The Trustee Board
The Board of Prudential Staff Pensions Limited (the Trustee) is made up of ten Trustee Directors, six of whom are appointed by the Company and four who are nominated by the members.
The current Board members are:
Company appointed Trustee Directors
Keith Bedell-Pearce CBE
Member nominated Trustee Directors
(To serve until 30 April 2023)
(To serve until 17 April 2022)
(To serve until 16 July 2021)
(To serve until 11 April 2024)
The Scheme’s Committees
The Trustee delegates some of its day-to-day responsibilities for managing the Scheme to various Committees. Each Committee is made up of a subset of Trustee Directors and reports back to the Trustee Board with updates of their meetings, suggestions and recommendations.
Currently there are four Committees:
The Asset and Liability Committee
Monitors the DB Section funding (including overseeing the DB Section investment management policy).
The Audit and Governance Committee
Reviews and assesses the risks to the Scheme and is responsible for producing the Scheme’s annual accounts.
The Disputes Committee
Considers any complaints received by the Trustee.
The DC Section Committee
Responsible for our administration services and the monitoring of investments in respect of the DC Section.
Both the Asset and Liability Committee and the DC Section Committee are assisted by an Investment Committee and other Working Parties.
The Trustee advisers
The Trustee appoints professional advisers to assist with the running of the Scheme. A full list is available in the Scheme’s Annual Report & Financial Statements, but a number of them are listed below:
Willis Towers Watson Limited are the Scheme’s actuarial adviser. They are a leading global advisory company providing actuarial and related support to companies and pension funds in key markets around the world. With the support of Willis Towers Watson, the Trustee formally reviews the financial position of the DC Section.
The Prudential Assurance Company Limited – MPP Service Centre are the DC Section administrator. It’s responsible for the day-to-day administration of the DC Section, helping members with Scheme specific queries. They ensure that the Scheme records are accurately maintained as well as providing quotations to members in respect of their DC Section benefits. They cannot provide you with financial advice.
KPMG LLP are the Scheme’s auditor. KPMG are a large global accounting firm. They audit the Scheme’s Report and Financial Statements each year. The Report and Financial Statements show the Scheme’s income and expenditure in each year ending 5 April.
Concert, a Buck company are the Scheme’s communications adviser. Concert Consulting are a pensions and benefits communications specialist - advising some of the largest pension schemes in the UK on their communication strategy and best practice on engaging members. They are responsible for the Scheme’s website as well as Overview and other Scheme Booklets and Guides.
Mayer Brown International LLP is the Scheme’s legal adviser. Mayer Brown is a global law firm and provides legal advice to the Trustee to help ensure that the Scheme is being run in accordance to the regulations.
Hymans Robertson LLP are the DC section adviser and investment consultant. Hymans Robertson are a leading actuarial, investment and benefits consulting business. They provide advice to the Trustee on the structure of the DC Section and they also monitor the performance of the existing fund managers, helping the Trustee to select new managers as and when appropriate.
Select a role or provider to read more.