Trustees

The key duties of a trustee are to:

• • Act in line with the trust deed and rules of the Scheme
• • Act prudently, responsibly and honestly
• • Act in the best interests of the members of the Scheme
• • Act impartially
• • Understand the powers we have and act within them

The Trustees are responsible for:

• • contributions
• • financial records and requirements
• • investment
• • your professional advisers
• • pension scheme records
• • members
• • registration, scheme return and collection levies
• • reporting matters to the regulator

The Trustees have the responsibility to ensure there is enough money in the Scheme to pay benefits as and when they need to be paid. To see how much money is in the Scheme, they arrange for a valuation to be carried out no less than once every 3 years. This assesses the assets and the liabilities of the Scheme.

They appoint a Scheme Actuary to carry out this process. If the Scheme is not fully funded, they must draw up a recovery plan with the Company and submit it to the regulator within 15 months of the effective date of the valuation. The recovery plan sets out how much will be paid into the Scheme and over what period.

They also have to be responsible for monitoring scheme investments and keeping an eye on the financial strength and health of UPM which is standing behind the Scheme.