Here you can keep up to date with current news items in relation to the ZF UK Pension Plan.
As a result of the coronavirus, global stock market values have fallen heavily. The virus is contributing to financial anxieties for many people and, amongst other things, there has been speculation about pension plans in the media. Whilst the ZF UK Pension Plan is not immune to volatility in the financial markets, the Trustee would like to provide you with some reassurance.
The first point to note is that you are a member of a “defined benefit” pension plan, and so your benefit entitlement is not directly linked to investment performance. One of the most important jobs of the Trustee is therefore not to take unnecessary risks with the investments, but to target the returns necessary to provide long term self-sufficiency of funding, with minimal risk.
The second point to note, as you may have read in the recently issued “Reflections” newsletter, is that the assets of the Plan are sufficient to cover substantially all of its liabilities, measured on its statutory funding basis. The Trustee monitors this funding level closely. The investment managers appointed by the Trustee invest the Plan’s assets with the aim of managing key financial risks. Importantly, whilst the Plan does invest in some securities issued by global companies, it does not currently invest in any equities (i.e. stocks and shares). Some of the Plan assets are in bonds or loans which are secured against underlying assets; so although their market price may have been impacted, unless the issuer actually defaults on payments the eventual returns will be unaffected. The benefits of the Trustee’s current investment strategy are most apparent when markets are volatile, as they have been in recent weeks.
New Member Nominated Directors
Earlier this year, the Member Nominated Director (MND) terms of office came to an end for Mr Huish and Mr Lakie. Mr Huish opted not to be considered for a further term, and Mr Lakie has become a Company appointed Director following the resignation of Mr Hopkins.
The Trustee would like to put on record its thanks to Mr Huish and Mr Hopkins for their contribution to the Board’s activities over recent years.
This left two MND vacancies on the Board. Following the MND appointment process Mr Russell Hines and Mr John Simmons have been appointed to the Trustee Board.
New administrator and contact details
In the May edition of Reflections we confirmed the Barnett Waddingham would be replacing Capita as the Plan administration. This took effect from 1 December 2019. Barnet Waddingham can be contacted here.
Member Nominated Director applications
The current term of office for two of the Plan’s Member Nominated Directors (MND) is due to end shortly.
In accordance with the Trustee’s MND policy the application window is now open for new nominations.
Further details on this process and the application forms can be found on the Member Nominated Directors page.
The assets and liabilities of the ZF Lemforder UK Pension Plan and the ZF Great Britain Retirement Benefits Scheme were transferred to the TRW Pension Plan on 31 December 2018. Following this merger of the three pension schemes, the TRW Pension Plan has now been renamed the ZF UK Pension Plan.
Over the coming weeks and months this website will be updated to reflect the new Plan name.
We are pleased to confirm that with effect from 1 August 2018 Ross Russell, of Ross Russell Limited has been appointed as an Independent Director of TRW Pensions Trust Limited (the Trustee). He will replace Jonathan Clarke of JMRC Consulting Limited.
The Board would like to thank Mr Clarke for his hard work since his appointment, and to wish him well for the future.
2018 Member Nominated Director Process
The 2018 Member Nominated Director (MND) process has now concluded. Paul Birkett was re-nominated and has been appointed for another four-year term. Mr Birkett’s new term of office will conclude on 1 July 2022.
The review date for the Board’s other MNDs is 10 June 2019. The MND application process will open again in the first quarter of 2019. Please continue to monitor this news page in early 2019 for further details.
Member Nominated Director applications
The current term of office for one of the Member Nominated Directors (MND) is due to end shortly. In accordance with the Trustee’s MND policy the application window is now open for new nominations. Further details on this process and the application forms can be found
on the Member Nominated Directors page.
The 31 March 2015 triennial actuarial valuation has now been finalised. A copy of the latest actuarial report is available on written application to the Trustee Secretary at a cost of £5. A summary funding statement providing information on the 31 March 2015 triennial actuarial valuation will be issued to all members of the Plan in the autumn.
The Plan newsletter, Reflections, will be issued by post shortly to all members and will be available for download by following the My Account link. Reflections will include articles on:
The appointment of a new financial advisor for those considering retirement.
The appointment of two new Member Nominated Directors to the Trustee Board.
The 31 March 2015 popular accounts.
The new Plan website.
1 April 2015 Deferred Statements
Deferred benefit statements as at 1 April 2015 are now available for downloading by following the My Account link.
TRW Pension Plan 2015 Report and Accounts
The Trustee's Report and Accounts for the TRW Pension Plan as at 31 March 2015 is now available in the Forms and Documents area of the website.
2014 had been a landmark year for TRW Pension Scheme members. All members have received individual communications to clarify how their benefits are affected by the restructuring which has now taken place.
The majority of pensioners have had their pensions paid by Legal & General for the first time today.
All remaining members of the TRW Pension Scheme have been transferred into the TRW Pension Plan, effective on 10 December.
This website will be fully updated to reflect the ongoing TRW Pension Plan membership in early 2015.