The First UK Bus Pension Scheme
Richard is Chair of the First UK Bus Pension Scheme Trustee, and of its Investment Committee. At its core is a now-closed defined benefit plan aimed at First’s front-line employees which has assets of £1.2 billion, and around 25,000 members. The Scheme was born out of the amalgamation of 26 independent funds, a complex process in which Richard took a leading role. New members now join the defined contribution plans which are also provided through the Trust and now also have around 25,000 members. Richard is also the member nominated trustee on First’s executive scheme, and, since July 2019, Chair of the Royal Opera House Pension Scheme. Richard has held board level positions in the public transport industry including as Managing Director of FirstGroup’s Greater Manchester business, and subsequently as its Director of Strategy for the north of England. He now divides his working time between his pensions work, and an independent public transport consultancy. Richard is a Chartered Director, and Fellows of the Chartered Institute of Logistics & Transport and the Institute of Directors.