Statement on the Russian invasion of Ukraine

We are closely monitoring the unfolding crisis in Ukraine. It goes without saying that our thoughts are with the Ukrainian people at this time.

We would like to reassure our members that the Scheme’s direct investments in Russia are a very small proportion of the Scheme’s total assets. We are actively engaging with our asset managers, so that any remaining investments can be sold as soon as market conditions permit. We have also taken immediate action in relation to the Scheme’s investments that are indirectly exposed to Russia.

Whilst the Scheme’s exposure to Russia is small, we recognise that the wider implications of the crisis, such as decreasing energy security and high inflation, could have a significant impact on the global economy and, consequently, the Scheme’s investments. We will therefore continue to monitor developments closely.

Finally, we would like to remind you that the Scheme has a Government Guarantee. The Guarantee means that irrespective of the financial impact of the crisis on the Scheme’s investments, your pension is protected and will always be paid.