Board of Trustees meaning

Trustees Verify who the present charity trustees are. Examine historic appointment and retirement deeds to validate earlier changes to the board. Consider whether any current trustees have obvious conflicts of interest. Trust instrument Review the trust instrument and identify the powers it grants. Record any express limits on exercising those powers. Note whether any of the charity’s land is functional, designated, or held in specie. Land and leases Identify the charity’s property holdings and carry out the following checks: Confirm that title to all land is current, checking whether required deeds or transfers were executed after trustee changes, or reliance is placed on statutory vesting; verify proper execution of all documents. Confirm that appropriate restrictions have been entered on the title register. Confirm, so far as possible, that the land was duly authorised on acquisition, and review every lease where the charity is landlord or tenant; note any onerous obligations, and check whether required notices were served after...

WTW reports that 50% of UK defined benefit schemes now utilise a professional trustee. It found that 48% of appointments are corporate sole trustees, in which a single firm takes full responsibility for a scheme’s trustee board. The balance is split between trustee chairs at 27% and co-trustees at 25%. Findings are based on a survey of 15 of the largest professional trustee firms, covering nearly 2,500 appointments. WTW observes that the size of a scheme strongly shapes the professional trustee model selected...

In this issue: The Pensions Regulator The Pensions Ombudsman Disputes and litigation New content Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator DWP announces appointment of Kirstin Baker as interim chair of TPR The Department for Work and Pensions (DWP) has confirmed the appointment of Kirstin Baker as interim chair of the Pensions Regulator (TPR) from 1 August 2025, for a period of up to nine months. Baker, who is currently TPR’s Senior Independent Board Member, will replace Sarah Smart, whose tenure as chair has concluded, while the competition for the next full-term chair takes place. The interim chair brings substantial experience from prior roles at the Competition and Markets Authority (CMA) and HM Treasury, where she received a CBE for work during the banking crisis. In this interim capacity, the chair will receive annual remuneration of £73,840, aligned to a minimum time commitment of 104 days. For further information, see:...

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Budget and Finance Bills Charity and philanthropy Contentious trusts and estates Pensions, insurance and tax‑efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate HMCTS probate enquiry line—temporary reduced hours As highlighted in Private Client weekly highlights—8 February 2024—Probate, HMCTS’s probate enquiry phone service will operate on shortened hours of 9 am to 1 pm, Monday to Friday, for 12 weeks from 14 February 2024. The HMCTS Probate Service will, however, continue to be available via web‑chat from 9 am to 5 pm, Monday to Friday. See: HMCTS: Applying for probate...

Service after the issue of a financial application This Practice Note sets out how service should be handled once a financial application engaging the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, has been issued, covering applications for financial orders and financial remedy claims. It reviews the service provisions within FPR 2010, highlights best practice for effecting service, and explains the service of proceedings—whether undertaken by the court or by the applicant—on the respondent and on third parties. It addresses the service requirements for interim financial applications, proceedings under the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996), and claims brought under the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975)...

THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Occupational pension scheme trustees are generally either individual trustees or corporate trustees. A corporate trustee is typically a private limited company governed by the Companies Act 2006 (CA 2006). Corporate trustees are often installed in one of two ways: in place of a board of individual trustees for a particular scheme. A trustee company is formed to act solely as the single trustee of that scheme, and the company’s directors effectively step into the role otherwise fulfilled by the board of individual trustees. Those directors are commonly called trustees, although, strictly, they are directors and are more accurately described as ‘trustee directors’. An independent professional trustee company can be appointed as a trustee director to a trustee company of this type independent professional trustees are usually established as limited companies. They may be appointed alongside other individual trustees or as sole trustees. The person who carries out the corporate trustee’s day-to-day functions may, or may not,...

They are generally unpaid and not career trustees, serving on a voluntary basis. Although many may often have limited pensions knowledge, they are widely regarded as bringing valuable diversity, fresh perspectives and insight into member needs to the trustee board, thereby strengthening overall governance effectiveness. As master trusts expand and smaller private sector schemes decline, the traditional role of MNTs/MNDs is shifting, loosening the direct connection between members and their schemes. To capture and reflect the member voice in decision-making, trustee boards are increasingly turning to other mechanisms, including statutory consultations and member panels. Statutory requirements Trustee boards must establish and implement arrangements that ensure at least one-third of the overall trustee body comprises member-nominated trustees (MNTs) or, where there is a corporate trustee, member-nominated directors (MNDs). These requirements apply to occupational pension schemes (as defined by the Pension Schemes Act 1993, s 1) created under trust, whether defined benefit, defined contribution or hybrid in design...

1 Conflicts of interest [ No conflicts of interest were reported before, or at the start of, the meeting OR [ Insert name ] declared a conflict of interest relating to [ Insert details ] ]. The Trustees agreed to disclose any [ other ] conflict if it arose during the meeting. 2 Notice and quorum It was confirmed that due notice had been issued to all of the Scheme’s Trustees, the meeting was duly convened, and a quorum was in attendance. [ Insert name of chair of the Trustees ] (the Chair) declared the meeting open. 3 Apologies [ No apologies for absence were received OR [ Insert name ] sent [ his OR her ] apologies for [ his OR her ] absence. ]...

This document outlines the Trustees’ approach to equality, diversity and inclusion (EDI). In developing this approach, the Trustees have taken account of [ employer ]’s EDI policy and The Pensions Regulator’s EDI guidance. The Trustees' EDI beliefs The Trustees understand EDI to encompass: Equality: providing fair access to opportunities for everyone, recognising that some individuals may begin from a position of disadvantage. Diversity: recognising and valuing differences between people, whether linked to legally protected characteristics or otherwise. Protected characteristics include age, disability, sex, sexual orientation, gender reassignment, race, and religion or belief. Other relevant characteristics include neurodiversity, socio-economic background, educational history, life experiences and family responsibilities. Inclusion: enabling the full and effective participation of all relevant people, drawing on their varied characteristics for the common good. The Trustees believe that by advancing EDI they can help secure the best possible experiences and outcomes for members of the Scheme...

An unincorporated charity lacks its own separate legal personality and, in practical and legal terms, does not exist as a distinct body that can enter contracts or own property. Consequently, any property is held and any legal dealings are undertaken solely through, and in the names of, its trustees. Under section 117 of the Charities Act 2011 (CA 2011), ‘charity trustees’ are those who exercise overall control and manage the charity’s administration. Trustees of a charity ought to be recorded with the Charities Commission; however, this does not invariably happen, particularly in the case of smaller charities operating with a rotating board. The identity of the trustees will ordinarily be established by reference to the charity’s charitable articles...