Welcome to the 2024 edition of the Annual Review for Nationwide Pension Fund (the Fund).
We're excited to show you our new-look newsletter, which has been redesigned to help you learn more about the Fund and your pension.
We recently announced that the Fund’s Administrator is now called Gallagher, after it acquired Buck. Gallagher’s takeover will improve the administration of the Fund by introducing additional resources and support to the Fund’s administration team. Gallagher also has additional safeguards in place to protect your personal details, such as strict member security checks to stop imposters gaining access to your details. There are no changes to your benefits as a result of this acquisition, and the administration services provided to members of the Fund will also remain the same.
Our Trustee Board has recently welcomed two new Employer Nominated Trustee Directors, Sarah Willmott and Simon Evans. You can see more about the Trustee Board and Committees on our website at nationwidepensionfund.co.uk/how-the-fund-is-managed. We would like to thank our two outgoing Employer Nominated Trustee Directors, Laura Faulkner and Heather Tipple, whose terms ended in September 2024. They made a significant contribution to the running of the Fund over their years on the Board and in Committees.
This year’s funding update shows that, as at 31 March 2024, on a Technical Provisions basis, the Nationwide Section of the Fund had a surplus of £530 million, with a funding level of 113%, and the Cheshire & Derbyshire (C&D) Section had a surplus of £16 million with a funding level of 108%. Valuations take place every three years, but in the years between them, we carry out formal funding updates as a financial health check on the Fund and to reflect on the Trustee’s commitment to protecting and enhancing the value of the funding position. Several factors can affect the funding position, such as investment performance, interest rates, and inflation levels. We've included more details about these figures in the financials section
We have also included an update on the Trustee’s Climate Risk report. You can read more about this in the Fund’s investment’s section
We hope you enjoy this year’s edition of the Annual Review. We value your feedback, so if there is anything you would like to see in future newsletters, please get in touch by using the contact form at nationwidepensionfund.co.uk/contacts
Catherine Redmond
(representing BESTrustees Limited)
Chair of the Trustee Board
