The Panel recognised that due to the remaining evidence to consider on alternative paths to the valuation that the report would not be completed by the end of September as hoped for. The Panel acknowledged this to both sponsoring stakeholders with regret.
The Panel heard evidence from PwC in their role as advisors to the scheme on the strength of the covenant. The situation involving the departure of a single sponsoring employer from the scheme with large assets prompted a range of questions for the Panel to consider in their earlier discussions on scheme governance and the mutual nature of the Scheme.
The Panel wish to thank the Trustee for agreeing to share the advice of the scheme advisors and their contribution to their evidence base.