Pension Overview

2022 has seen significant volatility within the investment markets.

The disruption to supply chains resulting from the pandemic, the war in Ukraine and the significant increase in energy prices have all contributed to both a sharp increase in inflation and increased volatility across all investment markets.

As a member of the DB Section, the benefits you ultimately receive are not immediately impacted by changes in the value of the Scheme’s investments. However, it is reassuring to know that overall, our Scheme remains in financial good health.

At the end of September 2022, we saw further investment market volatility, with unprecedented movements in the yields on gilts. The DB Section’s investment strategy has been designed to closely match future pension benefits, with a high proportion of the assets held in gilts. Interest rate and inflation risks are closely hedged, and the approach taken limits the exposure to collateral calls. The DB Section’s funding level remains relatively stable and there are no concerns regarding the Scheme’s collateral position. The Trustee will continue to monitor developments closely.

I encourage you to log in to MyPension; the easiest and most secure way to manage your pension. You can find more about what you can do on MyPension and the useful tools available to help you get the most out of your pension in the ‘Manage your pension online’ section.

This year, we undertook a Member Nominated Trustee Director (MNTD) selection process. This involved Active members of both the DB & DC Sections, as the term of office for Stephen Cunningham, was due to end in April 2022. I can confirm Stephen was selected to serve a further four-year term.

Next year, Wolfgang Bauer’s term of office is due to end. Therefore, we will be running another selection process in 2023, again involving the Active members of the Scheme.

I hope you find this year’s edition of ‘Pension Overview’ useful and informative. I encourage you to also take a look at our website, and most importantly ensure you have registered to access your MyPension.