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.
By the end of July each year we will produce a report regarding how the scheme is performing in a number of areas, including:
Richard Butcher, the chair of the trustee board has made a short video reporting the key findings. Links to the full reports can be found below the video.
Master Trust Chair's Annual Statement.
Stanplan A Chair's Annual Statement.
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 and Stanplan A.
These statements detail the principles which govern the decisions about investments that enable the trust to meet requirements of:
Standard Life DC Master Trust Statement of investment principles
Stanplan A - 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 is Managing Director of PTL a market leading and award winning professional independent pension trustee company. Richard joined PTL in 2008 and became Managing Director in 2010. Richard has been involved in pension scheme governance since 1985. He is a Fellow of the Pensions Management Institute (PMI). Richard is Chair of the Pension and Lifetime Savings Association (PLSA), the industry association for pension schemes and a member of the FCA’s Institutional Disclosure Working Group (IDWG), a body established to create a template for the disclosure of investment costs and charges. He has also sat on the Investment Associations Cost Disclosure Working Group, the Council of the PMI, the PLSA DC Council (which he chaired for two years), the Pension Regulators DC Practitioners Panel and the Department of Work and Pensions Trustee Panel. He is a regular contributor to the trade press and has won a number of awards and accolades. Richard is qualified to be a member of an Board by merit of his significant experience in and knowledge of the pensions industry, his expertise in assessing the value for money of arrangements such as this (gathered from his role on similar boards) and his knowledge of underlying investment costs and charges. He is qualified to chair the Board by merit of his significant experience of and positive track record in chairing similar arrangements as well as other boards and committees.
Francois is a partner and Head of Pensions at Eversheds Sutherland (International) LLP. He leads pension advisory client work (including in the DC and master trust sectors) and is responsible for leading, and having oversight of the strategic development of, the firm’s pensions practice. He is professionally qualified as a Solicitor in England and Wales. Francois 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. He has been a member of the CBI's Pensions Panel since 2000 and is an elected member of the PLSA’s DC Council.
Stella has worked in the pensions industry since 1982, holding senior positions at Mercer and at Travis Perkins plc. Since 2015 she has worked as a professional trustee. She has an MBA and is a Chartered Company Secretary with a particular emphasis on governance and compliance, having previously worked as a Head of Compliance at a FTSE 100 company; she is now a member of Capital Cranfield’s Governance Committee. Stella has extensive experience of DC schemes and in addition to the Standard Life Master Trust, is a co-Trustee on a further Master Trust, a co-trustee on a single employer DC scheme and the Chair of a large mixed benefits scheme.
Rene retired in September 2012 after a 30 year career with JP Morgan, latterly as Managing Director and Senior Credit Officer for EMEA. He has extensive experience of pension fund governance of both UK DB and DC pension schemes. He currently holds 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 and Director of the Standard Life Master Trust. He is also Chair of the Advisory Committees of Five Arrows Credit Solutions and Five Arrows Direct Lending
Ruston 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 FCA approved in house investment company that manages the £14bn 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, and is a Fellow of the Pensions Management Institute and the Institute of Management. He is Chair of PTL Limited, a NED of JP Morgan Asset Management International Limited and JP Morgan Funds Limited, a NED of Smart Pension, a Governor of the Pensions Policy Institute, Chairman of GroceryAid and a Trustee of the National Council for Palliative Care. Ruston is a past Chair of the Pensions and Lifetime Savings Association and was the co-chair of the DWP’s 2017 Automatic Enrolment Review and led the engagement stream.