Latest updates

This section is home to the latest updates and information about the LRSFA and pensions in general.

Chairman's bulletin

The Trustee met for its quarterly meeting in late September, and as promised this is a brief report on what was a very important meeting.

The first thing we considered was how the ability of the LR Group (LRG) to support the LRSFA will change following the acquisition of Ocean Technologies Group. We are advised by EY and in essence their view was that despite the improving performance of LRG the proposed acquisition would reduce LRG's ability to support the pension fund. This was owing to the way the financial structure of the deal reduced the available resources to support the LRSFA.

The Trustee then considered the best way to maintain the security for the members over the long term. It concluded that to enter a buy-in contract with a life insurance company would be the best solution, giving the greatest security for members. This has subsequently been arranged and members informed by letter.

We then approved both the Annual Actuarial Report and the Trustee's audited Report and Accounts both made up to 31st March 2024.

We received the normal quarterly report on the administration of the LRSFA, and updates on progress toward solving the GMPs.

Finally, we received reports on the recent changes to the investment of the DC investments.

With best wishes

Nicholas Godden