INTRODUCTION
The Abbey Group Pension and Life Assurance Scheme is a Defined Benefit Scheme and is governed by a definitive Trust Deed and Rules.
The Scheme members were contracted out of the additional component of the State Second Pension until 30 April 2006. The Scheme is a “registered pension scheme” for tax purposes under the Finance Act 2004.
THE TRUSTEE
The Abbey Group Pension Fund Limited acts as Trustee for the Scheme but does not trade in its own right. The Trustee and the board of the Trustee is appointed, and can be removed by the board of directors of Abbey Group Limited with the exception of Member Nominated Directors, subject to the provisions of the Articles of Association.
One third of Directors are required to be Member Nominated. Nominations were received from active members/pensioners during the nomination process undertaken in September 2015. The period of office of the Member Nominated Directors is six years, when a new nomination process will be undertaken.