Trustee Board

The Fund is managed by 18 Trustee Directors (the Trustees).

The Directors of TfL Trustee Company Limited (the Trustee) are responsible for the running of the Fund. Trustee is a legal term that refers to a holder of property on behalf of a beneficiary – in this case, you and all of the members of the Fund. 

The Trustee Directors are nominated by the employer, the Trades Unions and by members. The Trustee Directors are legally obliged to safeguard members’ interests. They must also be able to demonstrate that they are knowledgeable and have had sufficient training to carry out their duties. 

Role of the Board

• To act in the best interests of the Fund's members and beneficiaries
• To act impartially, prudently and honestly
• To invest the Fund's assets to obtain the best long-term return without putting the Fund at undue risk. Independent specialist investment managers carry out day-to-day investment on the Trustees' behalf
• To make sure the Fund is administered according to the Trust deed and rules of the Fund below

Trust Deed and Rules of the Fund (PDF 1.1 MB)

Board nominations

• Nine Trustees are nominated by the principal employer. At least five of the nine must be members of the Fund
• Five Trustees are nominated by the trades unions
• Four Trustees are nominated by members through the TfL Pension Consultative Council, including two who are pensioners or deferred pensioners

The current Board