Atos Pension Schemes Limited (“the Trustee”) has been appointed as the Trustee of the Atos UK 2019 Pension Scheme (“the Scheme”) and is responsible for oversight of the invested assets and for making sure that the benefits earned by members are calculated and paid in accordance with both the Scheme rules and broader pensions legislation. The Trustee is responsible for safeguarding the interests of Scheme members and their beneficiaries. Its main duties are:

  • To ensure that the Scheme is managed in accordance with the Trust Deed and Rules;
  • To arrange and monitor the administration of the Scheme;
  • To supervise the investments of the Scheme; and
  • To take expert guidance where necessary.

Atos IT Services UK Limited (“Atos”) is responsible for appointing the Trustee Directors.  The Trustee Directors are Independent Trustee Services Limited (“ITS”) - part of the Independent Governance Group (“IGG”) - and Chris Martin.  Further information regarding IGG is available via its website https://www.weareigg.com  Mr. Martin, the Executive Chairman of IGG, has been appointed as a Trustee Director in a personal capacity to satisfy certain company law requirements.

ITS has been the sole professional trustee director of the Trustee company since September 2017, and, as a result, is responsible for the day to-day operation of the Scheme. Chris Martin, Tegolin (“Tegs”) Harding and Vanessa Walker are the lead ITS representatives on the Scheme, and, with support from the Trustee’s professional advisors, they oversee the administration of benefits and the direction of the Scheme’s investment and funding strategies. They are also responsible for the Trustee’s communications with Atos, and with the Scheme’s members. Chris, Tegs and Vanessa bring a wealth of pensions experience to the role built up from similar trustee appointments and wider commercial activities.

The Trustee Directors meet regularly throughout the year. Whilst meetings are scheduled to take place on a quarterly basis, the appointment of ITS as the sole professional trustee director introduces greater flexibility - ensuring that decisions can also be taken between these meetings at short notice (after having taken appropriate advice) when necessary. At a typical quarterly meeting Chris, Tegs and Vanessa consider the current status of the key risks that the Scheme faces (and the ongoing effectiveness of the mitigations that are in place), recent developments in the Scheme’s funding position, and any changes in legislation that could impact on the Scheme, as well as receiving reports from the Trustee’s committees. Representatives from Atos also regularly attend the quarterly meetings.

The size of the Scheme means that there is a significant amount of work for the Trustee and its professional advisors to address. To ensure that this work is completed as efficiently as possible the Trustee has delegated certain activities to its two committees, the Administration and Governance Committee (the “AGC”) and the Investment and Funding Committee (the “IFC”).

The AGC meets quarterly and is chaired by Vanessa Walker. Vanessa has many years of experience in the pensions industry and across a number of clients. Helen Gray also provides representation from Atos. The AGC monitors the administration services provided by Hymans Robertson (“Hymans”), and considers individual member issues. The AGC also oversees the preparation of the Scheme’s Report and Accounts each year, and the annual audit process undertaken by KPMG. At each meeting the AGC will consider detailed reporting from Hymans on its administration activities.

The IFC also meets quarterly, and is chaired by Chris Martin (with Tegs Harding also attending each meeting). The IFC is responsible for the design and implementation of the Trustee’s investment strategy (having first consulted Atos as required by law), the appointment of the underlying investment managers, and the ongoing monitoring of the managers’ performance against the agreed objectives. The IFC also co-ordinates the Trustee’s approach to actuarial valuations, and leads the discussions with Atos representatives regarding the Scheme’s funding requirements.