bbc pension scheme trustees

The Trustees do not have an active policy of soliciting members’ views on non-financial matters. The Trustees and the BBC have a dedicated in-house team at the Pension and Benefits Centre in Cardiff who administer the Scheme and are available to help members with their pension. In addition to engagement at the company level, EOS works on the Scheme’s behalf to engage with public, industry and regulatory bodies in the various markets in which the Scheme invests to promote better practices. The Scheme is a member of the Institutional Investors Group on Climate Change (IIGCC) and has signed their Global Investor Statement. The Scheme's individual voting record and annual voting and engagement report 2019 can be found here. If you have any feedback on the pensions communications you receive from the Scheme, please let us know. Risks and opportunities are assessed for materiality and impact within a broader risk management framework, which takes account of the Trustees’ investment and funding time horizon along with sponsor covenant. The Scheme is also a supporter of the Climate Action 100+ investor initiative. The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance. The Trustees and the BBC have a dedicated in-house team at the Pension and Benefits Centre in Cardiff who administer the Scheme and are available to help members with their pension. As noted in the Limitations section of this report, others may not rely on it. This Policy supplements the Scheme’s Statement of Investment Principles and covers the Trustees’ approach to responsible investment and the matters required under Regulations 2(3)(b)(vi)-(vii) and 2(3)(c) of the Occupational Pension Schemes (Investment) Regulations 2005 (the Investment Regulations). The directors are referred to throughout this report as “the Trustees”. The BBC Pension Scheme has secured a longevity swap with global insurer Zurich for more than £3 billion of pensioner liabilities. Its board, commonly referred to as 'the Trustees', consists of 11 directors. The Scheme’s investment managers are expected to consider whether particular exclusions are appropriate where they have discretion to sell investments within the terms of their agreements. BBC Pension Scheme 1 31 March 2011 Section 1: Summary of main conclusions Introduction 1.1 This is my report on the actuarial valuation of the BBC Pension Scheme as at 1 April 2010. The Trustees are committed to taking appropriate advice on these matters and monitor investment managers’ strategy, decision-making and performance. This report has been prepared for the Trustees, but should be made available by the Trustees to the BBC … Published. The actuarial valuation is required under the terms of Clause 16.2 of the Trust Deed & Rules and Part 3 of The Trustees believe change is better influenced through ownership and engagement with the companies in which the Scheme is invested. The report is addressed to the Trustees and to the BBC. The Trustees do not have a policy of blanket exclusions of particular companies or sectors on either ESG grounds or for non-financial reasons. Catherine Claydon, chair of the BBC scheme trustee board, said: “The trustee is pleased to have been able to take this important step in our risk management strategy and significantly reduce one of the key risks that all pension schemes face, namely the uncertainty in relation to how long members will live, and pensions will have to be paid for. It represents the annual “actuarial report” that is required if a full actuarial valuation is not conducted. You can call the pension service line with any questions about your benefits from the Scheme. The regular meetings between the Association and senior members of the BBC and BBC Trust Ltd enabled us to discuss the recent PIE scheme. With around 60,000 members and assets of c£13 billion, the BBC Pension Scheme is one of the largest occupational schemes in the UK. The Trustees and the BBC believe it is important for you to understand your pension benefits and the Scheme. BBC Pension Scheme 1 Scope This report is the actuarial valuation of the BBC Pension Scheme as at 1 April 2019 and I have prepared it for the Trustee and the BBC. Trustees will seek to engage with regulators and public policy-makers, and collaborate with other pension funds and investors in order to achieve the greatest impact and to make the best use of resources. funding position of the BBC Pension Scheme (the Scheme) as at 1 April 2012. Responsible investment involves effective integration of environmental, social, governance and other relevant factors including climate change (collectively referred to as “ESG” factors) and stewardship (broadly covering voting and engagement) in the Scheme’s investment approach and strategy. Sustainability credentials are also considered during the manager selection process. BBC Pension and Benefits Centre 3 Central Square Cardiff CF10 1FT Phone: 029 2032 2811 Email: [email protected] Please quote your pension number in all correspondence. Because it is a company, its duties as trustee are carried out by its directors (referred to colloquially as ‘Trustees’). Academics face battle over pension scheme deficit – BBC News. The Trustees have signed up to the UN supported Principles for Responsible Investment (PRI). Trustee Director of the BBC Pension Scheme. The aim of these Principles is to contribute to better management of companies and the sustainability of investments over the long term. Its board, commonly referred to as 'the Trustees', consists of 11 directors. The Trustees seek to take account of all financially material considerations in consultation with their advisers. The Trustees recognise that with ownership comes responsibility and they are committed to exercising their influence and control to promote the long term sustainability of the Scheme’s investments, consistent with their duty to act in the best financial interests of the Scheme’s members. The trustee of the Scheme is a company, BBC Pension Trust Limited. The Trustees delegate responsibility for implementing investment policy to the Investment Committee. March 3, 2021. Consistent with the TCFD recommendations, the Trustees carry out scenario analysis periodically, in order to better understand the Scheme’s exposure to climate risk. For members who joined after 30 September 1996 and before 1 November 2006, For members who joined after 31 October 2006 and before 1 December 2010, For members who elected to join between 1 April 2011 and 1 January 2012. The BBC Pension Scheme is one of the biggest occupational pension schemes in the UK, providing benefits for over 50,000 people. A BBC News spokesman said Boaden's comments echoed reservations about the pension scheme reform process that have already been expressed by herself and other trustees. You will receive regular Scheme communications including an annual summary report. on. The Scheme has a sole corporate trustee, BBC Pension Trust Limited, referred to as the “Trustee” throughout this report. The Trustees have established BBC Pension Investment Limited, regulated by the FCA, to exercise investment discretion and provide advice in relation to specific aspects of the Scheme’s portfolio. The Pensions Regulator (TPR) has replaced the trustees of a Dunnes pension scheme in NI because their incompetence put savers at risk. About the Trustee Board The Board has nine Trustees: one is appointed by BBC Trust, which also appoints the Chairman. However, the Trustees consider and assess any member views brought to their attention. Its board, commonly referred to as 'the Trustees', consists of 11 directors. Last year, the Pensions Regulator stepped in at the former Marconi pension scheme - now called Telent. Trustees of the Universities Superannuation Scheme say contributions must rise steeply. Each year the PRI carries out an assessment of how each of its signatories is performing in implementing the Principles for Responsible Investment. Bill Matthews has been appointed Current Assets for BBC Pension Scheme is $26,519,500,000 and SWFI has 2 periods of historical assets, , 7 transactions, 1 Opportunities/RFPs, 3 personal contacts available for CSV Export. Pensions are reviewed annually and any increases are awarded on 1 April. The APS campaigners have argued that, unusually, the scheme's rules give the trustees the ability to change the rules, for the benefit of the members and without needing any company support. Trustees BBC Pension Trust Limited is the sole Trustee of the Scheme. 1.2 The main purposes of the actuarial valuation are to review the financial position of the Scheme For members who joined before 30 September 1996. BBC Pension Trust Ltd. (BBC Pension Scheme) is a Corporate Pension located in London United Kingdom, Europe. You can also access online information both through Gateway and this website. About the Scheme Trustees BBC Pension Trust Limited is the sole Trustee of the Scheme. The transaction will provide the scheme, and the BBC as sponsoring employer, with protection against the risk of rising costs should pensioner members … The Scheme's 2019 transparency report is available here. It appointed new independent trustees to stop the new owner of Telent, the Pension Corporation, from getting its hands on funds amounting to nearly half a billion pounds which previously had been set aside for the pension scheme's benefit. Top equity Investments as at 31 March 2020, Task Force on Climate-related Financial Disclosures (TCFD), Principles for Responsible Investment (PRI), Institutional Investors Group on Climate Change (IIGCC). The Trustees recognise that climate change is a long term risk for the fund and has the potential to impact the Scheme’s investments. Read about our approach to external linking. Online News Publisher. The Trustees will not take account of non-financial matters where inconsistent with their legal obligations. The Trustees consider ESG integration (including climate change) and approach to stewardship within the context of this broader risk management framework. Assets held in pooled funds in which the Scheme invests are the responsibility of the relevant fund managers holding them. Details of the pension service line and how they can help you are set out in the Help and support section. The Pension Centre has put together a series of Zoom sessions to help members understand their pension options if they were to leave the BBC on redundancy. BBC Pension Trust Limited is the sole Trustee of the Scheme. Managers’ engagement activity and outcomes are monitored and reviewed regularly. The Trustees request information and relevant policies from their managers to better understand and monitor the approach taken to ESG integration on an ongoing basis. Trustees BBC Pension Trust Limited is the sole Trustee of the Scheme. This can be varied if both the BBC and Trustees agree, although it cannot go above 7.5% without a change to the Scheme rules. As the Scheme becomes increasingly mature, the case for a second Pensioner-elected Trustee strengthens. BBC pension bosses face an angry confrontation with staff next month, after more than 1,100 people signed a petition calling for an extraordinary meeting of the corporation’s pension scheme. The BBC Pension Scheme is one of the biggest occupational pension schemes in the UK, providing benefits for over 50,000 people, it is closed to new joiners. 15 hours ago. Published 16 September 2014 Contents Print this page. The Trustees support the UK Stewardship Code 2020 and intend to publish a Stewardship Report in 2021. The Trustees require the Scheme’s investment managers to take into account ESG factors in their investment processes, including in the selection, retention and realisation of individual securities. Trustees control the assets of pension schemes - often hundreds of billions of pounds - and if they make a wrong a decision, the consequences could be disastrous. Meanwhile, the trustees of the BBC Pension Scheme have secured a £3 billion longevity swap from with Zurich Assurance and Canada Life Assurance Company that is intended to provide protection against the risk of members living longer than expected, which leads to higher pension costs. The BBC's in-house Pension and Benefits Centre offers prompt help on everything to do with the Scheme. View your pension benefits online, login to myPension Online here. But speaking to BBC Radio 4's Money Box programme, the Pensions Regulator defended their work, saying they are doing a good job and should be encouraged to continue doing so. Read about our approach to external linking. About the trustees The Scheme has a sole corporate trustee, BBC Pension Trust Ltd. Currently you pay 7.5% of your pensionable salary. EOS and the investment manager concerned may engage on behalf of the Scheme with regard to investee companies in these funds. For shareholding in segregated equity mandates, the Trustees have appointed EOS at Federated Hermes to vote at company meetings and engage with companies on the Scheme’s behalf in relation to ESG considerations and other relevant matters (such as the companies’ performance, strategy, risks, capital structure, and management of conflicts of interest).

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