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 medical, legal, actuarial and investment matters.

All 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 Limited. Their offices are at Fountain Precinct, Sheffield. The Trustees originally appointed Aon’s predecessor company, Godwins, as the first administrator following privatisation, and renewed their five year contract in 2000.

Aon is contracted to provide 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's funds. Specialist firms are engaged in the investment of stocks and shares (equities) in the UK and overseas 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, private equities and cash.

Actuarial Services

The Scheme’s actuary is 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.

Audit

The Scheme’s Auditors are Ernst and Young LLP. 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.

Secretariat

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

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

Geoff Mellor, Chief Executive		The Scheme Secretary is Dawn Shirley of CPT.
Mike Furbank, Benefits Manager		George Bruce, Finance Director