The Plan is looked after by a trustee company called Cummins UK Pension Plan Trustee Limited. It has a board of directors, some of whom are appointed by the Company and some who have been nominated by the members of the Plan.
The Plan’s assets are held on behalf of all members in a trust fund, which is separate from the Company. The Trustee administers the Plan in line with the Plan rules.
YOUR TRUSTEE DIRECTORS
Before he retired in 2023, Anthony was EMEA Regional Audit Director. He worked for Cummins for 10 years. When he started as a Trustee director, it was with the intention of continuing the role into his retirement. He says, ‘I believe it’s important to stay engaged and challenged after full-time work as well as having an opportunity to give something back to the Company and help fellow employees.’ He thinks the most important thing for members is to save and maximise their employer contributions.
As a child, Anthony wanted to be an automotive engineer, which he was able to do, but ended up following a career path in the business side, which he found more interesting. He’s quite a practical person and enjoys DIY and gardening in his spare time, as well as keeping up with current affairs and ‘babysitting’ his son’s dog.
Ian was Divisional Finance Director for Cummins at Holset between 1995 and 2000. For the last 12 years of his career, he was a Finance Director of an AIM listed business. During his time at Cummins, he was a Company-appointed Trustee director of the Plan, having served as a trustee of several pension schemes over the years. Shortly after drawing his pension, Ian became a member-nominated director, and with a mix of DB and DC pensions, he learned a great deal going through the retirement process. He says, ‘Starting pension saving early and allowing the fund to accumulate over as long a period as possible is so important. I would encourage members, when their financial circumstances allow, to take full advantage of the additional contribution the Company makes and never forget that investing in pensions is very tax efficient for both PAYE and NI purposes.’
As a child, Ian didn’t have a dream job. A ‘late developer’ academically, he threw his efforts into education to give him more options for his future. His main hobbies are golf, playing piano and watching his two grandsons’ football and rugby teams.
James is EBU Demand Planning Manager and has worked for Cummins for 12 years. He became a Trustee director because he wanted to highlight the importance of saving for retirement, particularly with younger members. He says, ‘Firstly there is the tax efficiency that saving into a pension gives. Secondly, there is the power of compound interest – the earlier you save, the more it’s worth when you come to retire.’
Like many children, James’ dream was to become a footballer. As he grew up and realised that wouldn’t happen, he also wanted to be a pilot. He’s still dreaming! Outside work, James loves watching sport, mainly football, F1, horse racing and cricket. He’d love to participate in them too but says that injuries and age have caught up with him quicker than he’d have hoped.
Lisa is Program Director for CBS (Cummins Business Services) and has worked for Cummins for 29 years. Before becoming a Trustee director, she didn’t know a great deal about pensions, but when the opportunity arose, she read a lot on the topic and found it interesting. There’s so much variety in what the Trustee board does that it appeals to her, along with the fact that the ultimate aim is to help our members get the best outcomes.
Lisa’s top tip is that regardless of how near or far retirement may be, getting into a routine of what she calls ‘pension admin’ now and again is a good thing to do – whether it’s checking your nomination details, target retirement age, fund value or thinking if you could save a little bit more – every little helps!
As a child, Lisa wanted to be a librarian because she thought she’d be able to read books all day! Away from work, she likes being outdoors and enjoys going for hikes in the countryside and keeping fit by going to the gym. She likes a good book and loves spending time with her family and friends.
Martin is CNC Production Engineer at Cummins Turbo Technologies and has worked for Cummins for 23 years. He became a Trustee director having attended the pension link meetings and learning more about pensions. Over the years, he built up his knowledge through training courses and online materials before becoming an MND. He says, ‘Spend a small amount of time learning the basics of how your pension scheme operates, this will allow you to make informed decisions about how you can affect your fund size and also to understand that small pension contribution increases in the early years can have a massive effect on your retirement date and standard of living come the end of your career.’
As a child, Martin wanted to be an F1 racing driver, a professional footballer and a fighter jet pilot, to name a few – he loved to dream! In his spare time, he’s fortunate to have a fantastic and understanding wife and two lovely children who are football crazy. This means he’s a football coach for both of them and their teams. So most evenings and weekends, you’ll find Martin on a pitch somewhere in Yorkshire enjoying developing both the boys’ and girls’ teams, making memories and having plenty of fun on the way.
Natalie is Regional Payroll Manager, Europe and has worked for Cummins for 16 years. Working in HR and payroll has always brought her close to pensions, which she finds interesting. She brings her knowledge and experience of the controlled payroll environment to the Trustee board. Natalie recognises that the jargon that can come with pensions can make them confusing and daunting for many people. She says, ‘The earlier you contribute, the better placed you are to retire and enjoy your retirement without the additional worry of finances.’
As a child, Natalie wanted to be a meteorologist – payroll is worlds away from analysing the weather! In her spare time, she enjoys cooking, travelling and enjoying the local cuisine wherever she happens to be. Natalie also likes going to the gym and walking, which allows her to indulge her passion for food!
Nichola retired from Cummins at the end of 2018, after completing 25 years of service. When she retired, she was Director of Retirement Benefits for UK, EMEA and Asia Pacific, as well as being Secretary to the Trustee. Having worked in the pension industry throughout her career, Nichola’s work retirement coincided with the retirement of the Chair of the Trustee, and so she took over as Chair. It was a win-win situation, allowing Cummins and the Trustee to retain her pensions knowledge and experience, while giving Nichola the opportunity to remain involved with the Plan, which she’s passionate about.
She says, ‘The most important thing for pension savers is to recognise the importance of saving for retirement and, ideally, starting as early as possible – but not panicking if you’ve left saving a bit late as you’ll probably still have some time and opportunity to increase your retirement income. It’s important to enjoy the fruits of your labour and live a little while you’re young – just remember to keep putting something aside for later life too, so that you won’t have to work until you drop simply because you can’t afford to retire. Like most things in life, it’s about balance!’
As a small child, Nichola wanted to be a bus conductor so that she could get to issue the tickets and press the bell! (Only readers old enough to remember old-style buses with a conductor will know what this is – think Olive from On the Buses.) In her spare time, Nichola likes yoga and Pilates, spending time with family and friends, travelling, and pottering in the garden and on her allotment.
Paul is Director of UK Tax Operations and has worked for Cummins for 11 years. He became a Trustee director because he has a keen interest in personal finance and investing and wanted to understand more about where his pension investments were going. He was also concerned about people not saving enough for retirement and relying solely on the State pension. Like many of the Trustee directors, Paul’s top pensions tip is starting to save as early as possible and not missing out on Company-matched contributions. He says, ‘The effect of compounding, especially including Company contributions, can have an enormous impact on the value of a pension at retirement.’
As a child, Paul wanted to be an airline pilot – he’s not sure he could have ended up with a more different career! With two young children, he doesn’t have a lot of spare time but does enjoy watching both of them in their sporting endeavours. Paul also has a season ticket for his local football team and enjoys the occasional craft beer or two!
Stephen is Principal Mechatronics Engineer and has worked at Cummins for 35 years (over two periods of service). He became a Trustee director to improve members’ pension experience and outcomes. For Stephen, the most important thing for Plan members is to understand their pension and what it can do for them – part of enabling members to have a plan that supports them in achieving their life goals.
Even as a child, Stephen wanted to be an engineer, and his dream was to become an engineer with a patent, like his father. In his spare time, Stephen likes writing code, ‘hacking’ computers and electronics.
Stuart is Program Director, DBS. He has worked for Cummins for over 36 years. He became a Trustee director because he’s interested in financial planning, and being an MND is an opportunity to develop that interest into something tangible for himself and other members of the Plan. For Stuart, the key thing is helping members to understand the importance of pension planning from an early age. He says, ‘Care and attention on a few basic decisions could have a big impact on your benefits when you’re ready to take them.’
As a child, Stuart wanted to be a fighter pilot but got put off by the recruiting officer at the RAF careers office. His work at Cummins has allowed him to travel the world so he’s still been able to fly – but as a passenger rather than a pilot! In his spare time, Stuart plays ‘lads & dads’ football, enjoys music and collects guitars. He’s also been restoring an old Land Rover Defender 90 with his son.
*member-nominated directors (MNDs)
If you’d like further information about the Plan, the following documents are available:
Annual Chair’s Statement as at 31 December 2022
Annual Chair’s Statement as at 31 December 2021
Climate change report
Statement of Investment Principles (SIP) as at December 2023
Statement of Investment Principles (SIP) – Appendix
Trustee Report and Accounts to 31 December 2022
Trustee Report and Accounts to 31 December 2021
If you have a question or need to contact the Trustee, please get in touch via Isio, the Plan administrator.
LOOKING AFTER YOUR DATA
In order to run the Plan and pay members’ benefits, we hold certain personal data for members, such as your name, date of birth, address and National Insurance number. The data is held in line with the UK Data Protection Act 2018.
Broadly, this means that:
- we have a legitimate interest in processing certain personal information about you to run the Plan
- we may need to share the data with others, including the Plan administrator and the Plan’s professional advisers
- given the long-term nature of pension plans, we may need to hold the data about you for the rest of your life
- you have certain rights about your data, including the right to see it and ask for inaccuracies to be corrected.
There’s more information about how we hold, store and share your personal data in the Plan’s privacy notice.