How the Scheme works

Here is a short explanation of how pension schemes like the Leonardo Helicopters Pension Scheme work and who does what...

1. Company

    • The Company set up the Scheme which is a trust and therefore is a separate legal entity from the Company 
    • The Company asked the Trustees to run the Scheme in accordance with the Rules
    • The Company retains an ability to change the Rules of the Scheme (with Trustee consent)
    • The Company promises its employees benefits payable from the Scheme
    • The Company contributes to the Scheme

2. Trustees

    • The Trustees are responsible for running the Scheme in accordance with the Rules 
    • The Trustees collect contributions from the members and Company
    • The Trustees pay benefits to the members
    • The Trustees must follow the Rules and laws relating to pensions

3. Members

  • The members contribute to the Scheme when they are active members
  • The members earn benefits in the Scheme when they are active members
  • Members receive benefits from the Scheme (as described in the rules to the Scheme)
  • The Pensions Council represents the members in some discussions with the Company