Standard Life has established the Standard Life Master Trust Co Ltd (SLMTC) to act as trustee and to work in the interests of members of the Standard Life Defined Contribution Master Trust and Stanplan A pension schemes.
The board of SLMTC consists of five members all of whom, including the chair, are independent of Standard Life. They meet regularly throughout the year. Richard Butcher who represents PTL, the chair of the board, has asked Standard Life to add the following comments:
I am delighted to have been asked to Chair the board of SLMTC. The board members, who are described below, bring many years of experience to their role and are committed to protecting the interests of the members of the two schemes.
The board is responsible for ensuring that your pension savings are in a safe place. This doesn't mean that their value might not fall if investment markets do, but it does mean that they are protected against fraud, theft or the business failure of Standard Life.
We will invest your savings, taking into account any investment decisions you have made. Where you don't make an investment decision we will invest your savings in the default investment option for your scheme. We will review the strategy and investment performance of the default and will consider your financial interests when making decisions in relation to the default.
We will consider whether the charges Standard Life are taking from your savings represent good value for services they deliver. If they do not, we will challenge Standard Life to improve value.
We do want and value your feedback. We would like your views on your pension and the service you receive from Standard Life.
These views are an important part of the assessment of good value from Standard Life – we'll focus on of all aspects of the plan across its lifetime to provide a good outcome in retirement.
If you have a complaint this needs to be raised with Standard Life in the first instance. If this can't be resolved Standard Life will refer the complaint to the board for consideration.
Our first Trustee's Report and Chair's Statement, which I encourage you to read, is available below. This includes:
Master Trust Chair's Annual Statement.
Stanplan A Chair's Annual Statement.
This is the Statement of Investment principles prepared by the Standard Life Master Trust Co. Ltd (SLMTC), the trustees of the Standard Life Defined Contribution Master Trust.
This statement details the principles which govern the decisions about investments that enable the trust to meet requirements of:
Statement of investment principles
The board of SLMTC is pleased to present its report detailing the control procedures that are in place for the Standard life DC Master Trust and the Standard Life Stanplan A scheme.
Internal controls for Standard Life Master Trust Schemes Report.
If you have any feedback you can email the board directly, please take the time to do this. Your feedback is crucial to the board's success.
The board members are introduced below.
PTL, Chairman of SLMTC board
Richard ButcherChairman of the board
Richard Butcher is Managing Director of PTL. Richard joined PTL in 2008 and he became Managing Director in 2010. Richard has been involved in pension scheme governance since 1985. PTL have also been appointed chair of Standard Life's Master Trust board, and Richard acts as their representative. Richard is a Fellow of the Pensions Management Institute (PMI) and is on the PMI Council. He is chair of the Pensions and Lifetime Savings Association (PLSA) DC Council and sits on the PLSA board.
Francois BarkerBoard Member
Francois Barker is a partner and Head of Pensions at Eversheds Sutherland LLP, where he leads pension advisory client work and the strategic development of the pensions practice. He has been involved in the pensions industry since 1995, working with trustees and employers on the full range of pensions issues. He is actively involved in the development of pensions law, policy and strategy. Francois has been a member of the CBI's Pensions Panel since 2000 and is an elected member of the PLSA’s DC Council.
Stella GirvinBoard Member
Stella Girvin has worked in the pensions industry since 1982, covering a range of DB and DC schemes, both at a consultancy and in-house at Travis Perkins plc until January 2015. She is also a Chartered Company Secretary, with a particular focus on corporate governance and compliance matters. Stella is Chair of the two Travis Perkins Group DB schemes and a Client Director for Capital Cranfield Trustees through which she holds a number of other DB and DC Trustee appointments.
Rene PoissonBoard Member
René Poisson retired after a 30 year career with JP Morgan latterly as Managing Director and Senior Credit Officer for EMEA in September 2012. He has a number of non-executive appointments including as an Independent Director and Chair of the Remuneration Committee of the Universities Superannuation Scheme (USS), Chair of the JP Morgan UK Pension Plan and its Investment Committee, Chair of the Standard Life Independent Governance Committee, Director of the Standard Life Master Trust and Chair of the Advisory Committee of Five Arrows Credit Solutions.
Ruston SmithBoard Member
Ruston Smith has over 30 years’ experience in the pension industry and has extensive experience of pension fund governance and management of UK and International DB and DC schemes with members from over 350,000 to 1,000 – including as a Trustee. He is the former Group Pensions and Insurable Risk Director for Tesco where, as CEO, he had responsibility for Tesco Pension Investment, the in house investment company that manages the £12bn of UK assets. He is the non-executive Chairman of Tesco Pension Investment, Tesco’s DB Trustee Board, Tesco’s DC Governance Committee and holds other Trustee positions. He is also a former company secretary of a FTSE 250, has an MBA, is a Fellow of the Pensions Management Institute and the Institute of Management, a Trustee Director of The People’s Pension, a NED of JP Morgan Asset Management International Limited and JP Morgan Funds Limited, a NED and immediate past Chairman of the Pensions and Lifetime Savings Association, a Governor of the Pensions Policy Institute, Chairman of GroceryAid and a Trustee of the National Council for Palliative Care. He has also been appointed as a co-chair of the DWP’s Automatic Enrolment Review and lead of the engagement stream.