Trustee update

22 October 2024

We’ve welcomed two new Trustee Directors to the Board this year.

On 1 April 2024, John Dixon was appointed as a Member Nominated Trustee Director (MNTD) and Faisal Shafiq was appointed as a Company Nominated Trustee Director (CNTD). At this time Richard Fox and Graham Bennett resigned having fulfilled their terms of office.

In addition, Ann Govier had completed her appointment as an MNTD and was reappointed as a CNTD.

The Trustee thanks both Richard and Graham for their invaluable contribution during their time in office.

We talked to John and Faisal about the role of the Trustee and their thoughts now they’re over six months into their appointments. Here’s what they shared…

John Dixon

“I made many good friends in my 31 years at M&S. Being able to represent their and other members’ interests as part of the Trustee Board, in making sure they receive their hard-earned pension benefits on time and in full, felt like a good way to give something back."

"I’m very much enjoying being part of a diverse team comprising the executive team who support us, my Trustee colleagues (some of whom are familiar faces from the past at M&S) and the advisers who bring specific skills from the wider pension industry.

Training has been reassuringly detailed and comprehensive, culminating in a formal qualification recognised by the Pensions Regulator; as trustees do not only need to understand defined benefit schemes but also pension law and how future legislative changes could affect the Scheme.”

Faisal Shafiq

"Having worked in tax and finance for over 20 years, I’ve had the opportunity across the years to advise on the structure, accounting and tax implications for pension funds and have found these considerations hugely interesting as well as being complex.

The role of Trustee Director offered the opportunity to build upon my knowledge while playing a key role in protecting the interests of the Scheme members and deliver M&S’s responsibilities."

"It is pivotal that the financial security the Scheme promises its members is delivered and the affairs of the Scheme are continually attuned to this, amidst an ever changing and fast moving economic, geo-political and social environment.”

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