Your Pension - Your Future 

Reports & Accounts

Statement of Investment Principles

The Statement of Investment Principles (SIP) is a written statement of the investment principles governing decisions about investments, and sets out the Trustee's investment strategy including investment principles and policies they adopt. The Trustee has produced separate SIPs for final salary benefits (the DB SIP) and ZCashBuilder (the DC SIP). 

The DC SIP includes information on the default strategies within ZCashBuilder, which together form the default SIP.

Here you can download and read the latest SIPs:

The Chair's Statement describes how certain governance requirements have been met over the Scheme year. It relates to defined contribution (DC) benefits - so for ZPen, this is ZCashBuilder and legacy AVCs. The Chair's Statement includes information on:

• charges and transaction costs borne by members
• an illustration of the effect of the cumulative effect of these costs and charges 
• investment returns after charges
• the 'Value for members' assessment' carried out by the Trustee

Here you can download and read the latest Chair's Statements:

Implementation Statement

The Implementation Statement is an annual statement that sets out how the Trustee has followed the policies described in the Statement of Investment Principles and describes the voting behaviours by, or on behalf, of the Trustee. The Trustee produces separate Implementation Statements for final salary benefits (DB Implementation Statement) and ZCashBuilder (DC Implementation Statement).

Here you can download and read the latest Implementation Statements:

Responsible Investment report

This report aims to provide a clear understanding of the financial implications of climate change on the Scheme and help the Trustee, members, and other stakeholders to understand how climate-related risks and opportunities are being managed within the Scheme.

Here you can download and read the latest reports: