The Trust Deeds

The original Trust Deeds for the pension plan were set up 3rd April 1957 and have been amended over the years, most recently on:

  • 13th April 1995
  • 24th April 1997 - establishing the M Plan
  • 24th February 2000 - amendments to M-Plan Deeds, Employer Contributions

The full text of the Trust Deeds and Amendments are available from Kevin Waller.

PLEASE NOTE THAT IN THE EXTRACTS BELOW, THE FORMATTING (such as bolding, colour and font size) HAS BEEN MODIFIED SO AS TO HIGHLIGHT RELEVANT SECTIONS FOR READERS.

Extracts

  1. The Trust Deeds 1997 are in 3 volumes.
    1. Definitive Trust Deed (DTD), Power of Amendment
    2. Defined Benefit Section (afterwards referred as the C Plan)
    3. Defined Contribution Section (afterwards referred as the M Plan)
  2. Amendments to M-Plan Deeds SCHEDULE C Rule 1 made February 2000

Definitive Trust Deed Part II, Power of Amendment:

(April 1997)

After consulting the Actuary the Trustee may at any time and from time to time with the consent of the Principal Employer alter or modify all or any of the trusts powers or provisions of this Trust Deed or of the Rules and any such alteration or modification may have retrospective effect. Any such alteration or modification shall be made by deed executed by the Trustee and by the Principal Employer. Any particulars so inserted may expressly incorporate any alterations and modifications set out in a memorandum signed and witnessed as aforesaid and as from the stated effective date this Trust Deed and the Rules shall be read and construed as if any alteration or modification so made were duly inserted and Incorporated therein PROVIDED ALWAYS as follows:-

  1. nothing in this Trust Deed or in the Rules. shall authorise nor shall this Trust Deed or the Rules be altered or modified so as to authorise the transfer or payment of any part of the Fund in any circumstances to the beneficial ownership of any Employer;

  2. no such alteration or modification shall be made as shall operate to effect a change of the main purpose of the Plan as set out in the Interim Trust Deed;

  3. no such alteration or modification shall be made which in the opinion of the Actuary, would operate substantially to prejudice the pension payable to any Member or other person who is at the effective date of such alteration or modification entitled to a pension under the Plan or the pension contingently payable to any person on the death in the lifetime of such person of a Member who at the elective date of such alteration or modification is entitled to a pension under the Plan;

  4. no such alteration or modification shall be made which, in the opinion of the Actuary, would operate substantially to prejudice the interests under the Plan of any Member not being. at the effective date of such alteration or modification, entitled to a pension under the Plan in respect of contributions received by the Trustee prior to lst January 1973 except with the consent of the majority of the Members certified by the Actuary to be affected by such alteration or modification;

  5. no such alteration or modification shall be made which in the opinion of the Actuary would operate to reduce the aggregate value of the retirement benefits payable under the Plan to any Member not being at the effective date of such alteration or modification entitled to a pension under the Plan In respect of contributions already received by the Trustee except with the consent of any Member affected by such alteration or modification.

  6. If notice in writing of any such alteration or modification shall be given in a form agreed by the Trustee and the Principal Employer to persons affected thereby the trusts powers and provisions of this Trust Deed and of the Rules shall pending the execution of the deed be deemed to be altered or modified in such manner and to such extent as the Trustee shall determine to give effect to the provisions set out in such notice PROVIDED THAT approval of the Plan by the Board of Inland Revenue under the 1988 Act is not thereby prejudiced. The decision of the Trustee as to matters of interpretation of such notice and all matters arising in connection with the provision of any benefits referred to therein shall be final and conclusive.

The Defined Benefit Section - (C Plan)

(April 1997)

SCHEDULE C - CONTRIBUTIONS

1. Employer's Contributions

Each Employer shall (subject to its rights under Rule 4 of this Schedule) pay into the Fund:-

  1. contributions at the rate specified in any schedule of contributions prepared at the direction of the Trustees in accordance with the provision of the 1955 Act: and

  2. such other contributions into the Fund as the Principal Employer having considered the advice of the Actuary, decides.

Defined Contribution Section (M Plan)

(April 1997)

SCHEDULE C - CONTRIBUTIONS

1. Employer's Contributions

  1. Each Employer shall (subject to its rights under Rule 4 of this Schedule) make:-
    1. contributions towards the Retirement Account of each Member and Postponed Retiree it employs, at the rate of 6% of Pensionable Salary for Members aged under 35, and 8% of Pensionable Salary for Members aged 35 and over. The Employer's contribution rate will change on the 6th of the month coincident with or next following the individual's 35th birthday. In the case of a Postponed Retiree contributions will be payable until the earlier of actual retirement date or the Postponed Retiree's 75th birthday.
      {Ed.Note: font size reduced as this is detail}

    2. such further contributions towards the Fund, as the Principal Employer, having obtained the advice of the Actuary, considers necessary to provide the benefits payable under the Plan and to meet any expenses payable out of the Fund in accordance with Clause 6 of Part 11 of the Trust Deed.

Amendments to M-Plan Deeds SCHEDULE C Rule 1

(24 February 2000)

Employer Contributions and credits to Retirement Accounts

  1. Each Employer shall make contributions to the Fund as the Principal Employer decides (having considered the advice of the Actuary and notified the Trustee and having regard to any notice given by an Employer under Rule 4 of this Schedule).

  2. Each member in Pensionable Service by reference to the M Plan and/or Postponed Retiree who was previously a Member of the M Plan shall (subject to the rights of Employers under Rule 4 of this Schedule) have his retirement account credited with an amount equal to 6% of his Pensionable salary for Members aged under 35, and to 8% of his Pensionable Salary for Members and Postponed Retirees aged 35 and over. The amount credited to an Member's Retirement Account will change on the 6th of the month coincident with or next following the individual's 35th birthday. In the case of a Postponed Retiree such credit will cease on the earlier of actual retirement data or the Postponed Retiree's 75th birthday.
    {Ed.Note: font size reduced as this is detail}

Back to: Documents Contents