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Welcome to your 2023 Trustee newsletter

Welcome to our 2023 Trustee Report which provides you with an update on the Plan’s finances and other important information.

We experienced an eventful end to 2022 and start to 2023, which was also felt worldwide. Uncertainties in the financial markets further increased the focus on the financial security of your pension. We would like to reassure you that the Trustee actively monitor movements in the markets for any potential impact which this may have on the Plan and specifically the Defined Benefit (DB) section members.

We’d also like to remind Defined Contribution (DC) members that pensions are a long-term investment, and it’s important not to react hastily to short-term market movements. The increased market volatility is, however, a reminder to review your pension investments and whether they remain on track to meet your retirement objectives.

In this issue we also look at the steps your pension administrators have in place to reduce risk and secure your pension from any potential cyber-attacks, in the ‘Cyber security and your pension’ section.

The Spring Budget announced some changes to the way pensions are taxed. We’ve included an article explaining the changes, as well as an update on the Pensions Dashboards Programme which is being set up to help track any pensions you may have. There was an updated budget from the UK Government in November which we provide further detail in the Pension updates from the Autumn Statement section.

Trustee update

It is with deep sadness that we announce the death of Greg Connell in October 2023, one of our longest-serving trustees. Greg had been a trustee since 2004, and was Chair of the Trustee in 2005 and 2006. Greg applied his invaluable expertise and intellect to the Trustee with great effect. He will be sadly missed by all of us as a colleague and as a valued friend. Our thoughts and best wishes go to his wife Gina at this sad time.

Martin Read, one of our Member Nominated Directors (MND), had stepped down from the Trustee Board earlier this year and together with Gary Lucas’ resignation in 2022 this had resulted in two open MND Positions. We are pleased to announce that after a recent selection process, Richard Clarke and Alan Batley (formerly an Employer Nominated Director (END)) have been appointed as MNDs for a period of five years. Accordingly, Alan Batley has stood down as an END.

The Trustee Board is formally constituted by four MNDs and four ENDs, and now with Alan Batley’s resignation as an END and the sad loss of Greg Connell (also an END), Dun & Bradstreet as our Sponsor Company have appointed two new ENDs to the board. Jesse Laski and Simon Rodaway have been appointed to take up their positions on the board with effect from 1st November 2023. Jesse has been with the company seven years and is the D&B Worldwide Network Finance Manager, EMEA. Simon is Director, Business Operations within the International Operations function and has been with the company for 14 years.

We welcome Jesse, Richard and Simon to the Trustee and also take an opportunity to thank Martin and Gary for their services over the years, as well as fondly remembering Greg’s years of friendship and loyal service.

Our DB Plan Administrators, Buck, were recently acquired by Arthur J. Gallagher & Co. This acquisition strengthens Buck's commitment to delivering high-quality pension administration services. Find out more in the ‘Buck’s acquisition by Gallagher’ section.

It’s important to make sure the details we hold for you are correct and we encourage you to log on to your member Portal (see the 'Manage your pension online’ section), where you can update not only your email address, physical address but also your Expression of Wish online.

We are always keen to hear your feedback so please do let us know what you enjoy in this newsletter and any other items that you would like to see covered in future editions.

I wish you and your families well for the rest of the year.

Chair of the Trustee

Andy Jermy

Dun & Bradstreet (UK) Pension Plan

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