Trustee Directors
The Role of the Trustee
The 'Trustee' of the Scheme is a limited company – Invensys Pension Trustee Limited – that is governed by a legal trust deed arrangement with Invensys.
The Trustee Company is managed by a board of Directors who are nominated by Invensys and the UK Pensions Consultative Committee. In addition, the Scheme’s pensioners nominate a further four Directors from their number bringing the total membership of the board, when at full strength, to nine. Together, these Directors are known as the ‘Trustees' of the Scheme.
The Trustees’ role is to administer the Scheme in accordance with the Scheme rules in the interests of the contributors, and all other members.
This includes:
- Receiving contributions from Invensys and active members
- Investing the Scheme's assets
- Paying the beneficiaries of the Scheme
The rules of the Scheme state that the Company determines its level of contributions after considering the advice of an actuary. The actuary also ensures that these contributions at least meet the minimum requirements of the Pensions Act 2005.
The Trustees must also make decisions about individual cases. These include the payment of benefits, such as lump sum payments after the death of a pension fund member, children's pensions and ill-health pensions.
Trustees are also responsible for setting out the key elements of the Scheme's investment policy. This is produced after consultation with Invensys and appropriate advice from advisers. The Trustees then appoint investment managers to deal with day-to-day investment decisions in line with their investment policy and any other restrictions on investments contained in the Scheme rules.
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Appointed by Invensys plc
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Kathleen O’Donovan
Chairman
A member of the Trustee Board since 1991 and appointed Chairman February 2003. As Chief Financial Officer of BTR and Invensys between 1991 and 2003 she has been deeply involved in the Scheme for many years. Previously a partner with Ernst and Young, Kathleen now holds a number of plc non-executive directorships.
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Eleanor Whitfield
Eleanor has been with the executive team of the Invensys Rail Group since 1999 where she is VP legal and Group General Counsel. Eleanor qualified as a solicitor in 1989 and has since been involved in a variety of international corporate and commercial projects with experience both in private practice and with National Power plc. Eleanor was appointed to the Trustee Board in March 2007.
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Steve McDonnell
Steve is Head of Group Tax for Invensys plc. He was appointed to this role in October 2005 after joining the Company in January 2005. Prior to that he was in similar roles with Tibbett & Britten Group plc, Thorn Lighting and Laporte plc. Steve is a Chartered Accountant and a member of the Chartered Institute of Taxation.
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Nominated by the UKPCC
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Geoff Gayfer
Geoff Gayfer joined the Board on 6 March 2008 after five years’ service with Westinghouse. Geoff manages safety related software development with Westinghouse Rail Systems, working mainly on large metro projects. He started his career as an electronic engineer in the telecommunications industry. He joined the Group in October 2002 and has been a member of the UKPCC since 2006. When a vacancy for a post on the Trustee Board arose he was proposed by the UKPCC as a member-nominated Trustee to the Scheme in March 2008.
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Pensioner Directors
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Ian Fyfe
Ian is a Chartered Accountant and a Chartered Management Accountant. He spent 21 years in various financial and management roles in the Angus and Dunlop Groups. He then switched to pensions and managed the Dunlop Group Pension Scheme from 1982 until its merger with other BTR schemes in 1988. He then became General Manager of the BTR Group Pension Scheme until his retirement in 1996. Since then he has served as a Director of the Trustee Company.
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Martin Barker
Martin retired from Westinghouse Brake and Signal Holdings
in 2001 after 35 years’ service. His involvement in pensions commenced in 1972 when he became Pensions Manager with responsibility for the Westinghouse pension schemes. He became a trustee in 1973 and remained in control of the schemes until they were merged with the BTR Group Pension Scheme in 1993. He has also been involved over a number of years in various Group Consultative Committees, and chairing a number of them. He is an Associate of The Pensions Management Institute.
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Tony Ferris
Tony is a Chartered Accountant who retired in 1999, after joining the group as Finance Director of Westinghouse Brake and Signal Holdings in 1994. During this time he was Finance Director of Hawker Siddeley Rail Division until 1991 and then Group Controller of BTR Rail Group. He was a Trustee of the Westinghouse Pension Schemes until they were merged with the BTR Group Pension Scheme in 1993 and also Chairman of the South West Region’s Pensions Consultative Committee.
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Nigel Casson-Moss
After spending 30 years as a Finance Director in the UK manufacturing industry, Nigel became a Trustee Director of the T&N Retirement Benefits Plan in 1999. He subsequently became Pension and Benefits Manager for the T&N Group in 2001. He joined Invensys Pensions in January 2004 as General Manager, working for the Trustee Board, with executive responsibility for the Scheme, including the administration office in Newcastle. Nigel retired in September 2008, and was elected as a Pensioner Director of the Invensys Pension Scheme in February 2010.
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