Constitution. The MNOPF is set up under English law in the form of a trust. The trust is run in line with the trust deed and rules by a trustee company called MNOPF Trustees Limited. Being approved for tax and contracted out of the state pension, it provides valuable savings for members and employers who are subject to UK tax and national insurance.
Management. MNOPF Trustees Limited is run by directors and executives. There are fourteen directors, half nominated by the employers and half by the union, Nautilus UK. This arrangement satisfies the law on member-nominated trustees. The directors appoint the executives, who are the Chief Executive, the Chief Financial Officer and the Pensions Executive and Scheme Secretary. Regularly, the directors meet with the executives to review the management of the MNOPF, seeking advice where appropriate from their professional advisers. The names of the directors, the executives and the advisers are in the annual report and accounts.
Administration. Day to day running of the MNOPF is in the hands of Ensign Pensions Administration, a company set up to look after the MNOPF and wholly owned by it. Ensign's tasks include, as well as collecting contributions and paying out benefits, keeping the Fund's member and financial records and supplying information to all parties.