Benefits provided for members of the Final Salary section of the Plan are based on three factors:

• The annual accrual rate
• The rate of Final Pensionable Salary close to retirement or leaving pensionable service
• The length of Plan membership

In order to pay for future benefit liabilities, contributions from both the Company and the Final Salary section members are invested in a single fund. Active members of the Final Salary section pay contributions at the rate of 7% of Pensionable Salary. The Company meets the balance of the cost for providing the benefits and currently pays contributions at the rate of 11% of Pensionable Salary.

The Trustee has appointed investment managers who deal with the day to day investment of the fund.

Further information about the current investment managers, their objectives, and their performance can be found in the following two documents:

Statement of Investment Principles
This is a detailed statement of investment principles which sets out the Trustee's investment policy.

The Report and Accounts
This is an annual report produced by the Trustee incorporating investment information and the annual accounts. Abridged copies are issued to members and pensioners each year via the Pensionwise Newsletter to keep them informed about the progress of the Plan.