12 / 190
General Secretary’s report July 2017.
5
the excellent advice of our actuaries and fund managers will take place swiftly and
accurately. If all goes according to plan with this newly shaped investment structure, our
pension scheme assets should be in an even stronger position. I personally am pleased that
at last this matter has been properly and fully considered.
4.3
The pension scheme thanks to Wendy our Head of Finance continues to be well
administered and we will shortly issue a newsletter and update to members.
4.4
There are significant issues relating to the structure of the trustees and potentially the
scheme. I personally am the only active member of the GF TU section. I am also secretary of
the scheme. Our attempts to fill the vacancies are for member nominated trustees from
former GF TU pensioners have been frustrated for over two years. The current trustees are
myself and as of right for the GF TU employers the president and the vice president. The PCS
has one active member nominated trustee but no employer trustee. In what appears to be
an almost unique situation the pensioners of the GF TU section have member nominated
trustees, there is currently one. Our attempts over the last three years to introduce a
democratic election process for this section have been continually criticised by the existing
trustee. The trustees believed that there was no prospect of the GF TU ever being able to
conduct an election from this section that would not be criticised. It was therefore agreed to
ask the pensioners themselves to propose a system. A letter was sent to them in December
2016. No responses were received. The letter was reissued recently. No responses were
received. A further extension was given to the pensioners’ nominee on the Trust to submit
to the scheme solicitor. No response was received. The President Vice President and myself
discussed the situation and agreed on behalf of the executive committee to ask the trustees
of the pension scheme to allow the scheme’s solicitor Ivan Walker, to make some proposals
for the future of the scheme.
His paper and proposals are attached.
4.5
The scheme currently has some £11 million under management and this is performing well.
4.6
The accounts of the scheme have been approved and the actuaries certificates supplied.
4.7
It would assist if the EC could formally minutes the nomination of Oshor Williams to the
scheme. A new deed will subsequently be drafted.
4.8
An up-to-date and revised scheme handbook has been circulated to members.
4.9
Various individual pension queries have been administered and replied to.
4.10
Pensions increase orders have been implemented.