What do recent economic events mean for your pension?

Dear Members,

We are experiencing a rise in cost of living, and investment markets have been particularly volatile during 2022. The Trustee recognises that you may be concerned about what this means for you and your pension savings.

The Trustee continues to monitor markets closely with our investment managers and expert advisors, with the Russia-Ukraine crisis, rising energy prices, rising inflation and increases in interest rates leading to significant levels of disruption in markets. This means you may have seen the value of your savings move up and down by more than in previous years. For most members, pensions are a long-term investment and investments in the default investment strategy (the BGPS Drawdown Lifestyle) are still expected to provide good returns over the long-term. The default investment strategy is also designed to reduce your exposure to market volatility as you near retirement. Therefore, for most members, leaving your pension savings invested for the long-term is likely to be a good approach.

However, the Trustee cannot know what is right for you on an individual basis. You may wish to speak to an independent financial advisor before making any important decisions. You can find one in your area at www.unbiased.co.uk.

In the meantime, please take the time to review where you are invested, and let us know when you are planning to retire. You can do so on the Pension Portal atwww.mybaxipension.co.uk. You can find more general information about the Baxi Group Pension Scheme by exploring the other tabs of this website. If you have any questions, please speak to the Scheme Administrator by emailing baxipensions@buck.com or by calling 0330 123 9581.

The Trustee will continue to monitor investment markets and progress towards members’ long-term goals closely.


Best wishes,


The Trustee of the Baxi Group Pension Scheme

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