As a result of the call for a new 'Member Nominated Director' made in April following the untimely death of Brendan O'Connor, the Trustee is pleased to announce that Rick Chapman has been elected unopposed to fill the vacant position. Rick will serve for a term of 4 years as a trustee of the scheme and brings a wealth of experience to the role having previously served as a company appointed Trustee to the scheme (1997 to 2001). Rick looks forward to representing the interests of all members of the scheme and we welcome him as the Scheme's latest Trustee.
Following the untimely death of the scheme’s Member Nominated Director: Brendan O’Connor, there is a need for scheme members to nominate a new Member Nominated Director to serve as a trustee.
The Trustee is therefore requesting nominations for a Member Nominated Director (“MND”) for the Scheme.
Please note that if you, or another member of the Scheme that you may know, wishes to nominate himself or herself for this position, the deadline for submitting the complete nomination information is Friday 22 May 2020.
Full details are available in the attached document.
As the coronavirus outbreak continues, the spread of Covid-19 will have a meaningful impact on our communities and on the way businesses operate up and down the country. This post is intended to inform you how the Trustee of the STMicroelectronics (Bristol) Retirement Benefit Scheme and its administrators, Isio, are responding to these unusual circumstances.
In terms of the day to day operation of the Scheme, the Isio Business Continuity Plan is now in operation and the Trustee has confidence in its resilience. Isio are tracking the situation and will introduce additional measures, in line with specialist advice, if necessary.
Isio’s priority is to ensure continuity of service to the Scheme. Their payroll, treasury and other systems are capable of being operated by staff working remotely and these systems have been tested, such that we can reassure you that the payment of benefits to Scheme members will continue uninterrupted in this period. We will ensure that sufficient cash is held within the Scheme’s bank account to meet expected benefit payments over an extended period, longer than standard Scheme practice. Work is being strictly prioritised – ensuring that the vital elements of the Scheme administration are protected, even in the face of expected staff shortages.
Naturally Isio are adhering to Government guidelines in all operational matters (remote working, social distancing, etc.). While this is the right thing to do, it does cause some delays in retrieving physical post and also limits their ability to return post. Accordingly, and in accordance with advice from the Pensions Regulator, the Scheme is prioritising benefit payments, retirement processing and bereavement services. This means that some of the less essential tasks we routinely deliver will be delayed. We ask members for their patience but will try to accommodate their requests as much as possible.
To assist our administrators at Isio at this difficult time, if your query can wait, we’d be grateful if you could get back in touch with them in a month or two when they’ll be pleased to help. Of course if your query is urgent, for example if you are planning on retiring from the Scheme in the next couple of months, please let them know and they will respond to you as quickly as they are able. Alternatively, if you have a quick query that you would like to discuss over the phone, please call them on the normal number (+44 (0)118 338 4399). If your enquiry is urgent then please provide them with your email address, if you have not already done so.
Finally, as the preparation of paper payslips requires Isio staff members to access their offices, the mailing of these payslips will be delayed until such time as a return to office working is sanctioned by the Government. This does not affect the timeliness of pension payments themselves.
In terms of the longer term impact on the Scheme and its funding position due to the exceptional volatility of markets in these difficult times, we would note that:
- The investment strategy adopted by the Trustee provides a significant level of protection against the volatile market movements that have been observed;
- Given the above, and the long-term nature of the Scheme’s liabilities, the Trustee will not be trying to second guess short term market movements by making knee-jerk reactions;
- The Trustee’s current priority, with Isio, is to ensure that members’ benefits can be paid and their queries answered as best as possible while the coronavirus outbreak continues.
From 2nd March 2020 the company providing administation for the STMicroelectronics (Bristol) Retirement Benefit Scheme on behalf of the Trustee changed from KPMG LLP to ISIO.
ISIO is the result of KPMG’s decision earlier this year to establish its pension advisory practive as a separate company. This new separate business is now called ISIO.
Apart from the formal change in the company administering the Scheme there is no substantive impact. The Scheme will continue to be administered in the same way and by the same pensions professionals as peviously, the existing KPMG staff we are used to dealing with having transferred into the new company. There are minor changes to the contact details of the administrators:
If future please use the email address below to communicate with the admisistrators of the Scheme regarding any queries you may have in connection with your pension
You will be aware that KPMG LLP used to hold and process personal data about scheme members and other beneficiaries in order to be able to carry out its duties in respect of the Scheme on behalf of the Trustee. With the agreement of the Trustee this data is transferred to ISIO to enable them to continue their administration of the Scheme as previously. Rest assured that this data will only be processed in accordance with the relevant data protection legislation and used only for the purposes of administering the Scheme.
If you have any queries in connection with this change of administrator please contact:
Matt Dye in writing at:
2 Forbury PLace,
33 Forbury Road,
Telephone: 01183 384399
or via email at:
The 2019 Governance Statement for the STMicroelectronics (Bristol) Retirement Benefits Scheme may be downloaded (pdf) by clicking on the link below:
Publication of the STMicroelectronics (Bristol) Retirement Benefits Scheme newsletter for 2018 was delayed until early 2019, so that it could report on the outcome of the actuarial valuation.
As a result the newsletter, which was titled “STMicroelectronics (Bristol) Retirement Benefits Scheme 2019 Newsletter”, although relating largely to the scheme in 2018, is available as part of the Members Newsletter – 2019 post.
The first newsletter below was released on 22nd February 2019 and titled “STMicroelectronics (Bristol) Retirement Benefit Scheme 2019 Newsletter”. This newsletter was, in effect, the newsletter for 2018 whose publication was delayed until early 2019, so that it could report on the outcome of the actuarial valuation.
A second newsletter was published on 18th December 2019 to provide information on the Scheme in 2019. This is the second Newletter posted below.
Members Newsletter 2019 (delayed from 2018, relating to 2018)
Members Newsletter – December 2019 (the Newsletter relating to 2019)