British Steel Pension Scheme
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Trustee Committees


Investment Committee

The Trustee board is responsible for ensuring the Pension Fund is properly invested in line with the Scheme’s investment principles and relevant law.

The Trustee board has delegated the exercise of its investment powers to an Investment Committee comprising six members drawn from the Trustee board, half of whom are CNTDs and half are MNDs.

  • Steve Maddock (Chairman)
  • Shaun Corten
  • Andy Dunbar
  • Allan Johnston
  • Sue Mather
  • Peter Rees

The Investment Committee is advised by the Fund’s Chief Investment Officer, Mr H Smart, and is assisted by three independent advisers.

  • Mr S Francis - Director of Fund Management, Head of Institutional Funds at Prudential Property Investment Managers Limited.
  • Mr P E Oldham - past Investment Manager of the Fund and former Chairman of the Reliance Mutual Insurance Society.
  • Mr P Craven - former managing director and head of European Institutional Business at Goldman Sachs Asset Management.

Valuation/Covenant Committee

The Committee regularly engages directly with the Scheme’s sponsoring employers on matters that might affect the employers covenant or the Scheme’s funding position. The Committee comprises four members drawn from the Trustee board, half of whom are CNTDs and half are MNDs, assisted by Scheme Officers, the Scheme Actuary and other professional advisers as required.

  • Allan Johnston
  • Steve Maddock
  • Sue Mather
  • Peter Rees

The Committee has no authority to make decisions on behalf of the Trustee except as may be conferred by resolution of the Board from time to time.