Protecting your benefits and investing responsibly

As stewards of the UKRF’s assets, we have a responsibility to protect long-term investment value, with the overall aim of being able to pay for members’ benefits, both now and in the future. We’re constantly monitoring potential issues that could affect the UKRF’s ability to achieve sustainable long-term funding.

Climate change is one of the biggest risks we face, and we’ve set out our ambition for the UKRF’s investments to halve greenhouse gas emissions by 2030. Our formal climate report outlines what we’ve done so far, and what we are doing now, to reach our climate goals.

Responsible investments that focus on climate change, sustainability and environmental issues are an area of finance that is developing quickly. During 2024, we carried out a full review of the UKRF’s responsible investment strategy to make sure it continues to meet the needs of the UKRF, and we will be updating our Responsible Investment Policy in 2025 to include the outcomes of the review.

An ongoing priority for the Trustee is to look at the support and service we provide to you throughout your time as a member of the UKRF. We recognise that every member’s needs are different.

While our digital-first approach gives you a more personal experience, there are other options in place to enable you to connect with the UKRF in the way that suits you best, such as the tailored communications support available through special formats, like audio and Braille.

We’ve also set up a dedicated Defined Contribution (DC) Committee to look at how we support members with DC benefits in the lead up to retirement, as well as how we respond to legal and regulatory requirements for DC pension schemes and any new opportunities these present.

To look after your UKRF benefits effectively, we need an experienced and diverse Trustee Board. Since my last update, we’ve been joined by two new directors who bring valuable skills and knowledge to the Board – and I am delighted to welcome Paul Taylor and Richard Craine.

Paul Taylor joined us in September 2024 as a new Member Nominated Director after a selection exercise. The Trustee Board was impressed by the number of high-quality candidates who put themselves forward for the role and would like to thank everyone who took part in the process.

Richard Craine has joined the Trustee Board as a Management Appointed Trustee Director.

We also said goodbye to Keith Taylor (no relation to his replacement, Paul Taylor) who has made an outstanding contribution to the Trustee Board over the years, as well as Jason Morgan who has resigned as a Trustee Director on leaving Barclays. Both have brought valuable insights and knowledge during their service. I would like to thank them for their service and hard work and wish them every success for the future. We now look forward to working with Paul and Richard.

The UKRF relies on the support of a great many individuals and advisers, including our executive team, the UKRF’s administrators, and our professional experts. Thank you for your continued efforts to ensure the UKRF runs smoothly.

Government banking reforms in 2013 mean that ring-fenced banks cannot share pension liabilities with non-ring-fenced banks after 2025. The Trustee and Barclays have been considering carefully how best to meet this legal requirement.

The Trustee wrote to all members in January to tell them about the intention to make a change to the UKRF from 1 July 2025. Your benefits are unchanged and secure, and your membership of the UKRF will not be impacted. Log in to your pension account and go to the News & Information section for further details, including responses to Frequently Asked Questions.