The role of the Master Trust Board
The Fidelity Master Trust is run by a board of five Trustees, all of whom are independent. The Trustees are responsible for making sure the Scheme is run in line with the Scheme rules and the relevant legislation.
The Master Trust Board has a legal obligation to act in members’ best interests. The Scheme rules give the Trustees:
- responsibility for managing the Scheme’s investments;
- the power to appoint and remove advisers and service providers;
- the right to terminate the Scheme in certain circumstances.
In addition, the Trustees have to comply with The Pensions Regulator’s Code of Practice for the governance of occupational defined contribution plans and the authorisation and supervision of master trusts. This is based on six elements that contribute to ‘good member outcomes’:
- Appropriate contribution decisions;
- Appropriate investment decisions;
- Effective and efficient administration;
- Protection of assets;
- Value for Members;
- Appropriate decumulation decisions.
Trustees
As Scheme sponsor, Fidelity was responsible for setting up the Master Trust Board. It's the Chair’s responsibility to make sure that the Board as a whole has the right combination of skills, knowledge and experience to fulfil its responsibilities. To this end, the Trustees, with the consent of Fidelity, may appoint or remove a trustee. Independent Trustees are required to go through a re-appointment process at least every five years, and no individual may serve as an Independent Trustee for more than ten years.
You can read profiles of the Trustees at the bottom of the page.
By post: Fidelity Master Trust Chair, Zedra, Park House, Park Square East, Leeds LS1 2PW