Plan security

 

The benefits paid under Sections 2/2A and 3/3A of the Plan are underpinned by the assets of the Plan. These assets are held under trust by the Trustee of the Plan and therefore distinct and separate to the Company. The Trustee is governed by a Deed and Rules which determines the benefits under the Plan and outlines how the Trustee and Company may act in relation to the Plan. The Trustee is responsible for the investments of the Plan but will seek approval for their investment strategy from the Company.

 

Annually an audited set of accounts is produced which covers the financial conduct of the Plan. A copy of the Plan accounts can be found under Reports & Accounts.

 

Every three years a financial analysis is undertaken to ensure there is sufficient money within the Plan to settle the benefits that members have accrued but taking into account that these benefits will not be paid for some time. This analysis is undertaken by the Plan's appointed Actuary who has legal obligations to certify the Plan is funded to levels specified under law. The last Actuarial Valuation was undertaken at 30 September 2011.

 

The position will be reviewed following the next funding valuation of the Plan, which is currently underway as at 30 September 2014.