OSPS: Trustees

OSPS Trustee Limited is the sole Trustee of the Scheme. The trustees on the board are collectively known as 'The Trustees'.

The Trustees have a responsibility to ensure that OSPS is run in accordance with the Trust Deed and Rules and they have various professional advisers to assist them with their duties. These advisers include auditors, actuaries, solicitors and investment managers.

Eleven trustees currently manage OSPS:

  1. A Chairman appointed by the Vice-Chancellor after consultation with the other trustees.
  2. Four Member Nominated Directors (MNDs) elected by direct ballot of the active members – these must be nominated by the active members and can be four active members or three active members and one pensioner member.
  3. One MND elected by direct ballot of the pensioner members – this trustee must be a pensioner member and be nominated by the pensioner members.
  4. Five trustees appointed by the Council of the University.

“Affiliated” Trustee Directors are individuals who are University or University subsidiary employees (or have been in the past five years) or who have received any payment or benefit from the University.  Other Trustee Directors are “non-affiliated” Trustee Directors. 

It is necessary to have a majority of “non-affiliated” Trustee Directors.  The University has agreed to ensure that four of the six Trustee Directors appointed by the University and Vice-Chancellor will be non-affiliated.  As a consequence at least two out of the five member nominated Trustee Directors (MNDs) should be non-affiliated.

The current trustees are as follows:

1.    Mr Nick Sykes   - c/o Pensions Office, 6 Worcester Street
 2.    Robert Langley
Ms Lucille Savin
Kevin Valentine
Ms Kate Kele
- Magdalen
- Merton College
- Chemistry
- Estates Services
 3. Mr Leo Catney  - c/o Pensions Office, 6 Worcester Street
 4.  Mr Charles Alexander
Ms Niamh McEntee
Prof Gordon Clark
Mr William Jensen
Mr Nick Standen
- Merton College
- Department of Zoology
- School of Geography
- Exeter College
- c/o Pensions Office, 6 Worcester Street

Anyone interested in finding out more about the role of trustees, then all of the current trustees and the Head of Pensions would welcome the opportunity to discuss this with them. The following document gives a summary of the duties and responsibilities of a trustee: OSPS Trustee (139kb)

The Trustee Board meets in full once a term on the Thursday of the week before 0th week and once after the end of Trinity term, but to carry out its business efficiently between meetings it delegates certain responsibilities to two sub-committees.

General Purposes Committee (GPC)

The GPC is responsible for deciding on discretionary benefits, including ill health retirements, beneficiaries of death in service and retirement lump sums, dependants' pensions and employer augmentations. It is also considers a wide range of matters to do with scheme administration, governance and communication. All decisions made by the GPC are reported to the main Trustee Board for ratification. The GPC usually meets on the second Tuesday of each month but can make decisions on straightforward discretionary benefits between meetings.

Investment Committee (IC)

The IC is responsible for monitoring the application of the investing and funding principles, reviewing any associated documents, approving the terms of engagement of any investment adviser appointed by the Board and monitoring their effectiveness. All decisions made by the IC are reported to the main Trustee Board for ratification. The IC usually meets on the last Thursday of February, May, August and November but can meet more frequently when required.