Current market conditions – Trustee Update

10 October 2022

We have recently seen significant changes to investments linked to UK Government bonds as expectations of future interest rates and inflation rose. This led to fluctuations across investment markets.

We want you to know what we’re doing to protect the security of your pension in response to current market conditions.

We invest the Scheme’s funds in a range of investments and follow a strategy to manage and reduce risks. This helps to reduce the impact of an event that affects a certain type of investment. We also monitor the Scheme’s investments closely so that, if we need to, we can act quickly.

To reduce any adverse impact of these market conditions on the Scheme, we agreed to make changes to the amount held in some of the Scheme’s investments. We continue to look at the options available should there be further movements.

Our priorities remain making sure that pensions are paid on time and monitoring the performance and risk of the Scheme’s investments.

We want to reassure members that this has not had any significant impact on the Scheme’s overall funding position and our investment strategy is unchanged. The Scheme remains in good financial health and we continue to be able to pay pensions as and when they are due.