About Your Scheme

About the Scheme’s Advisers

The Trustees have appointed several advisers and contractors to carry out the day to day running of the Scheme. They appointed an administrator after the privatisation of British Coal, and have appointed investment managers to manage and invest the Scheme’s assets. In addition, professional advice to the Scheme is provided in investment, actuarial, audit, legal and medical matters.

Contracts with advisers and service providers are reviewed periodically, and the performance of all bodies that provide services to the Scheme is closely monitored.

Administration

The Scheme is administered on behalf of the Trustees by Aon Consulting Limited. Their offices are at Fountain Precinct in Sheffield. The Trustees originally appointed Aon’s predecessor company, Godwins, as the first administrator following privatisation, and have renewed their five year contract in 2000 and 2005.

Aon are contracted to provide the Scheme members with an efficient quality service and must meet agreed standards of service. The performance of the administrators is closely monitored to ensure those standards are met on a consistent basis.

Investments

The Trustees have appointed several investment managers to look after the Scheme funds. Specialist firms in the investment of stocks and shares (equities) in the UK and overseas are engaged, and the Trustees closely monitor their performance against benchmarks set by the Committee. Other investment providers look after the Scheme’s property portfolio, and its investments in fixed interest securities, index linked gilts, absolute return and cash.

Actuarial Services

Actuarial services are provided by the Government Actuary’s Department. The Government Actuary himself is the appointed Actuary to the Scheme. The Actuary’s job is to evaluate the liability of the Scheme to meet the benefits payable as they fall due, and assess whether the assets of the Scheme are sufficient to meet those liabilities. Between formal valuations, the Actuary’s department advises the Trustees on many aspects of financial and investment matters.

Auditors

The Scheme’s Auditors are Ernst and Young. It is their responsibility to assess the financial records of the Scheme, and ensure that the accounts represent a true picture of the Scheme’s financial health. The Scheme year-end is 31 March each year, and there is a legal requirement for the Trustees to present audited accounts for inspection by any member by no later than 31 October of that same year.

Legal

The Scheme’s principal legal adviser is Linklaters LLP.

Secretariat

The Trustees have a small full time staff to provide secretariat, financial management, investment and internal audit services. These staff are employed by Coal Pension Trustees Services Limited (CPT), a company jointly owned by Coal Staff Superannuation Scheme Trustees Limited and the Trustees of the Mineworkers’ Pension Scheme.

CPT is responsible for replying to questions which concern the provisions of the Scheme, and deals with correspondence addressed to the Trustees.

Geoff Mellor, Chief Executive
The Scheme Secretary is Mike Furbank