UK – Sam Dow, chairman of board of Coats Pensions Trustee Ltd., has stepped down to be replaced by Laurie Todd of Guinness Peat Group, according to the scheme’s web site.
“Laurie has been the alternate trustee for Sir Ron Brierley since August 2004,” it said. “Laurie has considerable experience as a trustee in several pension schemes since his first trustee appointment in 1985.”
The statement said Dow had “steered the trustee board through a period of considerable change, both of ownership of the company and investment and legislative change”.
He will provide consultancy advice for the next three months to ensure a smooth transition.
Brierley will resign from the board and be replaced by Guinness Peat’s Chris Healy. His alternate will be Coats’ Roger Bevan. The textile group is owned by investment holding firm Guinness Peat.
The Coats Viyella Pension Plan began in 1988 following the merger of three major UK textile companies in 1986 - Coats Patons, Vantona Viyella and the Nottingham Manufacturing Co.
It became the Coats Pension Plan in 2002 after the sale of the Viyella business.
Since 1999, investment policy has shifted from 100% equities, to 30-70 equities-bonds currently.
“This change reflects the rapidly maturing membership profile of the plan and is in line with our priority of providing a high degree of security for the payment of benefits to plan members,” the scheme web site says.