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Great Western Railway: Appointment of TSSA Member to Pensions Committee

26 October 2015

This circular is to invite TSSA members, who are current active members of the First Great Western section of the Railways Pension Scheme (RPS) to nominate for the position of Member Appointee for the TSSA seat on of that Pensions Committee. This is due to the seat having recently become vacant.

 

This appointment will be for a period of 3 years and will involve attendance at the First Great Western RPS Section Committee meetings which usually take place four times per annum. At these meetings, decisions are taken on investments, applications for certain pension benefits and overall management and administration of the scheme that is in the best interests of RPS members and the pension scheme. The successful candidate will be expected to comply with TSSA rules and liaise on a regular basis with Alan Valentine Full time Official with responsibility for TSSA members within Great Western Railways. On the reverse of this circular is a role description which provides more information on key responsibilities and nominees must make themselves aware of the regulation of business and Pensions Act (1995) information relating to persons disqualified or prohibited from undertaking this role by clicking on the links below:

Railway Industry pension schemes - Committee member role description

Regulation of Business – First Great Western Section Pensions committee

Pensions Act 1995 – Disqualification of Trustee Directors and Pensions committee members

Knowledge of the Railways Pension scheme is desirable, however the Pension Administrators and TSSA offer a comprehensive programme of Training in which you will be entitled to paid release from duties.

If you wish to stand for this position, please let us know by contacting Alan Valentine, TSSA Organiser via email by clicking here  no later than 12 noon Thursday 12 November 2015. You will need to write seeking nomination for the position and this will need to be supported by at least 6 signatures from fellow TSSA members actively contributing to the First Great Western section of the RPS. Nominees will also need to sign to say they will comply with TSSA rules and keep in regular contact with the relevant TSSA full time officer.

A copy of the nomination form can be accessed online by clicking here

If we have more than one valid nominee, there will be a vote of TSSA members to decide who will take up this important role, if so we will write out to you in due course.

If you wish to know more about the role, please get in touch.

The role of a Pensions Committee Member appointee

The role of a Pensions Committee member is a responsible one which has a specified range of duties and responsibilities as set out in the terms of the Pensions Trust and Section rules and the Committee specifically has been given responsibility to decide on investment policy. Certain powers are delegated to the Pensions Committee by way of a Scheme of Delegation.

 

For all intents and purposes, Pensions Committee members are considered local trustees and accordingly have the responsibilities of a trustee. Training is provided in accordance with the provisions of the Pensions Act 1995 and Trustee Knowledge and Understanding (TKU) regulations. The main duties and powers of a Pension Scheme Trustee are:

· To act in accordance with the Trust Deed and Rules of the Scheme, within the framework of the law.

· To act prudently, conscientiously and honestly with the utmost of good faith.

· To act in the best interests of all beneficiaries and strike a fair balance between the interests of different classes of beneficiary.

· To take advice on technical matters and any other matters which the trustee does not understand.

This is a non-remunerative post (expenses incurred to attend meetings are reimbursed) but, as a Pensions Committee member you will have the opportunity to build up new areas of expertise, undergo training, gain recognised status and visibility and your involvement will provide a worthwhile service to your fellow Scheme members in helping to run and grow the Scheme.

In general, there will be four meetings of the Committee each year, held in Reading. Special meetings may be called in the interim periods from time to time when Committee business requires urgent consideration. 

 

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