Governance

There’s lots of legislation surrounding pensions, which makes sure that the Trustee fulfils its legal duties and always acts in the best interests of members. 

Good governance means that the Trustee has the right processes and controls in place to make sure that the way the Scheme is managed follows the Scheme Rules, meets legislation and reaches best practice standards. This is set out in a wide range of Scheme documents, some of which you’re able to access as a member of the Scheme either below or by logging in to The M&S Pension Scheme Portal.

 

Annual Report and Accounts

The Annual Report and Accounts provides detailed financial information about the Scheme over the 12 months to 31 March 2021.

The Trustee provides the key numbers once a year through Pensions update. This year the Trustee has decided to publish the full Annual Report and Accounts, which can be read by downloading Trustee Annual Report and Accounts.

The Annual Report and Accounts also includes the Implementation Statement. The purpose of this statement is to set out details of the Trustee’s policy on engagement and voting along with a description of voting behaviour. The statement is included as Appendix A on page 46 of the Annual Report and Accounts.  

DC Governance Statement

The purpose of the DC Governance Statement is to show how the Trustee of the M&S Pension Scheme fulfils The Pension Regulator’s code of practice and regulatory guidance for DC pension schemes in relation to the M&S AVC Scheme only. 

Scheme Rules

The Scheme Rules is a legally binding document detailing the pension benefits that are payable to members of the Scheme and their beneficiaries. It must be provided to members of the Scheme upon request. 

Members can request a copy of the Scheme Rules from the Pensions Administration Team.

Statement of investment principles

The statement of investment principles (SIP) sets out the policy for how the Scheme’s funds should be invested. The SIP covers the Trustee Board’s policy on: 

• The types of investment to be held 
• The balance between different types of investments 
• Attitude to risk and approach to its management 
• The expected return on investments 
• The extent to which social, environmental or ethical considerations are taken into account. 

The Statement of Investment Principles is included as Appendix B on page 59 of the Trustee Annual Report and Accounts.

Summary Funding Statement

The Summary Funding Statement provides an update on the Scheme’s financial health. It tells you how much money the Scheme has set aside to pay pensions as they are due when the last in-depth financial health check (called an actuarial valuation) was completed. It also provides an update on how the Scheme’s financial health has changed since then.

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