By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants.

We continue our look at pensions in Money Matters this week, after starting to put the spotlight on pension schemes a fortnight ago.

The role of trustees is hugely important in any company pension scheme.

To explain further . . .

A trustee is a person or company, acting separately from an employer, who holds assets for the beneficiaries of the pension scheme.

Trustees are responsible for ensuring that the pension scheme is run properly and that members’ benefits are secure.

In fulfilling their role, trustees must be aware of their legal duties and responsibilities.

The law requires trustees to have knowledge and understanding of, among other things, the law relating to pensions and trusts, the funding of pension schemes and the investment of scheme assets.

A code of practice has been issued by The Pensions Regulator (TPR), explaining what trustees need to do in order to comply with the law in this area.

Trustees should arrange appropriate training as soon as they are appointed and should then continue with their learning to keep their knowledge up to date.

New trustees have six months from their appointment date to comply with this requirement.

Trustees have a number of very important duties and responsibilities, which include:

• acting impartially, prudently, responsibly and honestly and in the best interests of scheme beneficiaries
• acting in line with the trust deed, scheme rules and the legal framework surrounding pensions

In addition to these general duties, trustees also have a number of specific duties and tasks that they must carry out.

The main tasks are to ensure the following happen.

Contributions:

The employer accurately pays over contributions on time. There are strict rules covering this area.

Financial records and requirements:

The right benefits are paid out on time.

An annual report is prepared.

An auditor’s statement is obtained confirming details of the payment of contributions to the scheme and, if required, an audit of the scheme accounts is arranged.

Investment

The pension fund is properly invested in line with the scheme’s investment principles and relevant law.

Professional advisers:

Suitable professional advisers are appointed as running a pension scheme is complicated and often specialist advice will be needed.

Pension scheme records:

Full and accurate accounting records are kept, which include records of past and present members, transactions into, and out of, the scheme and written records of trustees’ meetings.

Members:

Members and others are provided with information about the scheme and their personal benefits.

Registration, the scheme return and collecting the levy:

TPR is provided with information required by law for the register, that the scheme’s annual return is completed and the annual levy for the scheme is paid.

Related matters:

Where a breach of law takes place and it is likely to be materially significant to TPR, trustees and indeed others involved in running the scheme have a legal duty to report the breach to the regulator. Code of practice 01, ‘Reporting breaches of the law’ provides guidance on the factors that should be considered when deciding to make a report.

In addition, trustees also have to notify TPR when particular scheme-related events happen. These are known as ‘notifiable events’, also the subject of a code of practice.

The trustees of most schemes must make an annual report available within seven months of the scheme year end. The report usually includes:

• a trustees report, containing investment, legal and administrative information about the scheme
• actuarial information, if applicable
• governance information, if applicable
• the audited accounts and audit report.

If something does go wrong with the pension scheme, trustees may be held personally liable for any loss caused as a result of a breach of trust.

This could happen when, for example:

• a trustee carried out an act which is not authorised under the trust deed and scheme rules
• a trustee fails to do something that should have been done under the trust deed and scheme rules
• a trustee does not perform one or more of their duties under trust law or pension legislation or does not perform them with sufficient care.

The rules of the pension scheme might protect trustees from personal liability for a loss caused by breach of trust, except where it is due to their own actual fraud.

In some cases, the employer may provide indemnity insurance for the trustees.

At Clay Shaw Butler, we produced regularly updated Factsheets on pensions and other tax matters.

Get in touch if you have any queries.

You can find out more about money matters on the Clay Shaw Butler website (under our news for business section) –

http://www.clayshawbutler.com/news/latest-news-for-business

We have a strong and experienced team with great local knowledge all geared-up to helping you get the very best from your finances – whether that is as an individual or as a business.

We stay ahead of the game by putting great store by continual professional development for our staff.

With Investors In People status at Clay Shaw Butler, we care passionately about making sure our staff have all the tools they need to serve you, our customers.

Weblink – http://www.clayshawbutler.com

The team at Clay Shaw Butler can be contacted on 01267 228500.

The team at Clay Shaw Butler are on Twitter. Look for @clayshawbutler.

A major new EU backed initiative to help companies in Wales exploit the fast-growing spatial intelligence market is being led by Aberystwyth University.

The Geographical Data and Earth Observation for Monitoring (GEOM) programme sees scientists at the Department of Geography and Earth Sciences at Aberystwyth University collaborate with QineitQ to help Welsh companies exploit state-of-the-art satellite and drone technology.

Data provided by the technology can provide vital information for a range of sectors, including agriculture, energy, security, environment, transport and infrastructure.

The £3m initiative backed with £1.9m of EU funding through Welsh Government was announced by Finance Secretary Mark Drakeford AM on Friday 13 July 2018.

Its aim is to identify new and innovative ways of capturing and analysing spatial intelligence and geospatial data through satellite and drone technology to develop market-ready products and services.

Mark Drakeford AM said: “This is another great example of how the Welsh Government is investing EU funds to position Wales as a competitive and outward-facing nation. Driving innovation through world-class research and expertise in our universities alongside businesses will secure investment and employability in this fast-growing sector. Wales has benefited hugely from EU funding over the years and this once again highlights the importance of securing replacement funding for Wales once the UK leaves the EU.”

The project will be led at Aberystwyth University by Dr Peter Bunting from the Department of Geography and Earth Sciences.

Dr Bunting said: “With the advent of mobile technologies, apps and smart systems linking with geospatial data derived from space systems these technologies are playing an even increasing role in our economy and day to day life. This rapidly growing area is just beginning to realise the potential for extracting spatial intelligence from drone technology. Through GEOM we can ensure that Welsh companies are at the forefront of this exciting and growing area, enabling job creation and the development of new products and services.”

Aberystwyth University will work with up to 25 companies, already using such technologies, to help address challenges affecting the environment, agriculture, transport, energy and infrastructure.

For example, drones can be used to map hazards such as overhanging trees or over steepened embankment slopes along railways lines that would be dangerous and expensive to collect on the ground.

Satellites can be used to monitor forest plantations to give early warning signs of disease or stress.

The Geographical Data and Earth Observation for Monitoring (GEOM) programme will focus on capturing data to enhance environmental monitoring, precision agriculture, transport and energy infrastructure, search and rescue, overseas aid/relief and geomatic surveying.

Links:
Department of Geography and Earth Sciences
https://www.aber.ac.uk/en/dges/

Earth Observation and Ecosystem Dynamics Research Group
https://www.aber.ac.uk/en/dges/research/earth-observation-laboratory/

Local school children have been the first to try out the new Closed Road Cycling Circuit at Pembrey Country Park.

A small section of the circuit was opened last Friday for a school cycling festival ahead of the full public opening in early August.

Final touches and safety testing is underway on the purpose-built 1.9km circuit, which will provide a safe, traffic-free environment for coaching and training as well as competitive cycling events and public recreation.

It has been designed and built to British cycling standard, with a 6m wide tarmac surface of varying gradients and bends, to attract local, regional and national events, races and training camps.

Some of the world’s top cyclists will also be using the circuit as part of the prestigious Tour of Britain which will start at Pembrey Country Park on Sunday, September 2.

Carmarthenshire County Council has contributed £500,000 capital funding towards the circuit, with support from Welsh Cycling and Sport Wales.

It is another investment the council has made in cycling infrastructure in the county as part of its ambition for Carmarthenshire to become the cycling hub of Wales.

Elsewhere the council has contributed to renovation of Carmarthen velodrome, and is spending millions on active travel routes, including the Towy Valley Path which is currently underway.

Executive Board Member for Culture, Sport and Tourism, Cllr Peter Hughes-Griffiths, said: “It was fantastic to see local school children using the closed road cycle circuit for the first time. Work has been delayed slightly due to the extreme warm weather we’ve had over the last few weeks so we hope to open the track up to the public in a few weeks’ time.

“This will be the best off road cycling circuit in Wales, if not the UK, which will no doubt attract cyclists from far and wide. There’s already been a huge amount of interest so we are expecting this will be a welcome boost to our tourism and leisure economy as people stay in the area to enjoy everything else Carmarthenshire has to offer, including miles of scenic cycle routes and trails.”

The circuit will be open to the public day to day and free to use, but will also be available for exclusive bookings, which will be managed by Welsh Cycling.

Further details on availability and how to book will be available on www.DiscoverCarmarthenshire.com/cycling over the coming weeks.

Speaking previously…

Bynea Cycling Club secretary Alan Smith said: “The new Pembrey road circuit will be the perfect venue and location for new cyclists to improve their cycling skills in a safe environment. The circuit will be used for training and racing which will be of benefit to experienced cyclists who may just want to ride sportives a little quicker all the way to the international and professional cyclists in south west Wales who will use the circuit to prepare for their competitions. Bynea Cycling Club look forward to supporting this fantastic facility.”

Roger Bowen from locally-based Amigo Cycling Club has also welcomed the facility: “This circuit will provide safe off-road cycling for the starter and experienced cyclist alike. With the links to the coastal path and the other cycle networks around Pembrey, Burry Port, Kidwelly and Llanelli it should greatly benefit the cycling community of Carmarthenshire.”

Pembrey CRCfrom Cyngor Sir Gâr | Carms Councilon Vimeo.

Fly-tipping at a service station in Llanelli has cost one man nearly £1,200.

Rennie Price was ordered to pay the money after he was caught on camera dumping rubbish behind the Shell garage in Dafen.

In a prosecution led by Camarthenshire Council, Llanelli magistrates heard that CCTV had picked up a loaded white Ford Transit tipper driving to the rear of petrol station at just after 9pm in August last year. Three minutes later the Treefellas truck was captured parked in the garage forecourt empty. The 47-year-old was the passenger.

Carmarthenshire Council enforcement officers caught up with the driver two days later and admitted that he and Price committed the crime thinking the location was a tip.

Despite two letters hand delivered to the address provided as Lleidi Crescent, there was no response. Two weeks later officers visited the address and the landlord confirmed it had been empty for a couple of weeks.

Contact was made with Dyfed Powys Police for assistance in tracing the male and Price.  Officers were informed that the vehicle had been stopped and the address provided by the driver was Creswell Road in Swansea. Another letter was sent to this address but no reply was received. Price claimed he no longer lived at this address.

Price was arrested on warrant on July 2 and appeared before Llanelli Magistrates Court. He admitted fly tipping and was fined £745, and told to pay £360 costs and £70 victim surcharge

The other male remains on a warrant.

The council’s executive board member for public protection, Cllr Philip Hughes said: “There is no place for fly tippers in this county. Dumped rubbish is unsightly and has a huge impact on the environment. We are determined to clean up our streets in Carmarthenshire and will continue to use our powers accordingly.”

The team from Llanelli-based Melin Consultants are playing a key role in a special event at The Senedd in Cardiff Bay today (Thursday, July 12).

G4C Wales (Generation for Change) is a driving force in Welsh construction, with a focus on the industry’s young professionals who have an interest in the Welsh built environment.

And today sees a special awards ceremony at the home of the Welsh Parliament.

Chris Amos, business development manager and senior consultant with Melin Consultants, is the co-chair of G4C Wales.

His colleague, Darren Baker, a senior consultant who leads the compliance team at Melin Consultants, also serves on the G4C Wales committee.

“It’s a great honour for Melin Consultants to play such a significant role in the work of the G4C Wales committee,” said Chris.

“Thursday’s awards marks a very special day and I am looking forward to an amazing event, together with my co-chair Libby Jones, of Dawnus.

“We do, of course, appreciate the major role Construction Excellence in Wales play in such an event.

“It will be the first time for me to attend such an event at The Senedd and it’s an occasion when I will be nervous, but very proud.

“Libby and I will be making a joint speech at the end of the proceedings, so we are both very excited to get the opportunity to speak in such a prestigious venue.

“The G4C Wales committee does marvellous work in helping develop and encourage skills and mentoring for the young professionals working in the Welsh built environment industry.

“At Melin Consultants, we are passionate about continued professional development and encouraging the young people who will play a part in the future development of our industry.

“With the help of Darren Baker of Melin Consultants, we really feel we are putting something back into the industry. We are a part of Construction Excellence in Wales and we are delighted that Melin Consultants can play such a role in future developments and improvements to our industry.”

Melin Consultants are providers of sustainable building and construction solutions throughout the UK.

They have offices throughout the UK, but the company’s main base is at the landmark Beacon building in Dafen, Llanelli.

Melin Consultants offer a host of Building Compliance services, from BREEAM Assessments, Energy Strategies, Sustainable Planning Reports to Air tightness and Thermographic surveys.

Contact Information

For more information please contact Chris Amos, Business Development Manager, Melin Consultants:

T: 0845 094 1593

E: chris@melinconsultants.co.uk

Website: www.melinconsultants.co.uk

Photos:

Melin company logo.

Chris Amos

Darren Baker

The Senedd building

Householders in Newcastle Emlyn and the surrounding areas are being urged to have a clear out.

A waste and tyre amnesty is being held at mart carpark site on Saturday, July 14 from 8am-12pm.

Most household waste can be taken along including, unwanted furniture, carpets and mattresses, electrical items such as fridge-freezers and televisions, as well as black bags.

A maximum of four tyres can also be disposed of; however, tractor or lorry tyres will not be accepted.

Hazardous waste such as paint, fluorescent tubes, batteries, chemicals, gas bottles and asbestos will not be accepted along with glass, trade waste, construction waste and agricultural waste.

Compost bins will also be on sale for £12.

Residents are advised to please to separate their waste and to bring proof of address.

Trailers should not be used to bring waste to the amnesties.

Garden waste accepted.