Market volatility and your pension

Global events can lead to changes in investment markets, and recent events in the Middle East have led to increased market volatility. It’s normal to think about how this might impact your Scheme pension. Please be assured that:

·       your Scheme pension continues to be paid as usual (pensioners only)

·       your benefits remain unchanged.

Your benefits in the DB Section are not sensitive to movements in the financial markets because they’re based on your salary and length of service, as defined by the Scheme’s Trust deed and rules. The Scheme’s funding level relies on a carefully managed asset portfolio, which allows for such volatility in the financial markets, as has happened previously, for example during the Covid-19 pandemic.

The Trustee continues to keep a close eye on the Scheme’s investments and works with our professional advisers to ensure that the Scheme’s assets are protected as much as possible during uncertain times.