SCPF Investments
Our main investment aim is to make sure there’s enough money to pay the benefits due to members. We work to achieve this with a low-risk investment strategy.
Investment performance
The table shows the SCPF’s performance over the year to 31 December 2025 and over the last three- and five-year periods, compared with its investment benchmark:
| 1 yr | 3 yrs | 5 yrs | |
|---|---|---|---|
| Actual performance | 2.4% | (1.1 %) | (4.3%) |
| Benchmark | 2.4% | (1.4 %) | (4.6%) |
.All percentages are adjusted to give an annual rate.
The Journey Plan – managing long-term security
The Journey Plan 2 (‘JP2’) framework was established jointly by the Trustee and Company in 2024. The objectives of JP2 can be described as reaching a position of self-sufficiency (i.e. no expected material reliance on sponsor covenant).
As at 30 June 2026, the Fund is progressing well against its Journey Plan.
In order to achieve self-sufficiency the Trustee has materially de-risked the Fund’s assets and largely hedged the Fund against movements in interest rates and inflation. The Trustee is currently exploring the possibility of further reducing risk by investing in a longevity swap — an approach used by pension schemes to help cater for the possibility that members may live longer than currently assumed when estimating the Fund’s liabilities.
A longevity swap would provide greater certainty that the Fund can meet all future benefit payments as they fall due. Importantly, this does not affect members’ pensions or payments in any way. The Trustee is targeting early 2027, subject to suitable pricing and terms and conditions, for a potential investment and will share more details in next year’s edition.
How the assets are invested
This table shows how the Fund’s assets were invested at 31 December 2025.
| Liability matching assets | 63% |
|---|---|
| Investment grade credit | 11% |
| Return seeking assets | 26% |
To help explain some of the technical terms used in this section of the newsletter, we’ve included a jargon buster.
