2013 member nominated trustee notice of election
- 1. FEBRUARY 2013 Pensions >> Notice of Election Pensions >>> Member Nominated Trustee Director Vacancy Citi UK Pension Plan There is one Member Nominated Administrators, investment may need to undertake online Trustee Director position to be filled. managers and professional advisors training modules or attend training Members of the Citi UK Pension Plan are appointed by the Trustee to sessions on specific subjects to (Plan) are invited to apply to assist the Trustee Directors with ensure they are able to carry out the register as a nominee for election their duties. The Plan Secretary and role effectively. as a Member Nominated Trustee the Trustees Investment Officer Director. Applications are invited assist the Trustee Directors in What else do I need to know? from all active members of the Plan, monitoring the service and advice The successful candidate will hold and deferred members of the Plan given by these providers. the post for three years, unless they with at least five years qualifying choose to stand down as a Trustee As well as attending at least four service. Those who would like to Director within that period or cease Trustee meetings a year, likely to last stand for election must have their to be entitled to benefit under the about three hours, Trustee Directors applications supported by two other Plan (for example, transfer benefits will be expected to take part in members of the Plan. elsewhere). At the end of the three- various sub-committee meetings from time to time. year period, the Member Nominated What is involved in being a Trustee Director may stand for All Trustee Directors, whether re-election. Trustee Director? appointed by the Company or Trusteeship is a demanding and Trustee Directors of the Plan are not elected by Members, share the same time consuming role, not to be paid for their time and carry out the responsibilities. They cannot undertaken lightly. It is important role in addition to their normal represent specific groups of that all applicants fully understand employment duties (where members as they have an obligation what they would be undertaking. applicable). Due to the time to protect all members interests, The Trustee holds the Plan assets thus ensuring that all members are commitments that the role would (within the Trust) for the treated equitably. demand it would be sensible to beneficiaries of the Plan and is discuss taking on the role with your responsible for ensuring that the manager before you decide to apply. What training/knowledge will Plan is run properly and that If you are currently employed I require? outside Citi you should seek members benefits are secure. The Pensions Regulator expects approval from your current Trust law sets out a number of pension trustees to complete the employer before deciding to apply. fiduciary duties for a Trustee/ Regulators toolkit within 6 months Trustee Director: of taking office. The toolkit is an Due to the specific nature of online training resource covering Trusteeship all Trustee Directors are Acting in the best interests of the many aspects of Trusteeship. The required to sign a confidentiality Plan beneficiaries toolkit is split into modules that end agreement. Acting in line with the trust deed with a short test, to pass the module. For more information, or to discuss and rules The successful candidate will be the role of Trustee Director further, Acting prudently, responsibly and provided with formal training in the please contact the Plan Secretary honestly general role and duties of a Trustee (john.charles.martin@citi.com). and the specific provisions of the Acting impartially Scheme. In addition new Trustees
- 2. Process for the Election of Member Nominated Trustee Directors (MNTDs) 1. Nomination annually but in any event no later 4. Other matters To register a nomination a nominee than 3 years afterwards unless As and when any requirement to must put forward an application there is a significant increase in appoint a new MNTD arises, the supported by two other members of membership of over 10%. nomination and selection processes the Plan. described above will be carried out 2. Election within six months. The application will allow the In the event of an election being nominee to write a statement in An MNTD who ceases to be entitled required, ballot papers and the support of their election of up to to benefits under the Plan will no written statement from each 150 words. The written statement longer be entitled to remain as an nominee will be sent out by will be reviewed by the Plan MNTD and a vacancy will be deemed Electoral Reform Services (ERS) to Secretary to ensure accuracy of to have arisen. all members of the Plan. facts and is within the maximum Where an MNTD who is an active permitted length. Each member will have one vote per member leaves employment and Trustee Director vacancy i.e. if there The Plan Administrators will check becomes a deferred member, is only one vacancy the member will eligibility of the nominees and their confirmation will be required from have one vote, if there are two supporters. any new employer that sufficient vacancies the member will have two time will be granted for the MNTD Should the nominee selected be a votes. to carry out their Trustee duties, deferred member, they will be Each member shall be permitted to including attendance at Trustee required to confirm to the Plan vote for any candidate they choose meetings. Secretary prior to the election that but will only be able to vote for each they have informed their current An MNTD may resign as allowed candidate once. employer of their intention to seek under the Plans rules, but election as a Trustee Director (and Ballot papers will be returned to otherwise cannot be removed from received their current employers ERS, who will compile the results office (other than at the end of his approval). and forward details to the Plan or her term) without the agreement Secretary. of all other Trustee Directors. An election will only take place if more valid nominations are received The term of office for an MNTD will 3. Results than vacancies. Otherwise, those be three years. The Plan Secretary will nominated will be automatically elected. Inform Applicants and the Trustee of the outcome; and Should there be unfilled vacancies after the nomination process, the Arrange for the results to be Trustee will re-run the nomination made available to the and selection process preferably membership within a reasonable period of time. How do I apply You can obtain a Nomination The timetable Form from: Closing date for nominations: Customer Services Electoral ERS must receive nomination forms no later than 1 March 2013 Reform Services Issuing ballot papers to members: The Election Centre ERS will issue the ballot papers unless there is only 33 Clarendon Road one application in which case the Plan Secretary will London N8 ONW contact the candidate to tell them the result 15 March 2013 Telephone: 020 8889 9203 Closing date for ballot: Email: customerservices@ You must return your ballot paper to ERS by: 5 April 2013 electoralreform.co.uk Results to candidates: You will be required to quote the The Plan Secretary will contact the candidates to tell full name of the pension Plan: them the result 12 April 2013 Citi (UK) Pension Plan Term of office for the Member Nominated Trustee Director begins 19 April 2013 SB3689