Trustee’s Annual Report & Financial Statements 2007

On 31 March 2007 the value of the Fund was £3,838m (2006: £4,002m). The investment return on the assets was 0.4% compared to a Scheme specific performance benchmark that measured 1.0%. This compares to a return in 2006 of 14.0% against the Scheme specific benchmark of 14.2%. Investment managers are set a target return which is above the Scheme specific benchmark. Further details are provided in the Investment Report on pages 13 to 15. In the main the Scheme’s underperformance is due to the equity portfolio. This portfolio has been changed substantially in the last 12 months and will be revised by September 2007. The Scheme was closed to new members on 1 November 2004 but remains open to further accrual for existing members, and the Company now offers new employees membership of a contract based stakeholder pension scheme.

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