The Plan is set up as a Trust. This enables the Plan to receive valuable tax advantages and also ensures the assets of the Plan are kept separate from the Company.
A trust is managed by its trustees. This can either be a group of individuals, or a trustee company, which is a company set up with its only purpose being to look after the trust. The individuals in this case will be Trustee Directors of the trustee company.
The Plan is looked after by its own trustee company, called 'Silver Birch Trustees Limited' (but is often known simply as 'the Trustee'). Under the current arrangements, the Trustee board is made up of a total of six Trustee Directors. There are two ‘Member Nominated Directors’ (who are elected by members), three ‘Company Nominated Directors’ and one professional independent Trustee Director.
The Trustee Directors must look after the Plan in accordance with the law and its own governing documentation, known as the 'Trust Deed & Rules'. To help them do this, they continually make sure they have the appropriate knowledge and understanding and are also able to call upon specialist professional advisers.