Statement of Investment Principles

Investment Objective
The Trustees aim to invest the assets of the Plan prudently to ensure that the benefits promised to members are provided. In setting the investment strategy, the trustees first considered the lowest risk asset allocation that they could adopt in relation to the Plan’s liabilities. The asset allocation strategy they have selected is designed to achieve a higher return than the lowest risk strategy wile maintaining a prudent approach to meeting the Plan’s liabilities.

The overall objective which has been agreed with the Employer is to set an investment strategy that targets a return over the Liability Benchmark of 1.6% p.a. net of fees.

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Engagement Policy Implementation Statement

This document sets out the actions undertaken by the Trustee, its service providers and investment managers, to implement the stewardship policy set out in the Statement of Investment Principles (“SIP”). The document includes voting and engagement information that has been gathered from the asset managers and an overview of how the policies within the SIP have been implemented during the reporting period.

This is the engagement policy implementation statement the Trustees have prepared and covers the year ending 31 December 2020. The engagement policy implementation statement was approved by the Trustee at the Trustee meeting on 16 June 2021.

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