The role
Who are the Trustee Directors?
The Scheme is managed by a Trustee Board comprising of five Trustee Directors. Two of these are member-nominated – also known as Member Nominated Trustee Directors (MNTDs). A further two trustee directors are appointed by AXA, and the fifth Trustee Director is an Independent Trustee who also currently serves as Chair of the Board.
What’s involved in the role?
Being a Trustee Director can be both enjoyable and rewarding. You’ll work as part of a team that’s dedicated to acting in the best interests of the members. It’s a great opportunity to get insight into how the Scheme works, learn from expert advisers, and ultimately, to make a meaningful difference for members and their families.
As a member of the Trustee Board, you’ll help set the direction for the Scheme and take on important responsibilities. These include ensuring that the Scheme is run in accordance with its governing documents and relevant legislation, overseeing the investment of assets and deciding where discretionary death benefits should be paid.
Trustee Directors are supported in their role by external advisers, such as investment consultants and managers, the Scheme actuary, lawyers, covenant advisers, auditors, and the Scheme administrators.
Some of the responsibilities of an MNTD include:
- Ensuring that the Scheme is operated in accordance with the Rules and within the law.
- Deciding strategy, investing the Scheme’s assets and monitoring performance.
- Keeping records and accounts.
- Acting prudently, conscientiously and honestly, and with utmost good faith, acting for all categories of member fairly and impartially (not just members from your section/business area).
- Taking advice on technical matters and any other matters that aren’t understood.
- Monitoring and reviewing the Scheme’s professional advisers and investment managers.
- Keeping Trustee Board business strictly confidential.
Knowledge and experience requirements
You don’t need to be a financial or pensions expert to become an MNTD. We want the Board to truly represent our membership and to include Trustee Directors with a wide range of knowledge, backgrounds and experience. Whilst you don’t need any specific expertise, experience in financial, HR, legal or other similar areas of the business may be helpful.
We’re looking for candidates who will bring a fresh perspective to how we think and act. It’s as much about what you can bring to the role, as what it will do for you.
Successful Trustee Directors are individuals who:
- Work well in a team and enjoy building relationships
- Are open, fair and honest
- Are enthusiastic and willing to commit the time required to the role
- Offer a fresh perspective, can think creatively and join in the discussion
- Are discreet and relied upon to treat any matters with confidentiality
- Are sympathetic to others’ views, but willing to query and challenge advice if necessary.
Trustee Directors are required to complete The Pensions Regulator’s (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.
What commitment would we need from you?
MNTDs usually serve for a term of three years.
You will 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.
There are usually two scheduled Trustee Board meetings each quarter, with one meeting focused on investment and funding matters and the other focused on governance, audit, administration, data and communication.
Trustee Board meetings involve direct contact with the Scheme’s administrators, investment consultants and managers, the Scheme actuary, covenant advisers, auditors and lawyers.
In addition to the scheduled Trustee meetings, there are regular sub-committee meetings, where more detailed discussions are held in relation to a particular topic or project. As an example, the Benefit Committee has been delegated authority by the Trustee Board to address complex ill-health, death and complaint cases. The Governance & Audit Committee is responsible for the detailed review of the governance framework and matters such as the annual audit and annual report and accounts. There may also be ad hoc meetings arranged to deal with any urgent matters which arise, and there will also be email correspondence to respond to.
Given the size of the Trustee Board, which currently only has five Trustee Directors, you will be expected to be actively involved in the running of the Scheme and attend at least one sub-committee.
We anticipate the role requiring a minimum of 20 days of your time per year. Depending on what activities or projects are being undertaken by the Scheme, or how many sub-committees you may sit on, this could significantly increase.
If you are a current AXA employee, you will not be remunerated for your role as an MNTD, but you will be permitted sufficient time to allow you to fulfil your role as an MNTD.