Scheme Documents

Here you will find the latest versions of the Scheme documents. If you would like to see previous versions of the Scheme Accounts, please contact us.

Scheme Report and Accounts

Current report was prepared as at the year ending 31 March 2023.

The 2023/24 report will be published online by 31 October 2024.

Estimated funding position

Each year, the Scheme Actuary provides the Trustee with an estimated funding position, based on the assumptions agreed at the previous triennial valuation. As at 31 March 2023, the assets of the Scheme were £3,502m and the liabilities were estimated to be £3,379m. This indicated that the Scheme had a surplus of £123m and a funding ratio of 103.6%.

Statement of Investment Principles (SIP)

The SIP outlines the policies and principles that guide the Trustee when making investment decisions on behalf of the Scheme.

Information on how the Scheme’s investments are performing against its goals can be found in the Report and Accounts.

Implementation Statement

This document constitutes the Implementation Statement for the Scheme for the year to 31 March 2023. The Scheme is a ‘relevant scheme’ for the purposes of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 and this document was prepared in accordance with those regulations.

Under those regulations, the Trustee is required to do the following:

·         set out how, and the extent to which, in the opinion of the Trustee, the SIP has been followed during the year,

·         describe any review of the SIP undertaken during the year and any other review of how the SIP has been met,

·         explain any change made to the SIP during the year and the reason for the change, and

·         where no such review was undertaken during the year in accordance give the date of the last review,

·         describe the voting behaviour by, or on behalf of, the Trustee, including the most significant votes cast by the Trustee (or on their behalf) during the year and state any use of the services of a proxy voter during that year.

Defined Contribution (DC) Governance Statement

If you previously had a DC benefit within the Scheme, the DC Governance Statement provides details of how this part of your retirement savings was managed by the Trustee.

The statement forms part of the annual Report and Accounts document and was reviewed each year. The DC benefits were bulk transferred to The Aon Master Trust in March 2023 so this is the final DC Governance Statement that the Scheme will produce.

Climate Change Report

This is the Trustee’s first Climate Change Report and has been prepared in line with the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021.