BT 2015 Annual Report Download - page 111

109
Overview
The Strategic Report
Purpose and strategy Delivering our strategy 0ur lines of business Group performance Governance
Financial statements Additional information
Who we are
 chair the  ensions oittee and  would lie to welcoe sabel
udson who oined the coittee durin the ear.  would also lie to
than lare hapan who stepped down on leavin  on 1 arch
and arren ast who will step down on leavin  on 1 a for their
contribution to the coittees wor. ur ebership and eetin
attendance are set out below.
Committee members
eetins
eber liible to attend Attended
hil odinson chairan  
ir ichael ae  
arren asta
sabel udsonb 
on hanua  5
lare hapanc  
a:DUUHQ(DVWZDVDSSRLQWHGWRWKHFRPPLWWHHIURP0D\
b,VDEHO+XGVRQZDVDSSRLQWHGWRWKHFRPPLWWHHIURP1RYHPEHU
c Group People Director.
Further information
ou can find ore details about s retireent benefit plans in note
19 to the accounts.
n addition to the
 ensions oittees wor  provides
reular updates on s perforance and strate at  ension
chee  rustee eetins and holds additional sessions with
the rustee oard. urin the ear this included presentin to
the rustee on the  lobal ervices business and s strate in
relation to both  and obilit.
What we have done
e et si ties durin the ear. he chart below shows how we
allocated our tie.
he ost sinificant worstrea this ear was the 01 riennial
fundin valuation.
BT Pensions Committee Chairman’s report Allocation of time
24%
2014 Triennial funding valuation
20%
Pensions legislation changes
3.5%
BTPS administration
17%
BTPS strategy
and performance
22.5%
Governance, legal
and regulatory
Other
7%
Risk management
6%
ur wor fell into these si ain areas
01 riennial fundin valuation
e received updates and discussed proress on the 01 riennial fundin
valuation. e considered the valuation areeent and recoended
this to the oard. he rustee areed to etend the recover period to
1 ears reconisin that  is a uch stroner copan than three ears
ao. n our opinion the areeent was a ood outcoe for the 
ebers and  which reects the strenth and sustainabilit of s
future cash ow eneration.
overnance leal and reulator
e considered the results of the annual eternal review of the
coittee and based on the feedbac foralised an annual aenda
ite to review all of the riss relatin to the  in addition to the
reports we routinel received in respect of specific riss. e also
considered other leal reulator and polic developents such as the
uropean oissions review of the current ensions irective and
dealt with various overnance atters includin trustee appointents.
ensions leislation chanes
e received reports on recent chanes in pensions leislation and the
iplications for our pensions schees. his included considerin new
overnent proposals on reedo and hoice which provides reater
eibilit to ebers of defined contribution pension schees fro
 pril 01.
 strate and perforance
e received reular reports on the perforance of the  and
held a oint eetin with the  rustee oard where we discussed
the obectives and priorities of the  investent perforance
investent strate and ecient adinistration.
is anaeent
e reviewed a report on all the riss posed to  b the  and
discussed potential ris anaeent strateies includin the s
ipleentation of lonevit insurance in ul 01. n addition durin
the ear we discussed specific riss in relation to investent strate
adinistration leislation reulation and the triennial valuation.
 adinistration
e received reports on the adinistration and proress of  proects.
hese included transferrin the anaeent of the adinistration
fro  to the  rustee as well as the renewal of the adinistration
contract for the  with ccenture. his ives the rustee direct
ownership of the relationship with the adinistrator and is epected to
iprove the service to ebers.
Phil Hodkinson
Chairman of the BT Pensions Committee
 a 01
“ The committee’s work this year highlighted our primary
role in overseeing the company’s relationship with the
BT Pension Scheme in the interests of scheme members,
shareholders and other stakeholders.”