Strength in turbulent times

Transcription

1 Royal London Group Pension Scheme Annual Report 2011 Royal London Group Pension Scheme Annual Report 2011 Strength in turbulent times Save Paper If you would prefer to receive future reports via then let us know at: rlgpsregister Thank you. 1

2 Introduction & Chairman's statement 2 Introduction This report provides a summary of the Scheme s developments during the Scheme year For background information and references, which remain largely unchanged from year to year, please refer to A Guide to the RLGPS (revised 2010), available at the website link given below. If you require a hard copy please contact the Scheme s administrators, who will be happy to send you a copy. This report, the guide and the annual report and financial statements are also available on the Royal London Group website under corporate governance or follow the link below: /corporategovernance /reportandaccounts Contents 2/3 Introduction and Chairman's statement 4/5 The Trustee Board and Advisers 6/7 Summary funding statement 8/9 Summary of developments Summary financial statements 11 Investment assets 12 Additional Information - Hot Topics Richard E Balding Chairman s statement 2011 was a period of considerable instability in the investment markets and these conditions have continued into The Trustee Directors have progressed a number of actions aimed at managing the risks to the Scheme associated with a volatile economic backdrop. Financial position During 2011, the Scheme Actuary's triennial actuarial valuation as at 31 December 2010 was completed and showed a strong funding position with a surplus of 111 million on an ongoing funding basis equivalent to 106% of Scheme liabilities. Over the period to 31 December 2011 the funding level fell to 97%, predominantly driven by the reduction in yields on government bonds. A summary of the Scheme's financial position is set out in the funding statement on pages 6 and 7. The Trustee Directors have formally considered the implications of uncertain markets by identifying areas that might be impacted and taking steps to assure themselves how any risks might be appropriately managed. This included reviewing investment strategy, options for hedging and the balance of risk and reward across the asset classes. We continue also to monitor the strength of Royal London, our Sponsoring Employer on a regular basis. Royal London has reported a strong set of financial results in its Report and Accounts for The Trustee also takes comfort as to the strength of the Company from reviews published by the independent rating agencies. There is a link to the Company's website and further information about the Company on page 7. The formal long term Funding Agreement with Royal London to which I referred to in my statement last year has been finalised and is expected to be signed over the Summer of The Agreement specifies the manner in which any future deficits in the Scheme will be addressed over time and includes an option for the Company to put in place "contingent" assets as security for the Scheme. The Agreement provides comfort and certainty for the Trustees and the Company and is an important assurance for members for the future. The current funding deficit is modest and given the financial strength of Royal London and the Funding Agreement now in place, we do not at this stage see a requirement to seek additional contributions from the Company. Investment developments The Trustee Directors decided to maintain a relatively stable asset allocation over the year, with no major change in investment strategy or allocation benchmarks. More details on the asset allocation mix are provided on page 11. The Trustee Directors have an objective for the Scheme to progress over time as our liabilities mature towards being fully funded on the basis of assets which are risk free. Having investigated a "journey plan" as to how this may be achieved, the Trustee Directors have determined that, in the absence of additional company funding, progress towards this objective for now must await improvement in market conditions. We completed a review of the providers with whom we invest Additional Voluntary Contributions (AVCs) for some of our members and a proposal to update some of the contracts was

3 Royal London Group Pension Scheme Annual Report 2011 made to the members affected. We continue to encourage those members with AVCs actively to engage with the way in which their contributions are invested and to ensure they understand their options on retirement or on transferring out of the Scheme. Pension increases As reported in last year s accounts, in 2011 pensions in payment in excess of the guaranteed minimum pension increased in line with inflation; for some members this was capped at 5%. In 2012 all pensions in payment in excess of the guaranteed minimum pension have been increased in line with their respective guarantees. For pensions in payment which do not carry guaranteed increases, any increase is at the discretion of the Royal London Board. The Royal London Board determined that all such pensions in payment in 2012 in excess of the guaranteed minimum pension should increase in line with inflation up to 2.5%, pro-rated for those retiring in The Trustee has been advised that in making its determination, the Royal London Board considered a number of factors including the ongoing funding level of the Scheme and the current economic conditions. As the Scheme is in deficit, the award will require a specific contribution by the Company of 6.8 million which will appear in the 2012 accounts. Data During 2011 and continuing into 2012, the Trustee Board, the administrators and the Company have undertaken an extensive review of the membership data that we hold to improve our data quality. I would like to thank everyone involved. I encourage all members to help us keep our information up to date, and to notify us of any changes in circumstances such as change of address. Trustee Directors and advisers I would like to formally welcome to the Trustee Board Victoria Muir, nominated by the Company in May 2012 to replace Charlotte Sword, and Ewan Smith, nominated by the members to replace Alistair Brogden in April My thanks to both Alistair and Charlotte for their valuable contribution over the period of their Trusteeship. Further information about the Trustee Board and our advisers is provided on pages 4 and 5. As always, I would like to extend my thanks to all of my fellow Trustee Directors and our advisers for their assistance over the year. During the remainder of 2012 and into 2013 the Trustee Board will focus on ensuring the effective running of the Scheme, particularly in light of the difficult economic circumstances. We will continue to work closely with Royal London to protect the security of Members benefits. Richard E Balding Chairman of RLGPS Trustee Ltd August 2012 Continuing to work together for the benefit of our members 3

4 Trustee Board & Advisers The Trustee Board The role of the Trustee Director The Trustee Directors are responsible for the proper running of the Scheme from the collection of contributions, to the investment of assets and payment of benefits. Their role is fiduciary, which means: 4 Acting in the best interests of the Scheme s beneficiaries (i.e. members, prospective members, dependents and in some respects the sponsoring employer) Acting impartially and fairly (i.e. considering the interests of all beneficiaries in reaching decisions) Acting prudently, responsibly and honestly Making sure that the Trust is operated in accordance with its documentation (the Trust Deed and Rules) The Trustee Board typically meets formally four to five times a year to consider the Scheme s business. Always protecting the interests of the Scheme s beneficiaries Richard Balding FCII, (65) Appointed Chairman of the RLGPS Trustee Board in January Richard was previously Chief Executive Officer of United Friendly and a Trustee Director of UFGPS since 1980 and Chairman of the UFGPS Trustee from Stephen Shone BSc (Econ), FCA, (55) Group Finance Director of Royal London. Stephen was appointed as a Trustee Director of RLGPS and RASF in 2000 and was also a Trustee Director of UFGPS. Alistair Brogden BA, FIA, (42) Retired from the Board on 7 March 2012 Ewan Smith FFA, (48) Joined the RLGPS Board on 25 April 2012 as a Member Nominated Director. Richard Main MBA, BSc, ACIS, FPMI, (59) Joined the RLGPS Trustee Board in June 2009 as the representative from Law Debenture (the independent Corporate Trustee Director) who were appointed to the RLGPS Trustee Board in Richard has been a director of Law Debenture for more than 10 years. Charlotte Sword MCIPD, Dip (Personnel Management), Cert (Financial Planning), (42) Retired from the Board on 30 April 2012 Victoria Muir BSc MSc Cert IoD, (40) Joined the RLGPS Board on 24 May 2012 as an Employer Nominated Director. John Tovey BSc, FIA, (64) Former With-Profits Actuary and previously Chairman of RLSPF. John was appointed to the RLGPS Trustee Board in January Following his retirement from the Company, he was appointed Member Nominated Director for pensioner members in June 2006 and re-appointed from January 2008 and Changes to the Trustee Board In 2011, Alistair Brodgen stepped down as a Member Nominated Trustee Director. Following a rigorous process, the Trustee selection committee (Richard Main, John Tovey and Charlotte Sword) invited Ewan Smith to join the RLGPS Trustee Board. We asked for nominations from the entire RLGPS membership (over 26,000 members), received eight applications (current employees, life cover only members and ex-employees) and interviewed four candidates. The quality of the applicants was very high, but Ewan s experience in particular with investment and the workings of a life and pensions company in general, gave the selection committee confidence in him being a strong addition to the Board. The role of pensioner member nominated Trustee is due for review at the end of Since the year-end, Charlotte Sword has also stepped down as a Trustee, and the Company has nominated Victoria Muir in her place. 4

5 Royal London Group Pension Scheme Annual Report 2011 Meet our two new Trustee Board members Victoria Muir Q: When did you become a member of the Trustee Board? A: I was delighted to be appointed as an Employer Nominated Member of the RLGPS Trustee Board on 24th May Q: What is your role at Royal London? A: I am Head of Client Services and additionally oversee Direct Institutional Sales at Royal London Asset Management (RLAM), the Group s investment management arm, where I am also a Director. I have worked at RLAM for over 10 years. Q: What is your professional background and experience? A: I have worked in asset management and financial markets for over 18 years, specialising in sales, client services, marketing and product development roles, across both individual and large scale investors, covering a number of collective investment funds and mandates tailored for institutional investors needs. Previously I have worked for Legg Mason Investors, Murray Johnstone, Credit Agricole and Tullett & Tokyo. Q: What is your experience with pension schemes? A: My experience has been acquired from being on the other side of the fence - much of my day job is spent interacting with the trustees of the many pension funds whose assets RLAM manages. I am a director of three companies, hold the Institute of Directors Certificate and have also worked with a number of investment trust boards, which has given me helpful governance experience. Q: Lastly, what do you enjoy doing in your leisure time? A: I enjoy attending all live sports, particularly equestrianism and motorsports, entertaining, design and being in the great outdoors! Ewan Smith Q: When did you become a member of the Trustee Board? A: I was honoured to be appointed as the Member Nominated Trustee Director of the RLGPS Trustee Board in April Q: What is your role at Royal London? A: I am the Group Product Development Director working within the Scottish Life division of Royal London (RL) where I am responsible for the Strategy & Marketing team. I was appointed to this position in 2002 when Scottish Life became part of the RL Group. Before this, I had various roles within the Investment, Actuarial and International divisions. Q: What is your professional background and experience? A: I have worked my whole career with Scottish Life, joining in 1986 and qualifying as an actuary in I have experience in investments management as well as proposition development of DC and DB pension arrangements. Q: What is your experience with pension schemes? A: Scottish Life is a business that specialises in the provision of pension products and services to employers, trustees, individuals and their advisers; and so I have a good understanding of the key issues that pensions schemes such as RLGPS face. I am a member of the Scottish Life Investment Advisory Committee and represent Royal London on the ABI Retirement and Savings Committee. Q: Lastly, what do you enjoy doing in your leisure time? A: I love all sports football, golf, hillwalking but my main focus at the moment is triathlon. Advisers Secretary to the Trustee Janet Murray of Royal London Group (appointed 7 March 2012) Towers Watson Limited (resigned 7 March 2012) Scheme Actuary J Howes of Towers Watson Limited Investment adviser Lane Clark & Peacock LLP Legal advisers Cannings Connolly Solicitors CMS Cameron McKenna LLP (appointed 1 January 2012) Hogan Lovells International LLP (resigned 31 December 2011) Slaughter and May Auditor PricewaterhouseCoopers LLP Investment Manager Royal London Asset Management Limited Investment Custodians HSBC Global Custodian Administrators Towers Watson Limited Current AVC providers Clerical Medical Investment Group Limited Equitable Life Assurance Society Scottish Life (a division of The Royal London Mutual Insurance Society Limited) Scottish Widows plc Bankers HSBC Bank plc National Westminster Bank plc Changes to advisers: Please note the change of Scheme secretary and the appointment of a new Scheme legal adviser, CMS Cameron McKenna. The Trustee would like to thank Towers Watson and Hogan Lovells for their support over the years that they have fulfilled these roles. 5

6 Summary funding statement Summary funding statement Balancing assets and liabilities Each year, the Scheme Actuary carries out a formal assessment of the Scheme s financial position, with a full actuarial valuation being carried out every three years. The results compare the value of the Scheme s assets with the amount required to pay members benefits (the Scheme s liabilities ). The calculation of the Scheme s liabilities requires assumptions to be made - for example, how long people will live, future investment returns and inflation rates. There are different types of assessments depending on their purpose, including the ongoing assessment and the discontinuance assessment. There are other assessments for various statutory purposes such as the basis for calculating contributions to the Pension Protection Fund. Financial assessment Year Assets Liabilities Surplus Funding level assessment (Deficit) Ongoing Discontinuance The results of these assessments will differ, chiefly due to the varying investment return assumptions which it is appropriate to adopt. The financial position of the Scheme was assessed on an ongoing and a discontinuance basis at a formal actuarial valuation as at 31 December The million million million % % 31 Dec 11 1,919 (1,978) (59) Dec 10 1,867 (1,756) financial position on an ongoing and a discontinuance basis was also estimated as at 31 December The assets referred to throughout this section of the report exclude any assets backing benefits secured by additional voluntary contributions (AVCs) paid by Scheme members. The liability valuations also exclude any allowance for advance funding for future discretionary pension increases. 6 Ongoing assessment The ongoing assessment assumes that the Scheme will continue to be supported by a strong Sponsoring Employer in the future and therefore adopts investment assumptions based on prudent expected long-term returns. It is also used to determine the level of any contributions Royal London should make in the future as shown in the Schedule of Contributions and in the Statement of Funding Principles. As stated above, the most recent formal actuarial valuation was undertaken as at 31 December The results of the valuation indicated that, on the ongoing basis, the Scheme s assets were in surplus of the amount needed to cover the liabilities accrued to the valuation date. The surplus was 111 million, a funding level of 106%. The Scheme Actuary s estimated financial assessment of the Scheme as at 31 December 2011 showed, on the ongoing basis, a deficit of 59 million, representing a funding level of 97%.

7 Royal London Group Pension Scheme Annual Report 2011 The deterioration in the Scheme s funding position between 31 December 2010 and 31 December 2011 was principally driven by a reduction in yields on government bonds. Whilst this led to a strong performance in the Scheme s bond assets, the increase in the Scheme s liabilities, of which a substantial proportion is measured with reference to government bonds, more than offset this performance. In previous discussions with the Company, the Trustee has agreed to Royal London s proposal to remove allowance for advance funding for future discretionary pension increases. In consequence, Royal London is required to make payments to fund any discretionary increases that the Company may decide to award should the Scheme be in deficit at that time. Discontinuance assessment The discontinuance assessment is based on the assumed conservative investment strategy that the Trustee might adopt if Royal London became insolvent and unable to support the Scheme; or if Royal London decided to discontinue its involvement with the Scheme. In the latter case, the Company would be required to provide substantial funds on this discontinuance basis, sufficient to eliminate any deficit. Under either scenario, no further new benefits would be accrued and no more regular employee or employer contributions would be paid. The assessment assumes that no new discretionary pension increases would be paid. If the Scheme were to be discontinued, one option would be for the Trustee to seek to buy insurance policies with an insurance company, which would then become responsible for paying members benefits. This is known as a buy-out. The Scheme Actuary has estimated that on this basis, at 31 December 2011 the Scheme had a deficit of around 1,026 million and enough money to provide around 65% of members guaranteed benefits (excluding provision for any future increases which were not guaranteed). The position has deteriorated since 31 December 2010, when the Scheme Actuary estimated that assets would cover around 75% of the guaranteed liabilities, representing a shortfall of around 615 million. This deterioration is mainly caused by the sharp falls in government bond yields, on which all of the liabilities are measured. The Trustee is required by law to provide you with information on the Scheme s discontinuance position. It does not imply that there is any intention, on the part of either Royal London or the Trustee, to discontinue the Scheme. Royal London s responsibilities and security of members benefits Royal London is responsible for ensuring that the Trustee is in a financial position to honour the benefit promises made to Scheme members by the Company. Provided Royal London remains solvent, it is required to maintain the funding of the Scheme, and members guaranteed benefits may not be reduced. In the event of Royal London becoming insolvent without sufficient funds to meet a prescribed test, the Pension Protection Fund (PPF) might take over the Scheme and pay compensation to members. However, the PPF would not cover all the benefits provided by the Scheme. Further information can be found on the PPF website at Payment to Royal London and Regulator actions In compliance with legislation, the Trustee is able to confirm that: there has not been any payment to Royal London out of the Scheme s funds in the previous twelve months, the Scheme has not been modified by the Regulator, and no directions or Schedule of Contributions have been imposed on the Scheme by the Regulator. Royal London as a responsible sponsor of the Scheme In 2011 Royal London delivered a strong financial operating performance with record levels of new life and pensions business, maximising efficiency by managing operating expenses and creating 97 million of value on the acquisition of Royal Liver. On 30 September 2011, Mike Yardley stepped down as Group Chief Executive after 12 years in this position and Phil Loney, previously from the Lloyds Banking Group, was appointed as the new Group Chief Executive from 1 October Phil has instigated a review of company strategy following his appointment and Royal London will be announcing more on this in Royal London is making good progress in talks with The Co-operative Banking Group to buy its life, pensions and asset management businesses will be a very challenging year in terms of the amount of regulatory change for the pensions and insurance industry, including Solvency II, the Retail Distribution Review and Auto-enrolment. In 2011, Royal London made progress on the changes required to meet these challenges, and work continues into Further information about Royal London Group can be found on their website at: 7

8 Summary of developments Summary of developments in 2011 The information about summary of developments in 2011 shown here provides further background to the Summary Financial Statements and the explanatory notes on page 10. Scheme membership Member Category 31 Dec Dec 10 Active Members 1,258 1,418 Deferred Members 12,881 13,226 Pensioner Members 8,342 8,216 Beneficiaries 2,254 2,283 Life cover only members 1,439 1,216 Total 26,174 26,359 The overall membership of the Scheme has continued to reduce marginally during the year as expected. The movement in each membership category is given above was a turbulent year for investment markets and the world economy. The Trustee Board is working hard with Royal London to ensure the continued strong security of members benefits. 8

9 Royal London Group Pension Scheme Annual Report 2011 Contributions paid Royal London and active members paid contributions to the Scheme in 2011 as provided in the approved Schedule of Contributions. Contribution rates for active members in contributory categories were automatically revised corresponding to the applicable rates effective from April 2011 following changes to benefits earned from April Royal London s contributions to the Scheme during the Scheme year were revised following the changes to benefits earned from 1 April 2011 and the actuarial valuation as at 31 December With effect from 1 April 2011, the rate changed from 24.9% payable in 2010 to a rate of 19.0% of pensionable earnings, less active members contributions excluding Additional Voluntary Contributions (AVCs) In 2010 Royal London made a single contribution of 6.9 million towards a deficit caused by the awarding of nonguaranteed discretionary pension increases. In the Scheme year 2011 no such contributions were required as there were sufficient surplus assets to cover the additional cost of the discretionary benefits granted. As a result of the changes, contributions to the Scheme decreased to 9.8 million in 2011 from 19.4 million in 2010 as shown in the table below. 31 Dec Dec Active members contributions 2,297 2,032 Royal London contributions 7,528 17,403 Total 9,825 19,435 Pension increases Since the last annual summary report, pension increases have been awarded to all pensioners reflecting the provisions of the Scheme s Trust Deed and Rules. Discretionary pension increases were also awarded by the Sponsor, Royal London, to membership categories not covered by guarantees. Members in receipt of a pension will have been notified individually of any increase. Scheme investments The Scheme s investments performed satisfactorily during 2011 achieving returns of 6.8%, although this was 0.9% below the benchmark performance. The underperformance in 2011 was due to holding a lower proportion of bonds than the benchmark at a time when bond values increased. The investment manager, RLAM has overall performed above benchmark over the last few years: the three year performance was 0.4% per annum above the benchmark. The Scheme s investment asset allocation mix is provided on page Dec Dec 10 RLGPS Performance 6.8% 11.8% Benchmark Performance 7.7% 11.2% (Below) / above benchmark (0.9%) 0.6% Expenses The costs of managing the Scheme in 2011 reflect a number of one off exercises including the legal work required to support the new Funding Agreement and the hedging of financial risks. Adviser appointments are reviewed on an ongoing basis to ensure they provide value for money. 9

10 Summary financial statements Summary f inancial statements During 2011 the value of the Scheme s assets, including Additional Voluntary Contributions (AVCs), increased by 52 million to 1,922 million from 1,870 million. AVCs are not included in the asset figures used in the funding positions assessments provided on pages 2, 6, 7 and 9. The tables (opposite) are a summary of the figures shown in the 2011 annual report and financial statements of the Scheme, which were independently audited by PricewaterhouseCoopers LLP. The audit report was unqualified and the auditor s statement about contributions to the Scheme was also unqualified vs 2010 Contributions received decreased in 2011 by 9.6 million mainly because a one off contribution of 6.9 million made by the Sponsoring Employer in 2010 for benefit augmentations was not required in Investment income increased by 4.1 million mainly because earnings from investments in equities were higher than in Pension benefits increased by 3.3 million because of pension increases and members who became pensioners during the year. Expenses increased by 0.5 million mainly because of payments to advisers for project activities such as the Funding Agreement, Data Cleansing and Joint Life Rectifications. You can find the full annual report and financial statements along with this report and the guide are available on the Company website: /corporategovernance/reportandaccounts 10 Summary of annual audited f inancial statements Fund account million million Contributions received Contributions paid by employees and Royal London. Investment income Income from investments, less investment expenses. Total income Pension benefits (72.7) (69.4) Pensions and other benefits paid out to members and dependants. Payments to leavers (2.9) (5.0) Amounts paid out of the Scheme either as refunds of contributions or transferred to other schemes. Expenses (3.0) (2.5) Administration and other fees required for general management of the Scheme. Total expenditure (78.6) (76.9) Change in investment market values Increase in fund in the year Net assets of the Scheme at the beginning of the year 1, ,728.7 Net assets of the Scheme at the end of the year 1, ,870.0 Assets Total of income less expenditure plus change in investment market values. Value of the Scheme at the beginning of the year plus increase in fund in the year. Investment assets 1, ,869.7 Amount held in long-term investment assets. Current assets Amount owed to Scheme on a short-term basis. Current liabilities (2.1) (1.9) Amount the Scheme owes on a short-term basis. Net assets of the Scheme at the end of the year 1, ,870.0 Investment assets plus current assets less current liabilities.

11 2011 Investment assets allocation mix Royal London Group Pension Scheme Annual Report % Other investments including Cash & AVCs Property (UK) UK equities 2.1% 4.0% Overseas equities Index-linked bonds Corporate bonds 4.4% 16.4% 15.6% 17.4% 20.1% 26.5% 24.9% On 31 December 2011, the Scheme held investment assets in the proportions shown. The 2010 proportions are shown for comparison. 33.9% 32.9% 11

12 I 1. Hot topics In 2011 we introduced a new feature on changes happening in the pensions world and some other areas of interest to members. We continue this theme into Data In May 2010 the Pensions Regulator issued guidance for pension scheme trustees on good practice for maintaining the quality of pension scheme members' data. This is important so that trustees can properly fulfil their duties to pay the right benefit to the right people at the right time. Basic data includes name, date of birth, national insurance number and an up to date contact address. The Pensions Regulator has given all trustees until December 2012 to fulfil certain standards with respect to this data. The RLGPS Trustee, along with its administrator and the Royal London staff pensions team, have been working hard to improve our data. We now have almost 100% complete records on all areas outlined above with the exception of up to date address data. The Trustee commissioned a company to help us trace members for whom we were missing an address, which gave us contact details for a number of missing members. We are now in the process of writing to these members to ask them to confirm that the new information we have is correct. We ask you to respond to this confirmation letter or alternatively to get in touch if you have moved and not let us know your address. It is very important that we remain in contact both because it is a Regulatory requirement but also so that we can try to make sure that benefits come into payment at the correct time (for deferred members) or so that we can ensure your pension is paid correctly (for pensioners). Death benefits We have had feedback that members would find it useful, and perhaps give peace of mind, to understand how spouse, dependant and/or lump sum benefits come into payment following the death of a member. The first stage is notification of the death to our administrators, Towers Watson - this would typically be undertaken by a relative for deferred and pensioner members and by Royal London for active members. The Trustee does undertake a regular audit of our pensioner members to minimise payments continuing in error after death, but it is preferable for us to deal directly with the member s family at this difficult time. Towers Watson then assess the benefits which may be payable under the Scheme (for example, there may be a lump sum where a pensioner has died within five years of retirement; or a spouse s pension payable on the death of a deferred member). The benefits are set out in the Scheme s Trust Deed and Rules, and were also summarised in the member booklet in force during employment. Towers Watson will ask for certain information such as a death certificate, marriage certificate in cases where a spouse s pension may be payable and birth certificates for potential beneficiaries. Where there is a Trustee discretion on whether or to whom a benefit is payable, Towers Watson will ask for a questionnaire to be completed. An up to date expression of wish form can help the Trustee to understand the member s wishes. If you have not completed one recently, please get in touch at one of the contact addresses (right). Our aim is to help members families through the difficult time by providing a sympathetic but efficient and swift response to ensure that the right benefits are paid to the right people at the right time. You can choose to receive your Annual Summary Report via - just let us know 2. Future communications Many more people have access to computers and find it more convenient to receive their Scheme communications by . It is also good news for the environment. If you would prefer to receive future communications such as the Annual Summary Report, electronically (rather than a paper copy), please advise us of your address by visiting our website: We are also looking at developing a Scheme website and we will provide further information on this in the future. 3. Contact details Pensioners and deferred members: Towers Watson, 1 Wellington Place, Wellington Street, Leeds LS1 4AP Tel: Actives members: Royal London Staff Pensions Team, Royal London House, Alderley Road, Wilmslow, Cheshire SK9 1PF Tel: Save Paper 12 This communication is environmentally friendly It has been produced using vegetable based inks. It has also been printed on paper which is produced using 100% de-inked post-consumer recovered fibre at a mill that has been awarded the ISO certificate for environmental management. The pulp is bleached using an elemental chlorine free process. A P N A P M R E C Y C L E D P 100% R O E V D S O If you would prefer to receive future reports via then let us know at: rlgpsregister Thank you.