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Chairman's bulletin – September 2025

Your Trustee Board met in September 2025. The main topic of conversation was the full actuarial valuation of the Lloyd's Register Superannuation Fund Association (LRSFA) Defined Benefit (DB) Section of the Scheme that takes place every three years. The valuation looks at the benefits as of 31 March 2025 to determine the Scheme's financial health and the Trustee will have until 30 June 2026 to complete this valuation and report the findings to the Regulator. There is a new funding code in force, and the Trustee received training on this to assist with the valuation process. This valuation is the first subsequent to our major investment decision last year to insure the DB benefits with Standard Life.

We received what is known as the covenant report where we get an independent view of the strength of the Lloyd's Register Group's ability to support the LRSFA, should we need their support in the future. This report was satisfactory and will form part of the valuation review process.

The Board also discussed the performance of the new DC arrangements following the review that took place in September 2024. They noted that the funds are performing as well as expected. They noted there was no action to be taken at this time and they would continue to monitor the funds on a regular basis with the assistance of the scheme's DC Investment advisers.

The Board noted that the annual audit took place and the auditors were happy with the process this year and had nothing of concern to draw to the attention of the Trustee. The Board approved the audited annual report and financial statements for the year to 31 March 2025, and their various appendages, and they will be available on the Pensionport once signed.

We received a report on the various activities that the scheme administrators have been undertaking on your behalf to administer both the DB and DC sections.

One major project that has been undertaken with XPS this year for DB members is the review of the Guaranteed Minimum Pension (GMP) which forms part of the DB pension built up by many people between 6 April 1978 and 5 April 1997. We previously advised that following a clarification of law regarding how GMP is treated all UK pension arrangements with GMP must check their records to make sure that men and woman have been treated equally. We have also checked our records match HMRC records and done a wider review of member DB benefits. Following the warmup communication sent in April, most members who have an amendment to their pension had this processed in the June payroll.

XPS have been working on the remaining groups of pensioners who will shortly be communicated with. XPS aim for all GMP changes to be implemented by March 2026.

With best wishes

Nicholas Godden

State Pension increase

In April 2024, the government announced that the State Pension would increase by 8.5% due to the continuation of the “triple lock”.

This means the State Pension rises each year by inflation, average earnings or 2.5%, whichever is highest. To find out more about the State Pension and check your expected State Pension age, visit the government's website.

You may also have other benefits available to you. According to Age UK, up to £2.2bn of Pension Credit and Housing Benefit goes unclaimed by older people each year. If you think you could be missing out, use the Age UK benefits calculator.

The rising cost of living

Data from the Office for National Statistics show that UK households are being hit by the steepest annual rise in inflation since the early 1980s. The soaring cost of gas, electricity, groceries and petrol, means that living standards are being squeezed from every direction.

If you're struggling, visit Money Helper or call 0800 138 7777 to speak to an adviser. Trained staff can give you advice about how to keep on top of your finances and how to make the most of your income.

Scams rise as cost of living bites

Scammers are capitalising on the cost-of-living crisis by contacting people speculatively with offers of rebates, grants and support payments. Local councils, government departments, or energy providers will not call, text or email you to let you know about them. They will never ask you to provide sensitive or personal identifying information.

To receive further information about scams, follow guidance from Citizens Advice.