The Trustees are very closely monitoring the situation in Ukraine. We have established that the Scheme’s direct exposure to Russia and Ukraine is extremely low. Unsurprisingly, the unrest has caused at least short-term volatility in the financial markets. For most, pensions are a long-term investment and in the short-term the default investment strategy is designed to reduce your exposure to such volatility as you near retirement.  We will continue to monitor closely events in Eastern Europe but in the meantime, we hope you will take comfort from these words of reassurance.