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Pensions

 

Overview

The CU Pension Trustee Limited (CUPTL) was established in August 2008 to act as the trustee of the Cambridge University Assistants’ Contributory Pension Scheme (CUACPS) replacing the University, who acting through the CPS Managing Committee (and prior to 1997 the University Finance Committee) had fulfilled this role since the CUACPS was established in 1973.

The role of the CUPTL is to administer the CUACPS in accordance with the rules of the scheme and it is assisted with this by the University’s Pensions Administration Section who are responsible for the day-to-day administration of the CUACPS.

If you interested in details of past scheme accounts, valuations and members' meetings, then please visit our Archive.

 

The Trustee Board

Purpose

The governing body of the CUPTL is the board of directors.  The board directs the scheme and its administration to ensure that the promised pension benefits are paid to all beneficiaries in accordance with the rules of the scheme and within the agreed timescales.

 

Membership

The board is comprised of 9 directors:

  • A Chairman appointed by the University Finance Committee
  • Four directors appointed by University Council
  • One director appointed by UNITE
  • One director appointed by UNISON
  • One ‘active member’ director elected by the active members of the CUACPS
  • One ‘pensioner member’  director elected by the pensioner members of the CUACPS

Although the directors have special training for their role, they do not need to be pensions “experts” as they have the support of the Pensions Administration section of the University and of professional external advisers.

Information on the current directors of the CUPTL is available here

 

Meetings

The board usually meets five times year but can be convened at any time if there is a business requirement.   Meetings of the board will normally be attended by the Head of Pensions Administration, who acts as the company secretary and advisers to the board where this is appropriate.

The board has also established the following committees to support them in effectively carrying out their role:

  • Investments Committee
  • Ill health retirement committee

 

Investments Committee

The investments committee advises the trustee board on investment matters, having taken appropriate advice, and oversees the performance of the schemes investment managers.

The members of the committee are appointed by the trustee board and must include at least one member of the board.  The University’s Director of Finance attends meetings of the investments committee as an observer.  The Committee usually meets four times a year

Information on the current members of the investments committee is available here.

 

Ill health retirement committee

The ill health retirement committee considers application for early retirement on health grounds.

The members of the committee are appointed by the trustee board and are all members of the board. The committee can consider applications by circulation or at a meeting as they feel appropriate

Information on current members of the ill health committee is available here.

 

Advisors

The board is able to call on a number of different organisations who are experts in their field to help them run the scheme.  These advisers operate within the legal framework which governs pension provision in the UK.

Scheme Actuary

The Scheme’s actuary is Robert Sweet of Cartwright Group

Legal Adviser

The Scheme’s legal adviser is Clare Grice of Mills & Reeve LLP

Auditors

Crowe UK

For more information see link  https://www.crowe.com/uk/croweuk

Investment Consultant

Aon Hewitt