British Steel Pension Scheme
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Trustee Committees

Investment Committee

The strength of our Scheme rests in sound and efficient management and successful investment of the funds. Without investment income, there would be no ready funds available to pay pensions and benefits to our members.

Investment, especially given the size of the British Steel Fund, is a complex and specialised task. That is why the Trustee has formed an Investment Committee to supervise this vital part of the Scheme's business.

The Investment Committee, acting on behalf of the Trustee Company, meets regularly four times a year to review and approve transactions undertaken, to review performance, to consider strategic investment issues and determine asset allocation. Each area of investment is reviewed in depth at least once a year on a rolling programme.

However, the actual day-to-day investment of the Scheme’s funds is managed from the Fund’s own premises at 125 Old Broad Street, in London. The Investment Office staff are employed by the British Steel Pension Fund.

The Investment Committee comprises six members drawn from the Trustee board, half of whom are company-nominated directors and half are member-nominated directors.

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.