Nominated from deferred or pensioner membership
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 Scheme's pensioners nominate four Directors, who must be in receipt of their IPS pensions. This brings the total membership of the board, when at full strength, to nine. Together, these Directors are known as the ‘Trustee’ of the Scheme.
The Trustee's role is to administer the Scheme in accordance with the Scheme rules in the interests of all Scheme members.
- Receiving contributions from Invensys when required
- 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 Trustee 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.
The Trustee is 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.
Eleanor joined Invensys in 1999. She has held various positions at Invensys plc, including Business General Counsel for Invensys Rail and, more recently, Head of Legal Services. In 2013, Eleanor took up a role supporting commercial compliance in the Major Projects team. Eleanor qualified as a solicitor in 1989 and has since been involved in a variety of international corporate and commercial projects, both in private practice and with National Power plc. Eleanor was appointed to the Board in March 2007.
Nathan blackwell, General Membership Director
Nathan worked for 12 years at Invensys’ London HQ, where he was ultimately appointed as Director of Corporate Finance. He later joined Thales as UK M&A and Commercial Director. Nathan now works as a director for PWC within its pensions consulting team. Nathan has worked on a number of pension initiatives and he brings that experience with him to the Board. Nathan was appointed to the Board in December 2013.
Ian Fyfe, Deputy Chairman
Ian is a Chartered Accountant and a Chartered Management Accountant. He worked for 21 years in various financial and management roles in the Angus and Dunlop Groups. He then managed the Dunlop Group Pension Scheme from 1982 until its merger with other BTR schemes in 1988, when he 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.
Tony is a Chartered Accountant who retired in 1999. He was Finance Director of Westinghouse Brake & Signal Holdings. He also served as Finance Director of Hawker Siddeley’s Rail Division until 1991, and then as Group Controller of the 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 was also Chairman of the South West Region’s Pensions Consultative Committee.
Nigel has 30 years’ experience as a Finance Director in the UK manufacturing industry. He 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.
Peter is a Chartered Accountant and a trustee with financial responsibilities for four charities. He retired in 2012 from Parker SSD Drives, a former subsidiary of Eurotherm, where he worked for 31 years, holding a variety of senior financial roles until moving into general management to head SSD Drives Europe. After Invensys bought Eurotherm, he also worked as Chief Financial Officer at Baan in the Netherlands. As a Member-Nominated Trustee Director since February 2013, Peter brings substantial pension experience, having been a Trustee of many of the schemes of his former employers.