As we begin a new calendar year, we thought we’d review some of the Scheme’s highlights from 2024 and take a look at what lies ahead in 2025.

An Actuarial Valuation

Every three years, with the support of the Scheme Actuary, we undertake a detailed review of the financial health of the DB Section, referred to as an Actuarial Valuation. In the intervening years the Actuary provides further funding updates. We share the results of these reviews with you in the form of our annual Summary Funding Statement.

2023 year was a Valuation year, so the 2024 Summary Funding Statement contained a report on the Valuation’s findings. We’re pleased to report that the DB Section had a funding level of 107% on the ongoing basis. If you haven’t already had a look, why not read the full report?

Changes to the Trustee Board

2024 saw a couple of new additions to the Trustee Board. William Rutherford’s time as a Member Nominated Trustee Director came to an end in April, and he was replaced by Edward Morris. Following Edward’s appointment, Anthony Robson joined the Board in June as a Company Appointed Trustee Director, bringing the Board back to its full complement of ten Trustee Directors.

We plan to publish an interview with Edward in the coming months so you can hear about his experience.

A change of Pensions Manager

In 2024 we said farewell to Marion Steel as she began a well-earned retirement. We’re very grateful for all Marion did over a number of years to keep the Scheme running smoothly.

In July we welcomed Stephanie Nuttall to the role of Pensions Manager. We’ll shortly be publishing an interview with Stephanie in which you’ll be able to find out about her reflections on her first six months in the post and her thoughts regarding the Scheme’s future.

A new online news service

During 2024 we moved to an entirely online news service as part of the website. This means that instead of printed newsletters, we’ll be adding more articles on a regular basis throughout the year, and emailing you every so often to let you know when new content is available.

We hope you’ll make good use of the new service. We’re keen to keep improving our communication with you, making sure you’ve got the information you need at your fingertips.