We recently spoke to Keith Bedell-Pearce, Chairman of the Trustee, about his role and his vision for the Scheme.

Could you tell us a little about yourself and your background?

Before I retired in 2002, I was a main board director of Prudential plc. My 30-year career at Prudential spanned being a computer systems designer, the company's in-house solicitor, a director of its investment management business and running operating businesses both in the UK and abroad. Since then, I’ve been involved with various chairman and non-executive director positions with organisations such as the Student Loans Company, Directgov (now Gov.uk), and F&C Asset Management plc.

I’ve been Chairman of the Trustee since March 2020 and I very much enjoy what I do.

What does being Chairman of the Trustee involve?

The role of the Trustee Company, Prudential Staff Pensions Ltd, is to manage the Scheme in the best interests of its members within the Rules of the Trust Deed. The Trustee Directors work with advisers who assist with the running of the Scheme, covering activities like investment management, administration, and legal advice. The bulk of this work takes place in the Board’s committees and working parties. As Chairman, I lead the Trustee Board in making important decisions that can sometimes be at a Scheme-wide level, such as setting our investment strategy but can sometimes be about the circumstances of individual members, such as the distribution of death benefits when a member dies.

How would you assess the position of the DB Section as you look to the future?

As you can read in our latest Summary Funding Statement, the DB Section is in a strong financial position. The approach to investments taken by the Trustee over the past couple of decades has continued to protect against the volatility we’ve seen in global investment markets. Both the 2023 Valuation and the 2024 funding update showed the DB Section’s assets continue to have a greater value than the estimated cost of providing all the benefits built up by the DB Section members.

Away from matters of funding, we’re committed to ensuring that the Scheme and its members receive the best possible standard of service from all our advisers and partners, and I’m confident we’ve got the right pieces in place to deliver this. We mustn’t rest on our laurels, however, and will keep working hard to take advantage of new technologies and stay on top of developments in the world of pensions.

If you could make one request of DB Section members, what would it be?

It’s the Trustee’s responsibility to make sure that the right pensions are paid at the right time to the right people, but you as members have a role to play by keeping your personal data up to date. Whether it’s your postal address, your email address, your bank details or your Expression of Wish, we need you to tell us as soon as possible if your circumstances change.

Many people find that the simplest way to do that these days is online, via MyPension. Why not log on today and make sure we’ve got the correct information on file for you?

What are some of your interests and hobbies away from pensions?

My two primary interests are Warwick University and collecting art. I have had a continuing relationship with Warwick for more than 55 years from when I got my MSc degree at the then fledgeling Warwick Business School. I am still there as an Honorary Professor. I joined the University Council in 2009 and became Treasurer in 2011 on a temporary basis which turned out to be for 12 years. For many years I have had a particular interest in social inclusion in higher education and Warwick has an excellent record in this.

I started collecting art more than 40 years ago and when I joined the Prudential Board. To my great pleasure, one of my roles was the management of the Prudential art collection. This included disposals and acquisitions. I still visit some of those acquisitions when I am in 10 Fenchurch Avenue.