As a not-for-profit limited company funded by its members, the Forces Pension Society is governed in a manner that reflects best practice in the sector.
This consists of a president and number of vice presidents who are individuals of stature and influence invited to hold office.
The elected council/board of directors is drawn mainly, but not exclusively, from retired ranks of all three services. Our Directors are chosen for their individual skills and experience that relate to the Society’s purpose and objectives. There are currently 12 directors on the board, the maximum number of directors is fifteen.
Ultimately the membership decides upon the election, re-election and retirement of all directors through an annual general meeting normally held in June or July.
Our Board meets three times a year and is supported by two sub committees that meet between each Board meeting: a Strategy and Finance (S&F) Committee and a Risk and Governance (R&G) Committee. Our Pay and Remuneration (P&R) Committee meets twice a year. Each sub-committee consists of a chair plus 3, less for P&R which consists of the FPS Chairman, Chairman S&F Committee plus one other Director.
The S&F and R&G committees meet quarterly between Board meetings; the P&R Committee meets annually.
The FPS Chief Executive and Chief Operating Officer (who acts as the secretariat) attend all Governance Committees.