War in Ukraine

26 April 2022

The war in Ukraine is distressing for all those caught up in the conflict. The war has created uncertainty on the world stage and led to volatility in the investment markets.

The priority of the Trustee of the Scheme is to ensure members’ pensions are protected. The Scheme’s investments are one key component to ensuring that the Trustee can pay members’ benefits as they fall due. The investment strategy has been carefully designed with this goal in mind and the Trustee continues to monitor the situation closely with the aid of its advisers. After an initial review of the Scheme, we are able to confirm the following:

  • As the Scheme’s investments are well diversified, our investment manager does not anticipate the funding to be materially impacted by the ongoing conflict.
  • The Scheme has minimal allocation to asset classes, sectors or funds which have exposure to Russia.
  • There are no material asset or investment transfers pending.
  • The Scheme doesn’t have any major short-term liquidity needs.
  • There is no material change in the employer covenant of the Scheme.

We do not intend to make any significant unplanned changes to the existing investment strategy in response to the ongoing conflict, remaining cognisant that the current situation continues to evolve.

We would encourage all members to take appropriate financial advice before making any significant decisions. It is important to remember to take a long term, proportionate and well-informed view when making decisions regarding future pension provision.

Our thoughts go out to all those affected by these events.