The Trustees are responsible for stewardship of the Scheme's assets
About the trustees
The Scheme has a sole corporate trustee, BBC Pension Trust Ltd. The Board of directors of the corporate trustee is made up in the same way as a Board of individual Trustees would otherwise be appointed, and the directors are referred to as “Trustees”. There are eleven Trustees:
Three Independent Trustees, appointed by the Trustees with the approval of the BBC
Four BBC-appointed directors
Four member elected directors, including one pensioner Trustee
The member elected directors serve for six years and retire in rotation. The pensioner director serves for six years.
The Trustees are responsible for stewardship of the Scheme's assets. Their main objectives are to ensure that:
all beneficiaries receive the benefits to which they are entitled under the Rules of the Scheme; and
there are sufficient assets to meet the Scheme's liabilities as they fall due.
Find out who the Trustees are and read their biographies here.
Pension contributions are paid into a trust fund which are invested by the Trustees to produce income from which benefits are paid. The fund is quite separate from the finances of the BBC and participating employers. It is used to provide benefits for the Scheme's members and their dependants.
Trust Deed and Rules
The Trustees administer the Scheme and pay benefits in accordance with the Trust Deed and Rules. You can get a copy from the documents page.
Copies are available from the documents page.
The Pensions Regulator oversees the running of pension schemes and can intervene in cases where scheme trustees, employers or advisers may have failed in their duties.
The regulator has powers to protect funds held in pension schemes. It also aims to promote high standards and good practice in the pensions industry.
Catherine currently holds Non-Executive roles with the new British Steel Pension Scheme, Dunedin Income Growth Investment Trust and Barclays UK Retirement Fund. Previous appointments have included Deputy Chair of the BT Pension Scheme Trustees Limited, independent member of the Unilever UK Pension Fund Investment Committee and Non-Executive Directorships at the London Metal Exchange Limited, Hermes Fund Managers Ltd and the Witan Investment Trust.
Catherine Claydon’s professional background includes more than 20 years’ experience in investment banking, with 15 years spent at Goldman Sachs, latterly as a Managing Director in the Pension Advisory Group.
Grant Cassidy has worked for the BBC since 1990. He is a Senior Studio Director in News, based in Salford, working across 5 Live, News and Sports Programmes. Grant is also on the National Joint Council, negotiating with the BBC at a national level in his role as a BECTU trade union representative. Grant was elected in 2006. He sits on the Investment Committee.
Rostam Kilgour has worked for the BBC for over 14 years. His substantive job is as a News Director working on the BBC News at Ten & the BBC News Channel in New Broadcasting House. Rostam has worked in a number of big news events such as the Brexit Referendum, Harry & Megan’s Royal Wedding, the 2015 General Election, the London Olympics and the US Midterms in 2014.
Aside from his work for BBC News Rostam has also worked for English Regions having spent time with BBC London and BBC Yorkshire. Before that he worked for News Online and previous to that BBC Broadcast, now known as Red Bee.
Since starting his role as a Pension Trustee Rostam has been involved in the 2016 valuation and currently sits on the Board of Directors and the Finance and General Purposes Committee.
Rostam studied Physics at Imperial College London and then went on to study Computing and Media at the University of East Anglia.
Kevin Carter is Chairman of Murray International Trust PLC and JP Morgan American Investment Trust PLC, and a non-executive director of Lowland Investment Company PLC. He is a director of Universities Superannuation Scheme (USS) Limited, USS Investment Management Ltd, a director of Aspect Capital Ltd and Newton Investment Management Ltd. He was Chief Executive of Old Mutual Asset Managers (UK) Limited from 1987 to 2000, and Chief Executive of Old Mutual Asset Managers (US) LLC from 2000 to 2001. He then became a Senior Investment Consultant, and ultimately European Head of Investment Practice at Watson Wyatt. Subsequently he joined JPMorgan in London as a Managing Director and Head of the EMEA Pension Advisory Group. He is a former member of the NAPF Investment Council and Chair of the Shareholder Affairs Committee. He holds the CFA and FSIP designations and an MBA and Ph.D.
David has worked as a Radio Producer for the BBC since 1987; he’s currently a Producer for Radio 3 (although taking a career break until October 2019, during which time he will continue to serve as a Pension Trustee).
Leslie has been working in the pensions industry for over 40 years, 16 years of which were with the BBC. He was formerly the BBC Pensions Manager and in 1994 left to become the BT Pensions Policy Manager. He is currently Head of Retirement Services at Wealth at work Ltd. and is also on the committee of the BBC Pensioners’ Association.
Leslie is a Fellow of the Chartered Insurance Institute (FCII), a Fellow of the Pensions Management Institute (FPMI) and holds the Diploma in Regulated Financial Planning (DipPFS).
Following the merger of BBC Worldwide and the production subsidiary BBC Studios, Martyn was appointed to the role of General Counsel of the new BBC Studios group in April 2018. He has responsibility for all legal, business affairs, policy, compliance and regulatory matters. Previously, Martyn held a variety of roles across the BBC, including General Counsel of BBC Worldwide, Head of Business Affairs, Radio & Music, Factual & Learning and News.
David is the BBC’s Director, Editorial Policy & Standards. He is responsible for compiling the BBC’s Editorial Guidelines and manages the editorial policy team as well as the BBC’s complaints system and the Pronunciation Unit. David joined the BBC in 1988 to work on political and current affairs programmes for television and radio and edited On The Record, Panorama, The Westminster Hour and The Week in Westminster. He has also been the BBC’s Chief Adviser, Politics.
David is a member of the Steering Group of the Public Broadcasters’ International, the Executive Board of the Organisation of News Ombudsmen and of the Executive Committee of the International Press Institute.
Eileen has had a varied career in corporate finance, tax and consulting. Highlights include Head of Corporate Finance at Marks & Spencer and partnerships at Andersen and subsequently Deloitte. She has an extensive pensions background, having been CEO of the BT Pension Scheme and previously CEO of the ICI Pension Schemes.
Glyn Isherwood, Chief Financial Officer, BBC, joined the BBC in 2018 as Group Finance and Operations Director. Before joining the BBC, Glyn was Group Finance Director at Channel 4. He trained as a Chartered Accountant at KPMG specialising in audit and media and also spent time on secondment in the KPMG Los Angeles office. Glyn is currently a Trustee of BBC Children in Need.
Peter Johnston has been Director of BBC Northern Ireland since 2006. He has overall editorial and managerial responsibility for the BBC in Northern Ireland. Peter joined BBC Northern Ireland in 1994 working in audience research and has held roles as Head of Marketing and Development, Head of New Media for BBC Nations and Regions, and Head of Broadcasting.
Peter sits on the BBC Nations and Regions Board and on the BBC Northern Ireland Committee, which is responsible for advising the BBC Board on the BBC’s performance and services for audiences in Northern Ireland, and for overseeing the public engagement strategy.