Fidelity European Pension Plan governance
The Fidelity European Pension Plan (FEPP) was established in 2020 in Luxembourg. The FEPP is:
- An institution for occupational retirement provision (IORP), established as a pension savings association (Association d’épargne pension (ASSEP)), under Luxembourg Law.
- Separately licensed and regulated by the Luxembourg Regulator, the Commission de Surveillance du Secteur Financier (CSSF).
- A separate legal entity to the Fidelity International group of companies.
The FEPP’s governance structure
The governance structure of the FEPP meets all the requirements of the IORP II Directive, offering significant protection for members and transparency for sponsors and employers.
In accordance with Luxembourg Law, the Board of Directors will manage the ASSEP.
The Board has a central role in the governance of the ASSEP; retains the overall responsibility for the ASSEP and will set its overall strategy and lay down the key policies of the ASSEP.
The three directors will make sure that there is a suitable level of knowledge and competence. They will also make sure there are appropriate checks and balances in the decision-making process and oversee good governance of the ASSEP.
The Board has their own internal control and governance mechanisms for managing any conflicts that arise, reviewing decisions made by the Board and ensuring that the Board is acting independently and in the best interest of members.
Conflicts of interest
A conflicts of interest policy is in place to assist the Board and various committees and groups in identifying, managing and monitoring any actual or potential conflicts of interest that may arise in relation to the FEPP. The FEPP keeps a register of interests and the policy is reviewed at the start of all relevant meetings.
FEPP Associate Members
- Review and sign off on ASSEP accounts
- Power to appoint members to the Board of Directors
- Annual meetings
- Day-to-day ASSEP oversight and decision making
- Reporting and escalation to ASSEP board
- Quarterly meetings
- FEPP investment product and services oversight and monitoring
- Quarterly meetings
- Making decisions about escalated benefits pay-out issues
Operational oversight group
- Day-to-day oversight of all operational activities
- Risk forum
New business group
- Initial approval of new business proposals
- Approval of changes to existing schemes