Investment objective and de-risking framework The Trustee regularly monitors the funding position, and its objective is to improve and protect the funding levels. It has in place a ‘de-risking framework’, agreed with RTX, which enables the Trustee to lower the target, thus taking less risk within its investment strategy. In addition, the Trustee monitors the level of hedging/protection against interest rate and inflation movements. These steps enable the Trustee to secure any gains when there are improvements in the funding position. Responsible investing Pension schemes in the UK (and globally)
Investment split This chart shows how the assets in the Scheme were allocated across different types of investments as at 31 December 2024.
hold trillions of pounds in assets, which means they have influence on the companies and organisations in which they invest. Because of this, trustees have a responsibility to choose carefully where they invest and consider environmental, social and governance (ESG) factors when they select their investments. The Trustee takes this responsibility very seriously and has formally stated its objectives in the Statement of Investment Principles (SIP), which can be found at https://online. flippingbook.com/view/754805965 The Trustee has also placed the annual Implementation Statement online: https:// online.flippingbook.com/view/277418520 This covers how the Trustee is implementing its policies on ESG and discharging its investment responsibilities. The latest version is dated July 2025. There is a growing focus within the pensions industry on climate change, and larger pension schemes are now required to produce annual climate change reports, setting out how they manage their impact on the global climate. Our third such report is now available at https://online.flippingbook.com/ view/667561390
Equities
8.0% 6.0%
Target return Secure income
14.0%
Buy and maintain corporate bonds Liability Driven Investment (LDI)
33.5%
37.5%
Cash
1.0%
10
Made with FlippingBook - professional solution for displaying marketing and sales documents online