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Member Nominated Trustee Director (MNTD) exercise 2024

Background 

We’re looking to appoint two Member Nominated Trustee Directors (MNTDs) to join the Trustee Board of the Scheme in the second half of 2024. 

The pensions industry is changing constantly, there has also been new guidance on Equality, Diversity and Inclusion from The Pensions Regulator (TPR) in March 2023, as well as the launch of the General Code of Practice from TPR coming into effect in March 2024, all of which affect appointing people to trustee boards. 

During 2023, the Trustee has undertaken an exercise using the services of a specialist consultant to explore Trustee Effectiveness. The Trustee is keen to ensure that it makes improvements to maintain high levels of trusteeship as well as complying with TPR guidance and codes of practice. 

In addition, the Scheme has new considerations to make, which require a Board with a certain skillset. The role of a Trustee Director has become increasingly demanding. 

The Board is committed to diversity and inclusion and welcomes applications from almost all members of the Cadent Gas Pension Scheme. This includes active members, deferred members, pensioners and dependant pensioners (over the age of 18). Members with only money purchase AVCs are not eligible. 

Although applicants do not need to have any specialist knowledge about pensions or finance, the Board is looking for MNTDs to meet essential requirements and to have certain characteristics to ensure that the Board has the right balance of competencies and the necessary skills to carry out its duties effectively. 

Updated Process 

The process has evolved from the process carried out last time in 2021 and now includes a questionnaire which will need to be completed by all applicants at the beginning of the process. The questionnaire will ask questions about essential skills that the Trustee is looking for, along with questions about how applicants have developed, or will develop, certain personal characteristics that would be desirable as a Trustee Director. 

Completed questionnaires will be reviewed by a Panel. The Panel will undertake the review ‘blind’ (i.e. the Panel members will not receive any of your personal information). Each Panel member will independently assess the answers given in a questionnaire and the collated results will be used to determine an applicant’s eligibility to stand as an MNTD, and therefore whether they will proceed to the nomination stage. For the nomination stage, applicants will be asked to complete a short Nomination Form which will include a personal statement to be included in the ballot. The Trustee reserves the right to remove any candidate from the ballot at any time on the grounds that it feels it would be detrimental to the interests of the Scheme for the candidate to be an MNTD.

Next Steps 

Further information about the role itself, the time commitment that would be required, and some Frequently Asked Questions will be available on this page in April 2024. In addition, the forms that you will need to complete and the actual timescales in which you will need to complete them will be available at the same time. 

If you are interested in applying, you can let the Trustee know by emailing cgpstrustees@cadentgas.com and we will email you when the content on this page is updated. 

The diagram below gives an indication of how the process is anticipated to run and the estimated timings.

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