The Trustee of the Institute of Chartered Accountants Staff Pensions Fund (SPF or the Fund) is F.C.A Limited, a company wholly owned by ICAEW.
Its directors are:
- The Law Debenture Pensions Trust Corporation plc (LawDeb) has been appointed as Chair. Edward Levy represents Law Deb.
- Andrew Penketh
- Taylor Dewar
- Ian Bell
- Phil O’Halloran (MND)
- Veronica Fulton (MND)
- Peter Burton (MND)
The Trustee meet at least four times each year to discuss scheme business. ICAEW attends these meetings.
If you wish to contact the Trustee please contact the Secretary to the Trustee here.
The Fund is administered under the terms of the Definitive Trust Deed and Rules dated 8 March 2013, amended on 14 July 2014, 20 October 2015 and 24 July 2019.
If you are a member you can request a copy of the Trust Deed and Rules from the Benefits administrator.
Constitution of the Fund
The Fund is a defined benefit scheme which was open to all permanent members of staff of ICAEW. The Fund closed to new members from 1 July 2000 and future accrual ceased from 1 July 2010.
Until 6 April 2006, the Fund was approved as an exempt approved scheme by HM Revenue & Customs under Chapter 1 of Part XIV of the Income and Corporation Taxes Act 1988. On 6 April 2006, the Fund became a registered scheme under s153 of the Finance Act 2004. To the Trustee’s knowledge there is no reason why the Fund’s status as a registered scheme should be prejudiced or withdrawn.
The Fund was contracted out of the State Earnings Related Pension Scheme and the State Second Pension during the period 6 April 1978 until its closure in 2010. Members who paid the contracted out rate of National Insurance in the period until 5 April 1997 are entitled to a Guaranteed Minimum Pension (GMP) which is broadly equivalent to the State benefits they would have received had the Fund not been contracted out. From 6 April 1997 the Fund was contracted out on the Reference Scheme Test basis which required the benefits provided to be at least equivalent to those provided by the reference scheme.
Member Nominated Trustee Directors (MNDs)
Three of the Trustee Directors are appointed from the Fund’s membership and are known as MNDs. MNDs serve for a term of five years, and may stand for a second term.
The Trustee will contact all Fund members when a vacancy occurs. Subject to meeting the eligibility criteria, all members may apply to stand for election.
You can find out more about the duties and responsibilities of a Trustee Director here:
Role Profile
Duties and Responsibilities
Rules