Your Chairman’s message

Welcome to Horizons, the newsletter for the AA Pension Scheme. As part of our drive to run the Scheme in a sustainable way, this edition of Horizons is only being published online. We hope it’ll provide a convenient way for you to find out what’s going on in the Scheme and the wider world of pensions. Please let us know what you think of the new format so that we can keep improving the service we provide to you as members.

This has certainly been a busy period for the Trustee Board, as the UK pensions landscape has been changed by the major economic effects of the Ukraine conflict, rising inflation, rising interest rates, volatile stock markets and the rise in gilt yields that followed Kwasi Kwarteng’s controversial “mini-Budget” in September 2022. We have focused on navigating the Scheme through these challenges, supported by a quality team of advisers – including Aon, Hogan Lovell, Hymans and RSM. We have kept a close eye on our investments during these turbulent times and we have included a funding update in the newsletter. You can read more detail in our Summary Funding Statement, produced last year.

Just like this newsletter, our Summary Funding Statement was published online. It’s all part of the work we’ve been doing to simplify the Scheme’s website and make it easier for you to find the information you want - as well as improve the general look of the site. When you’ve read through the newsletter, please do have a look at the rest of the site and let us know what you think.

We wanted to give you a bit more information about the people responsible for running the Scheme and, as Chair of the Trustee Board, I had the privilege of going first, so you can read an interview with me to find out more about what I do and why I believe it matters.

There’s an opportunity for one of you to join me on the Trustee Board, as we’re holding an election for a new Member Nominated Trustee Director. You can read an introduction to the role and an overview of the selection process in this newsletter. We’ll be writing to all members soon with more details of what’s involved and how you can put yourself forward, so look out for that letter.

All the usual reminders still apply: please make sure you keep your personal details up to date so we don’t lose touch with you. The quickest and best way to do that is via the secure portal provided by Aon, our Scheme Administrator. If you haven’t already registered, I’d strongly encourage you to do so.

Please also remember that pension scams remain a threat. Be wary of any unsolicited contact suggesting you transfer or try to take your pension. Always check whom you’re dealing with, and take independent financial advice before you make any major decisions regarding your financial future.

Finally, I’d like to thank all my fellow Trustee Board members and our advisers who work so hard to make sure the Scheme is secure and successful. At a time when the cost of living is on the increase, it’s important for you as members to be reassured that your financial future is in safe hands.

Steve Delo

Chairman of the Trustee Board