The Trustees
The Trustee Board is responsible for the running of the Fund. Find out more about its work.
Your Trustee Directors
The Trustee Board is made up of six Company-appointed Trustee Directors, including an independent Chairman and a Director nominated by the Company’s Central Negotiating Committee (CNC), and four member-nominated Directors.
The current Trustee Directors are:
Liz Airey
Independant Chairman
Jo Durkan
Company appointed,
Assistant Treasurer, Derby
Iain Foster
Company appointed,
Commercial Director Civil,
Derby
Stuart Hedley
CNC nominated,
Manufacturing Engineer,
Solihull
Will Mansfield
Company appointed, former
Group Chief Accountant,
Derby
Jeremy Bragg
Company appointed, Senior
Vice President, Investor
Relations, London
Paul Butler
Member nominated,
pensioner
Mark Barron
Member nominated,
Manufacturing Engineer,
Washington
Colin High
Member nominated, Innovation hub, Inchinnan
Mark Porter
Member nominated, Works
Convenor / Chair of UK
Council, Rolls-Royce plc,
Barnoldswick
Trustee Directors serve four-year terms with a maximum of two terms before rotating off the Board.
Over the year to 31 March 2025, the Trustee Board held four main board meetings. In addition, the Trustee Directors sit on several standing committees and working parties listed below, that assist with the governance of the Fund. Trustee Directors are expected to sit on at least two of these committees as well as attending main Board meetings.
INVESTMENT IMPLEMENTATION & FUNDING COMMITTEE
This committee supports the Trustee in identifying opportunities to reduce risk, monitoring the financial impacts of climate change on the Fund, and reviews investment governance processes.
AUDIT & RISK COMMITTEE
They are responsible for the formal annual report and financial statements, internal controls, risk management and mitigation processes.
NOMINATIONS AND GOVERNANCE COMMITTEE
This committee is responsible for the appointment of member-nominated Directors and overseeing the Trustee Board’s governance arrangements.
COMMUNICATIONS WORKING PARTY
This is a joint working party with the Rolls-Royce Retirement Savings Trust. It’s responsible for agreeing all member communications, including this newsletter.
DISCRETIONS COMMITTEE
This committee deals with all cases where Trustee discretion is required, such as settling death benefits.
EQUALISATION WORKING PARTY
They will be working to address any outstanding benefit equalisation issues.
TRANSACTION COMMITTEE
This committee is responsible for considering the options and opportunities for delivering the Fund’s long-term plan of insuring member benefits through a buyout.
Advisers to the Trustee Board
The Board is assisted by these professional advisers:
Fund actuary - Leanne Johnston FIA
Mercer Limited
Auditor
Deloitte LLP
Legal adviser
Linklaters LLP
Investment consultant
Mercer Limited
The Trustee regularly reviews the performance of its appointed advisers and service providers.
Trustee remuneration
Six of our Trustee Directors are current Rolls-Royce employees and serve on the Trustee Board without additional pay.
The Trustee Board’s Chairman, who is an independent appointment with no other connection to Rolls-Royce, and three of our member-nominated Trustees, representing pensioner members of the Fund, are paid a fee for performing their roles. The Company sets the remuneration policy for the Trustee Board.
The fee paid to the Chairman is determined by benchmarking the position against similar independent Trustee Chair positions. Our three pensioner Trustees are also paid to perform their roles. A fee of £30,000 is paid to our pensioner Trustee, reflecting his additional role as Chairman of our Audit & Risk Committee and the increased demands of a number of other committees that he sits on. Our two other pensioner Trustees are paid a fee between £5,000 and £5,500 a year.
In setting these amounts, the Company has considered the time commitment required and best practice within the pensions industry. Please refer to our Trustee Remuneration Policy for more information.