Fidelity International is looking for 3 highly experienced pensions professionals to apply for independent positions on Fidelity’s Master Trust Board and Independent Governance Committee:
• The Fidelity Master Trust was introduced in 2013 to allow clients to access Fidelity’s full service defined contribution services via a master trust. Currently the Master Trust has Assets Under Management of c£2.5bn.
• The IGC’s remit covers Fidelity’s Group Personal Pension (GPP) and stakeholder products, looking after the interests of 260,000 members with £9.0 billion of retirement savings across 184 different pension plans.

We expect that each successful applicant will represent both the Master Trust Board and Independent Governance Committee.

About the Role

Master Trust Board: You will be required to act in the best interests of scheme beneficiaries and ensure that the scheme is administered and benefits paid out in line with the Trust Deed and Rules. Trustees are required to act prudently, responsibly, honestly and impartially. The Trustee Board is responsible for managing contributions, keeping financial records and meeting financial requirements, investment decisions (including default options and offering appropriate fund choices), the appointment of any professional advisers, keeping pension records, protecting member interests and reporting certain information to the Pensions Regulator.

IGC: You will be expected to act in the best interests of relevant scheme members and provide oversight and strong governance over DC workplace personal pension schemes. You will protect the interests of relevant policyholders by assessing value for money across the Fidelity’s DC workplace personal pension schemes. You will raise material matters and make recommendations to the Board, where the IGC identifies poor value for money.

An Investment Sub-Committee and a Communications Sub-Committee support the Fidelity Master Trust Board and Independent Governance Committee. Successful applicants would be expected to sit on or Chair one of the sub-committees.

Meetings of the Master Trust Board and IGC are held quarterly and each Sub-Committee meets biannually. In addition to the formal meetings, the Fidelity Master Trust Board holds a Strategy Day once a year. Successful applicants are expected to attend these meetings in person in London. Ad hoc meetings may be held at other times and these are typically held by teleconference. Successful applicants are expected to attend the meetings fully prepared, having read all papers submitted for discussion.

About you

The role will require an experienced pensions professional with a significant amount of experience operating at a senior level working on defined contribution pension schemes. It is likely that the individual will have gained these skills either working as a Trustee, or advising a Trustee either as a consultant, legal adviser or qualified actuary.

In particular, we would welcome candidates with specialisms in the following areas:
• Investments and investment governance
• Member communication and customer experience

Essential requirements will include a thorough understanding of technical pension issues, strong investment knowledge, communication skills and project management. You will be experienced in understanding where issues exist within the business and have a track-record which includes communicating with regulatory bodies, employers, advisers and members at all levels (including Board level).

A good understanding of pension legislation and the ability to interpret legislation and regulations are a necessity.

The Chair Role is a Leadership position - the successful candidate will need to be an effective leader, with an independent viewpoint and capable of setting high standards for the Master Trust board / IGC as a whole. It will be necessary for the Chair to take a broad, long-term view, help achieve compromise and consensus, and involve and encourage participation from all board members. The Chair will be responsible for producing the annual report of the IGC’s findings and the Master Trust’s annual governance statement. The successful candidate will be expected to represent the interests of the Master Trust / IGC at industry forums and will communicate directly with TPR and the FCA, and other stakeholders including senior management at Fidelity.