About the Trustee
The Pace Trustee Board is called Pace Trustees Limited and is a separate company from the Bank.
A trustee board is a group of people, known as trustees, who make sure that a pension scheme is run in the best interests of members. Trustees work closely with specialist advisers, who help them look after a number of areas, including investments, governance, funding and administration.
There are 11 Trustee Directors on the Board:
- 3 Professional Independent Trustees who are pensions experts
- 3 Trustees chosen by the Co-op
- 1 Trustee chosen by the Co-operative Bank
- 4 Trustees chosen by members of Pace
The Pace Trustees meet frequently and undertake regular training in relation to issues that they will need to understand in detail in order to carry out their role, for example, investment strategy or valuing DB scheme benefits, as well as current pensions issues.
Pace DB is administered by the Co-operative Pensions Department on behalf of the Trustees and the Co-operative Bank.
Professional Independent Trustees
Harry Baines (Chair)
Harry is the Chair of the Pace Board and is a professional independent trustee.
Harry has over 20 years’ senior executive experience in major UK public companies across a range of industries, supporting boards with strategy, governance and effectiveness and overseeing corporate transactions.
Harry is also the Chair of Lloyds Banking Group Pension Trustees Limited, the Board responsible for the principal pension scheme for HBOS and Lloyds Bank, and the Chair of the BHS2 Pension Scheme.
Stuart is a professional independent trustee. He is a former actuary, and was previously a partner with a leading global pension consultancy, with many years of experience in working with schemes of all sizes, particularly on funding, investment and risk issues.
Anne is a professional independent trustee and a consultant on pension scheme governance. She is a Fellow of the Institute & Faculty of Actuaries, and was previously a partner with a leading global pension consultancy. She has significant experience in advising pension schemes on a range of issues including investment, funding, risk management and governance.
Trustees chosen by the Co-op
Stuart has worked with the Co-op since 2005 and was appointed as an employer nominated trustee of Pace in 2016. Stuart is the Director of Portfolio and Development at the Co-op, leading the team responsible for setting and delivering the Co-op's property strategy. Stuart is a chartered accountant and has previously held roles with KPMG, Siemens and the Co-op in corporate finance, business and corporate strategy.
Paul joined the Co-operative Group in June 2013 holding a number of senior positions with the Co-operative Bank before moving across to become Managing Director of Coop Funeralcare in April 2018.
He was appointed as an employer nominated Trustee of Pace in 2018. Paul was previously an employer nominated Trustee of the Britannia Pension Scheme from August 2016 to March 2018. Paul is also a Fellow of the Chartered Institute of Bankers in Scotland and has 30 years experience in Financial Services.
Andy has been with the Co-op since 1998 and has held a number of senior roles in the Finance teams across the Co-op. Andy is now the Co-op Chief Risk Officer. He is an experienced trustee having been appointed as an employer nominated trustee of Pace in 2012.
Trustees chosen by the Co-operative Bank
Christopher is a professional independent trustee employed by BESTrustees plc.
He has many years of Pension Trustee experience and has governed Defined Benefit and Defined Contribution schemes across multiple countries. He also has over 20 years of banking experience and has had Finance Director and HR Director roles in the UK and overseas.
Christopher is both a Fellow of the Institute of Chartered Accountants of England and Wales and a Fellow of the Chartered Institute of Personnel and Development. He is also a Senior Advisor to the Pensions Regulator.
In addition, Christopher is Chairman of the Standard Life Staff DB and DC schemes as well as being Chairman of the Investment, Administration & Risk, Governance and DC Committees.
Trustees chosen by members of Pace
Geoff worked for a number of years in financial planning, banking and customer services prior to joining the Co-op’s Funeralcare business in 2015 as a Funeral Services Operative. Geoff was appointed as a member nominated trustee in September 2016.
Heather was appointed as a member nominated trustee in September 2016. Heather joined the Co-op in 2013 as an employment lawyer in the Co-op’s in-house legal team and spends her time advising on strategic employment matters across the Co-op’s range of businesses.
John is a Pace pensioner, and has strong links with the Co-op having previously worked for The Co-operative Insurance Society (CIS) as both an auditor and a financial adviser, for 35 years. Retiring early, John was first elected as a pensioner member nominated trustee of Pace in 2006 and was successfully re-elected for a third term in 2015.
Nicole was appointed as a Member Nominated Trustee Director in August 2018. Nicole joined The Co-operative Bank in 2017 as Head of Enterprise Portfolio Management office (EPMo), providing support to the Business and oversight of the performance of the Bank's portfolio of investment and change activity.