2022-10-13
As many of you may be aware, the Bank of England has recently intervened in an attempt to stabilise financial markets in the wake of the mini-budget, steep falls in the pound against the dollar and rises in gilt (UK Government Bond) interest rates. The Bank said it was prompted to act by concerns about the impact these swings were having on pension funds. The Trustee is keeping a close eye on the situation as it develops and is taking advice from its actuarial and investment advisers. The Trustee has not identified any concerns for benefit payments in the EDS pensions schemes and the EDS schemes remain in a strong funding position. The Trustee will continue to carefully monitor the situation.
