Options Corporate Pensions UK Limited (‘Options UK’) is currently looking for an independent trustee individual to join our Master Trust Trustee Board
Background
Options UK is the sponsor and administrator of The Options Workplace Pension Trust (“OWPT”) and is third party administrator to one other Master Trust. The Trustee board of the master trust is currently recruiting for a new appointment to the role of independent trustee, and is seeking, an individual to join a Board of Trustees with oversight for OWPT and its consolidation to another master trust and undertaking a reconciliation project. More information on this and the wider engagement with The Pensions Regulator will be supplied to a short list of appropriate candidates.
Hours: Regular trustee board meetings bi weekly plus additional time for specific activities (e.g., investment committee) during the course of the year and working groups as needed to support business as usual, communications, administration, reconciliation and transition work. Most meetings are virtual and within business hours.
Compensation: By agreement
Trustee Board Key Responsibilities:
- Legislation. A fiduciary duty to the beneficiaries of the trust to:
o act in the best interests of those beneficiaries.
o use the care, diligence and skill that a person of ordinary prudence would use in the administration of the fund; and
- Use a high standard of care in ensuring that the administration of the trust:
o comply with pensions, tax and other applicable legislation.
o comply with the requirements of the Schemes’ Trust Deed and Rules; and
o Is provided with the best interests of the members
- Ensure the requirements of the Pensions Schemes Act 2017 are implemented and adhered to.
- Ensure confidentiality is maintained
- Act prudently, responsibly, and honestly
- Respond to important issues and make decisions effectively
- Operate efficiently and help the trustee board focus on strategic priorities
- Monitor and oversee the main scheme activities effectively, including those delivered by third parties such as risk management, administration, investment and member communication
Trustee Key Requirements:
Independent Trustees must have a strong background in the workplace pension industry with sufficient experience and expertise to add value to the Trustee Board
- Knowledge of the pensions and investment market as a whole and specifically the duties of a trustee for a master trust.
- Knowledge of pensions regulation legislation and general code of practice to include, but not limited:
o Managing Advisers and Services Providers
o Control and Risk Management
o Scheme Continuity Planning
o Investment Governance and Monitoring
o Stewardship and TCFD
o IT Management and Cyber
o Member Communications
- Excellent communication skills
- Excellent data analysis skills
- Excellent listening and questioning skills
- Excellent written and verbal communication and presentation skills
- A high level of attention to detail
- At least 5 years’ experience of operating as an independent trustee preferably within a master trust.
- Hardworking and confident, professional, constructive and assertive
- Analytical, problem pre-emption and troubleshooting.
- Strong planning and organisational skills.
- Strong communication skills.
- Critical thinking, the ability to think objectively and demonstrate sound judgement.
- Resilience under pressure.
- Flexible thinking and ability to adapt to change.
- Strong ethical standards, high levels of integrity, and an acceptance of adherence to the organisational values
Desired Skills
We are seeking to hire up to 3 trustees, as such we are seeking a combination of these skills to be present on the Trustee Board. We would seek that candidates show that they can meet some of the skills below:
- Experience of ongoing master trusts and larger scale master trusts
- Experience of governance and IT administration function – someone who has day to day knowledge who could interrogate and work through solutions
- Legal background
- Master trust administration experience
- Operational and risk background
- Investment expertise – in terms of dis-investment and re-investment in connection to the transfer to Smart.
- Member and Employer Communications
- Experience of reconciliation projects
- Experience of detailed engagement with The Pensions Regulator
- Experience of investment decisions and oversight
Diversity and Inclusion:
Options UK recognises the need for diversity and inclusion at any level including age, ethnicity, gender, religion and disability as far as possible. This is reinforced by the regulators who place an importance on diversity for improving decision making and providing effective challenge. Diverse boards, made up of members with different skills, knowledge, experience and values will support different perspectives being brought to the discussion.
How to apply
If you are interested in applying, please click below (remember to attach your CV)
