Welcome to the 2023 Nationwide Pension Fund Annual Review.
The valuation as at 31 March 2022 was completed during the year, with both the Nationwide and the Cheshire and Derbyshire sections being in surplus on a technical provisions basis. More details and the interim funding position as at 31 March 2023 can be found in the Summary funding update section.
As we reported in our Summer 2023 Pensionwide magazine, we’ve entered into a £1.7 billion longevity insurance policy with the Zurich UK Assurance Ltd (Zurich UK) and the reinsurer The Prudential Insurance Company of America (PICA) — as a reminder, you can read more about the longevity swap here: nationwidepensionfund.co.uk/announcements and see our updated Privacy Policy at nationwidepensionfund.co.uk/privacy-policy
You can read an investment update and about our Climate Risk Report in the ‘Investment Corner’ section.
We also confirmed the results of the 2022 Member Nominated Trustee Director (MNTD) election process, where Sarah Garrett (a standing MNTD) and Pete Corrie were elected to the Board. Arthur Amos has stood down after more than 25 years’ service, and I thank him for his dedication to the Fund and its members over all those years.
In this edition of our Annual Review, you will find news from the world of pensions, as well as useful information that’s relevant to your pension benefits in the Fund.
Within the ‘Stop scams - Time to fight back!' section, you’ll find some helpful information about scams and the importance of keeping your details up to date.
I encourage you to sign up to receive electronic communications through the Member Portal, so you can receive an email when future editions of Annual Review are published and keep up to date with information about your benefits in the Fund. More information about the features of our Member Portal, and how to register, can be found in our video hub at nationwidepensionfund.co.uk/video-hub
In the ‘Latest news’ section, you’ll find some details on a Government backed campaign called ‘the Mid-Life MOT’ – which aims to provide help to people aged 45-65 with planning for the future. We’ve also provided information on the recent ‘Pension Awareness Week’ and the ‘Pay your Pension some Attention’ campaign.
I hope you enjoy reading this edition of the Annual Review. If you need information about your pension, have any comments on this issue, or suggestions for future issues, email NPF@buck.com or write to us at Nationwide Pension Fund, Buck (Bristol), PO Box 319, Mitcheldean, GL14 9BF
Catherine Redmond
(representing BESTrustees Limited)
Chair of the Nationwide Pension Fund Trustee Board
