As Trustee of the Scheme, we have many responsibilities, including giving information to members about their benefits under the Scheme. As we noted in the 2023 Headlight newsletter, we’re improving our approach to communications to make it easier for you to understand the benefits and options you have.
We thought we’d also share some of the recent things we’ve done to help you understand how we manage the Scheme in members’ best interests:
- We made changes to the Scheme’s investments so they move more closely in line with the value of members’ benefits. We’re also starting to look at other types of investment that will offer even greater security for members.
- The Scheme is held and managed separately from Inchcape. As Trustee, we regularly monitor the Scheme’s financial health to make sure it remains strong. At the last formal valuation in 2022, there was more money than we expected to need in the Scheme (often called a surplus). Although the value of Scheme assets and members’ benefits change with economic and market conditions, our advisers say we still have enough money in the Scheme. Even if things did change, we’ve protected the Scheme’s financial position with a legally documented guarantee from Inchcape to support funding of benefits in all sections of the Scheme now and over the long term.
We’ll provide more updates on the Scheme over the coming months, including in the next edition of the Headlight newsletter. If you have any questions in the meantime, please get in touch.