Board of Trustees

In the same way as a company needs directors to run a company, a Fund needs Trustees to run a retirement fund. The Trustees’ duties are similar to those of a company board of directors – they are put in a position of trust to manage your retirement fund.

The main objectives of a Board of Trustees are to direct, control and oversee the operations of a fund in accordance with applicable laws. A trustee shall, in the performance of his duties and exercise of this powers, act with due care, diligence and skill, protecting the interests of all members at all times. This is quite an onerous responsibility. The Pensions Fund Act outlines specific fiduciary duties that Trustees must comply with.

The Board of trustees is made up of an equal number of employer appointed Trustees and member elected Trustees, with alternate Trustees acting as reserves when Trustees cannot attend meetings. The employer appointed Trustees are appointed by the employer whether or not they are a member of the fund. The member elected Trustees are elected by the members and the elected Trustee must be a member of the fund.