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Defined Contribution (DC) section of the Scheme
The Trustees believe that good governance is key to ensuring that the Scheme delivers good value and good outcomes for members. The Trustees therefore regularly review and update their governance processes and procedures to make sure that these comply with legislation and also meet industry best practice.
One method we use to report on core governance areas to our members is through an annual governance statement, called the "Chair's Statement", which considers the development of the following areas over the course of each year:
- The value the Scheme delivers to members
- The investment strategy and its governance
- Costs and charges deducted from members’ funds
- Illustration of the impact of costs and charges on members’ funds
- Accuracy and timing of Scheme payments
- Trustee knowledge and skills
Members can also access the Trustees’ “Statement of Investment Principles” which supports the governance of the second item shown above. This is a written statement which sets out details of the Scheme’s current investment strategy (including that of the DC default investment strategy), the Trustees’ objectives with regards to members, the approach to responsible investment and monitoring processes in place for the Scheme’s investments.
Both the Chair’s Statement (to follow in due course once available) and the Statement of Investment Principles can be accessed from the Important Documents section.