Find out how the Scheme is set up, who runs it and how they keep members’ benefits secure.
The Scheme was set up in 1971 and is currently governed by the Trust Deed and Rules dated 23 June 2008 (as amended). A Deed of Amendment and Substitution, dated 4 October 2012, documents the closure of the Scheme, and change of Principal Employer.
The Scheme now consists solely of a defined benefit (DB) section, details of which are set out below. The Scheme previously had a defined contribution (DC) section, but it was wound up on 16 October 2014. If you are a former member of the DC section, your benefits are now managed by Legal & General (telephone: 0345 026 8689 or email: [email protected]).
The DB section closed to new members in 2000, and in 2012 it closed to future accrual. On 4 November 2012, all active members of the Scheme (from both the DB and DC sections) started to build up benefits in the Co-op’s Pace pension scheme, unless they chose not to join Pace. If you’re a member of the Pace pension scheme, you can find out more about it at www.coop.pacepensions.co.uk
The Scheme continues to hold the accrued benefits of members of the DB section.
The DB section of the Scheme is divided into three different benefit categories:
The Scheme is managed by a corporate Trustee company called TCG Southern Trustees Limited, who run it in accordance with the Trust Deed and Rules. The Trust Deed and Rules give the Co-op the power to appoint or remove the Scheme’s Trustee.
The Trustee company is run by a board of up to eight Directors. Up to five of the Directors are appointed by the Co-op (including one Independent Trustee Director) and up to three are Member-Nominated Directors (MNDs).
The current Trustee Directors are listed here, with a brief background to each individual.
Mark Evans was elected Chair of the Somerfield Board in June 2019 and is a Professional Independent Trustee for Independent Trustee Services Limited (part of Independent Governance Group Limited).
With over 25 years’ pensions experience, Mark has worked with numerous trustee boards and sponsors to help them negotiate challenges from corporate restructuring to complex defined benefit (DB) funding negotiations.
Graham has been a Member-Nominated Trustee of Somerfield since March 2012. He has worked for the Co-op for over 35 years and is a Store Development Manager within the Co-op’s Franchise food business. Graham chairs the Audit & Risk Committee and sits on the Investment Committee. His diverse background in the Co-op business – from stores, field and central roles – has given him a broad background and understanding of our member needs.
Rob has been a Member-Nominated Trustee of Somerfield since June 2021. He is now retired but held management positions within Kwik Save, Somerfield, the Co-operative Group and the Co-operative Bank for 19 years. Rob sits on the Audit and Risk Committee. He has experience of implementing and supporting financial systems and is FCA qualified.
James has been a Co-op-appointed Trustee since 2021; before then he was a Member-Nominated Trustee from July 2017. James has worked for the Co-op for over 14 years. He is an Acquisitions & Development Manager within the Co-op’s property business and is a qualified chartered surveyor. James sits on the Investment Committee.