A message from Alan McLean

As Trustee, our role is to ensure all your benefits are paid in accordance with the Trust Deed & Rules in full and on time. That responsibility remains at the heart of everything we do.

I am pleased to report that the SCPF continues to be in a strong financial position. As you will read in the Funding section, the Fund remains well funded, with assets continuing to exceed liabilities, helping to provide security for members’ benefits.

During the past year, the Trustee Board has continued to focus on several important priorities. These include working with our new investment manager, Goldman Sachs Asset Management, maintaining our low-risk investment strategy, and progressing our long-term Journey Plan, which is designed to help the Fund become increasingly self-sufficient.

We have also continued our preparations for the introduction of a new pension administration platform, currently planned for 2027 – see the new platform section for more details.

This upgrade will help us deliver a more modern and efficient service for members. Alongside this, work continues on the Guaranteed Minimum Pension (GMP) equalisation project, and we will continue to keep members informed as these important initiatives progress. The Trustee Board itself has seen some changes during the year, and I would like to welcome our newest Trustee Directors and thank those who have completed their service. You can read all about the changes to the Board in the Trustee Director section of this site.

Finally, I encourage you to take a few moments to read this edition and keep your personal details up to date through Member Self Service. We value engagement from members and we welcome your questions and feedback.

Alan McLean

Chair of the Trustee Board