Some changes to the Pace Trustee Board were agreed on 27 September 2019.
The number of Trustees on the Board has reduced from 11 to 4 and the 4 Trustees who will remain on the Board are the current professional independent trustees. A short biography of each of the independent trustees is below. Pace’s Independent Trustees have significant, relevant DB and DC experience.
More Information about the Changes
Pace DB closed in 2015 and members are no longer building up pension benefits. Pace DC is the pension scheme offered by the Co-op and the Co-operative Bank to current colleagues. The focus for Pace DB members and the Trustees is to protect the benefits already built up and this lends itself to a smaller, professional trustee board structure.
The changes mean that the Trustee Board no longer includes employer and member trustees. However, a Members’ Consultation Committee has been established which will include former member nominated trustees; John Buckingham and Geoff Hayzelden. This Committee will meet through the year with representatives from the Trustee Board and Co-op senior management to discuss current Pace DB and DC Scheme matters and strategic plans. The Trustee Board is also committed to hearing the views of Pace’s DB and DC members through various colleague and pensioner focus groups.
The Pace Trustees have carefully considered the changes to the Trustee Board proposed by the Co-op, discussed with their advisers and believe that the new trustee board structure is a reasonable and appropriate change.
The Co-op, the Co-operative Bank and Pace’s Independent Trustees would like to give their sincere thanks to the employer and member Trustees who have performed their duties extremely well and made a great contribution to the well-funded position Pace is in.
The new Trustee Board, with support from the Co-op Pensions Department, will continue to manage Pace, looking after the benefits of all of its members, in exactly the same way as before, and these changes will not have any impact on Pace members’ benefits.
Chris Martin was elected Chair of the Pace Board in May 2019 and is the founder and Executive Chairman of Independent Trustee Services. He has been a professional trustee for 27 years and acts as trustee on a number of complex defined benefit schemes. He also leads on two of ITS’s larger defined contribution schemes. Chris has been a Trustee on some of the Co-op’s other pension schemes for 4 years.
Anne Kershaw has been an independent trustee director on the Pace trustee board since October 2016. She is a qualified actuary with over 35 years pensions and investment experience. She is also an Associate Director at Muse Advisory advising pension scheme trustees and sponsors on governance matters with a particular specialism on investment governance issues. Prior to 2009, Anne was a Worldwide Partner at Mercer where her most recent responsibility was leading the Scottish investment team.
Christopher Wheeler is a professional independent trustee employed by BESTrustees Limited and has been a Trustee of Pace since August 2018. He is an experienced Pension Trustee of both defined benefit and defined contribution schemes and also has over 20 years of banking experience. Christopher is both a Fellow of the Institute of Chartered Accountants of England and Wales and a Fellow of the Chartered Institute of Personnel and Development. He was also a Senior Advisor to the Pensions Regulator for two years until November 2018.
Stuart Benson is a professional independent trustee and has been a Trustee of Pace since November 2014. He is a former actuary, and was previously a partner with a leading global pension consultancy, with many years of experience in working with schemes of all sizes, particularly on funding, investment and risk issues.