In 1995, the part of a national laboratory where I was working was scheduled for privatisation. Promotions and transfers out were stopped, CSPS accruals would end - but TUPE would apply when the new management took over.

We had no control over what would happen, but knew we had to keep our pensions. So, with no idea what Pension Trusteeship involved but wanting to safeguard our interests, I was elected as a MNT.  We had a Final Salary (becoming Career Average) Scheme to run, with assets of just £100k for past service liabilities. So, we fresh Trustees attended basic training and then, with no previous experience or precedents to follow, did our best.

We looked at everything with fresh eyes, questioning advice and not doing things we didn’t understand, to protect our pension for when our own retirements came. We were doing what MNTs should do: avoiding pension ‘fashions’ and watching over our colleagues’ interests.

We focused on members’ long-term interests and made tough decisions: for ten years we awarded no salary-revaluation increases.

But now, still fully open and in significant surplus, we have granted members above-inflation increases to redress the lean years.  And we are future-proofing: we have reduced the Employer’s contribution rate by a third; and are restructuring our investments to extend long-term positive cash-flow.

My colleagues and I may have been ‘accidental MNTs’ but we made a difference. As the Government considers the future of trusteeship, I would urge them to remember the positive contribution that a broad-based trustee board can make.