Pension Trustee and Trustee Chair (volunteer roles)

The EI is seeking two Defined Benefit Pension Trustee volunteer roles.

One Pension Trustee and one Trustee Chair. Both roles require knowledge and experience in sitting on a Defined Benefit Trustee board regardless of scheme size, DB Pension schemes have similar challenges. The Chair role will require the candidate to provide leadership and direction to the board of trustees. A more detailed job description is attached.

Applications can be emailed to hr2@energyinst.org by 16 May 2022


Energy Institute Pension and Dependants Benefit Plan

The EI is seeking a Pension Trustee and a Trustee Chair (volunteer roles)

In addition to the pension trustee role, duties, and responsibilities below, the role of the Chair will provide leadership and direction to the board of trustees. The Chair’s aim is to enable the board to fulfil their responsibilities for the overall governance and strategic direction of the Plan. The Chair will ensure that the Plan complies with Trust Deed and rules and any other relevant legislation or regulations and to make sure that the Plan pursues its objectives as defined in its constitution.
The Chair's role will work in partnership with the board of trustees and professional advisors, helping to achieve the goals of the Plan.

Pension Trustee role, duties, and responsibilities

The EI Defined Benefit plan (EIDB) currently has the following constitution of trustees:

Your role in the EI defined benefit (DB) Plan

As a trustee, you have a responsibility to ensure there is enough money in the scheme to pay members’ pensions as and when they need to be paid.

To see how much money is in the scheme, you have to arrange for a valuation to be carried out, no less than once every three years. This assesses the assets and the liabilities of the scheme. You need to appoint a scheme actuary to carry out this process. If the scheme is not fully funded, you must draw up a recovery plan and submit it to the regulator within 15 months of the effective date of the valuation.

The recovery plan sets out how much will be paid into the scheme and over what period. Trustees will agree the recovery plan with the sponsoring employer.

You also have to be responsible for monitoring scheme investments and keeping an eye on the financial strength and health of the employer who is standing behind the scheme.

Duties and powers

You’ll have a number of key duties as a trustee.

The trust deed and rules give you powers, some of which will be discretionary. The trust deed includes the power to:

In some instances, the trust deed or rules state that the employer has to agree to your use of a particular power, or that you may only use the power if the employer asks you to do so.

You’ll have some discretionary powers, like deciding who will receive a dependant's pension. You must follow the procedures set out in the trust deed and rules when considering whether to use a discretionary power.

Responsibilities

You are responsible for:

Delegated duties

As a trustee, you are accountable for operations and activities, focusing on strategic issues and considering whether to delegate some day-to-day activities and decision-making.

EIDB delegated duties include:

Trustees will be required to attend regular training and complete the pension regulators Trustee Toolkit.

Applications can be emailed to hr2@energyinst.org by 16 May 2022

Download job description