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Railways Pension Scheme Govia Thameslink Railway (x FCC) Section Appointment of TSSA Member to Pensions Committee

18 April 2016

This circular is to invite TSSA members, who are current active members of the Govia Thameslink Railway (Ex First Capital Connect) Railway Section of the Railways Pension Scheme to nominate for the position of Member Appointee for the TSSA seat on the GTR Pensions Committee. This is due to our current member Barry Newton deciding to stand down.

 

This appointment will be for a period of three years and will involve attendance at the Govia Thameslink Railway (Ex FCC) 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. 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, see attached.

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 Iain Anderson, TSSA Organiser via email at andersoni@tssa.org.uk no later than Friday 29th April 2016.

We are required to notify the Pensions Administrators, soon after the 29th April 2016.

If we have more than one nominee, there will be a vote of TSSA members to decide who will take up this important role.

The successfully elected member will be required to attend the next Committee meeting on 27 June 2016 at GTR HQ and will formally take up the position. We would wish to thank out member Barry Newton for his contribution to this role and wish him well for the future.

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 London. Special meetings may be called in the interim periods from time to time when Committee business requires urgent consideration. 

 

PLEASE NOTE THIS IS ONLY APPICABLE TO GOVIA THAMESLINK RAILWAY EMPLOYEES WHO ARE IN THE GOVIA THAMESLINK RAILWAY SECTION OF THE FUND WHICH WILL BE EX FIRST CAPTIAL CONNECT EMPLOYEES AND NOT EX SOUTHERN EMPLOYEES

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