Running the Plan
The Plan is run under trust and is separate from 3i plc, the sponsoring employer. There are two corporate trustees: Gardens Pensions Trustees Limited (or 'Gardens'), which is a 3i entity, and Law Debenture (1996) Pension Trust Corporation (or 'Law Debenture'), an independent trustee.
The Trustees are responsible for ensuring the Plan is run properly in accordance with its governing documents and legal requirements. Their main responsibility is to ensure all of the benefits are paid when they fall due in accordance with the Plan's Rules.
To help them do this, the Trustees have appointed a number of suppliers and advisers, including XPS Administration (the Plan's Administrator).
Your Trustee Directors
Gardens Employer-Nominated Directors:
David Curtis (Trustee Chair), John Davies, Simon Holland
Member-Nominated Directors (MNDs):
Christina McComb (OBE), David Herbert
Law Debenture (normally represented by Jane Beverley)
The Trustees' appointed Plan advisers are listed below.
Scheme Actuary David Jones FIA (of Lane Clark & Peacock LLP)
Consulting Actuaries Lane Clark & Peacock LLP
Auditor Ernst & Young LLP
Legal Advisers Linklaters LLP
Investment Adviser Lane Clark & Peacock LLP
Investment Manager Legal & General Assurance (Pensions Management) Limited
Bankers Bank of Scotland
Secretary 3i plc
Possible buy-out of the Plan
The Trustees secured a final ‘buy-in’ policy with Legal & General (L&G) in May 2020, which sits alongside two other buy-in policies with L&G and Pension Insurance Corporation. These policies are assets of the Plan and together provide a match for the benefits of all Plan members. For the time being, the Plan remains responsible for paying members' benefits as they fall due. The potential next step would be to move to a ‘buy-out’, where individual insurance policies would be issued to members by these insurers and the insurers would become directly and fully responsible for paying members’ benefits. At that point, the Plan would cease to be responsible for paying members’ benefits and would be wound up shortly thereafter.
The Trustees will only make a final decision on a move to a buy-out if and when they are fully satisfied that each insurer has withstood the market turbulence and economic upheaval resulting from the Covid-19 pandemic, and each is in a strong financial position. They are monitoring the insurers' and 3i Group’s financial position closely and will provide updates when they have any news.