is a professional trustee – Zedra Governance Limited – which also acts as the independent Chair of the Trustee Board.

MNTDs serve for a term of six years. The term for one of our MNTDs, Graham Povey, ends on 31 March 2024, and so we are asking for applications for the role from other Scheme members. Graham has expressed an interest in continuing in the role.

All Trustee Directors have the same responsibilities for the operation of the Scheme and there are no separate or different requirements for the MNTDs.

What’s involved in the role?

As a member of the Trustee Board, you’ll help set the direction for the Scheme as well as carry out key duties, such as ensuring that it’s run in accordance with the Scheme’s legal documentation and relevant legislation, overseeing the investment of assets and deciding where discretionary death benefits should be paid.

To understand and respond to the challenges of being a Trustee Director you must be highly motivated and willing to put in a significant amount of time and effort on a regular basis. Trustee Directors are supported in their role by external advisers, such as investment consultants and managers, the Scheme actuary, lawyers, covenant advisers and auditors, as well as senior employees of Capita plc.

Successful Trustee Directors are individuals who care about the wellbeing of their colleagues and fellow members. They’re progressive and positively focused individuals who can see the big picture and hold members’ best interests at the forefront of their decision making.

What commitment would we need from you?

Trustee Directors have to commit a certain amount of time to undertake training, prepare for and attend meetings and address matters that arise on an ad hoc basis. Preparation can include taking on board large amounts of information in a short timescale on topic areas which you may not be familiar with.

There are four scheduled Trustee Board meetings per year, three of which usually last a full-day and one which takes place over two days. These meetings are held face-to face and are usually held in either London, Leeds or Sheffield.

In addition, the Trustee operates four main sub-committees which normally meet monthly. These meetings are held virtually and last for up to half a day. Most Trustee Directors sit on at least one of the sub-committees.

In addition to the scheduled meetings, ad hoc meetings may be arranged to deal with any urgent matters which arise, and there’s also normally a regular flow of email correspondence, which often requires a prompt response.

Trustee Board meetings involve direct contact with senior Capita employees, investment consultants and managers, the Scheme actuary, covenant advisers, auditors and lawyers. Due to the pressure of time and the importance of the issues, meetings are conducted in a formal manner, with a written agenda, minutes and adviser papers.

Knowledge and experience requirements

Whatever experiences you have of the Scheme and pensions, training will be provided. There’s a requirement to reach the right level of knowledge and understanding of the Scheme and pensions in general.

Trustee Directors are required to complete TPR online training modules within six months of appointment. Further training, both Scheme specific and more general to trusteeship will also be provided over this period and on an ongoing basis for all Trustee Directors.

Each Trustee Director is required to undertake a minimum of 25 hours’ training each year (at Trustee and committee meetings and externally) and to complete any updates to the online modules as they are published by TPR.

Things you need to know

Eligibility

All active, deferred and pensioner members aged over 18 are eligible to stand. If you wish to apply you should complete the Application Form providing details of why you’re suitable to be an MNTD.

Flexibility

To be an effective MNTD, you need to be able to control your work and time on a flexible basis. If you’re still in employment with Capita, you’ll be given time off from your day-to-day role to undertake your duties as an MNTD.

Payment

MNTDs should not expect to be paid for acting as a Trustee Director. You would be reimbursed for reasonable expenses incurred, such as travel expenses.

Term of office

An MNTD is appointed for a six-year term and will become a Director of CPLAS Trustees Limited, which is the Corporate Trustee of the Scheme.

When the term of office expires, an MNTD can stand for re-election.

An MNTD will cease to be a Trustee Director for the Scheme in the event of any of the following:

  • -        Resigning from office at any time by giving one month’s written notice (or such shorter period as may be agreed);
  • -        Ceasing to be eligible to be an MNTD;
  • -        By the agreement of all the other Trustee Directors for their removal as an MNTD.

Next steps

If you wish to stand as a candidate, then please complete the Application Form, including a personal statement of no more than 250 words setting out why you wish to be considered and what experience you have.

The completed Application Form should be received no later than 31 May 2024. Any forms received after this date can’t be accepted.

Candidates will be invited to an interview with a sub-committee of the Trustee Board to assess their suitability for the MNTD role in June 2024.

Where there are more candidates than vacancies available, the sub-committee will appoint based on the outcome of the interview process. If no candidates come forward or the sub-committee feels that none of the candidates meet the criteria to be appointed, the MNTD selection process will be repeated again in 12 months’ time.

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