The Trustee directors have overall responsibility for the administration and management of the Scheme. This includes the prudent investment of the Scheme’s assets and ensuring that the Scheme is run in accordance with the Trust Deed and Rules.  In practice, in order to carry out their responsibilities properly, the Trustee directors employ experts and fulfil their overall responsibilities by delegating to those experts, in accordance with legislation, and by monitoring and reviewing what those experts do.

Key responsibilities

All of the Trustee directors share responsibilities which include ensuring that –

• The Scheme is run in accordance with the Scheme Rules that govern it, in particular that members receive the benefits to which they are entitled and that proper records are kept.
• The Scheme is appropriately funded.
• Appropriate contributions required to fund benefits are agreed with the Principal Employer having taken actuarial advice and that all contributions are received on time.
• The Scheme’s assets are invested prudently.
• Valuations are prepared at least every 3 years.
• Annual accounts are prepared and properly audited.
• Any other statutory requirements are met.
• Experts are appointed to help with these tasks.

These are just a few of the main responsibilities undertaken by the Trustees

• The administration of the pension scheme is also subject to statutory regulations and employers and Trustees have a crucial role to play in adhering to these requirements.
• Thales Pension Trustees Ltd has statutory pension responsibilities, and is the administrator of the Thales UK Pension Scheme.
• The Pensions Regulator supervises the pensions industry and ensures that pension schemes and employers meet the regulatory requirements. The Pensions Regulator has the power to impose fines on schemes and employers (and their individual managers) that do not do so.