CHAIR’S INTRODUCTION

Welcome to the annual newsletter from the Chivas Brothers Pension Scheme (“the Scheme”). Here we (“the Trustee”) update you on developments in the world of pensions, as well as bringing you important information about the Scheme.

It's been a busy year for our pension scheme. In collaboration with the Company, the Trustee Board has been actively engaged in discussions surrounding the Scheme’s triennial actuarial valuation. We’re pleased to announce that the actuarial valuation for the period ended 5 April 2024 has recently been finalised and we have agreed a new Company contribution plan to help ensure the funding position of the Scheme remains strong over the next 3 years. The Summary Funding Statement provides further details and will be posted separately to you.

In February 2025, we held a joint workshop with the Company to consider the long-term objectives (“LTO”) for the Scheme, taking into account new legislation on funding requirements and guidance from the Pensions Regulator. The workshop provided a great opportunity for the Trustee and Company to begin their initial discussions on the LTO for the Scheme and further discussions will take place throughout 2025.

Turning to the Scheme’s investment management, you will be aware of on-going turbulence in investment markets arising from a number of events around the globe, including the recent increases in global tariffs. There are a number of interesting challenges for investors looking to balance risk and reward. We want to assure you that the Trustee has and will continue to work closely with our investment advisers to ensure that the Scheme is well-positioned to effectively manage these challenges and that the Scheme continues to perform well against its investment objectives.

We’re also pleased to announce that the Company has agreed that pre-retirement seminars will be extended to active members 50 and over, helping you assess options and plan for retirement. You can read more about this in the Education Sessions section of the newsletter.

Trustee changes

Sandra Keegan stood down as a Trustee last summer on her retirement from the business. We extend our heartfelt thanks for her contribution and service as well as wishing her a long and happy retirement. We are pleased to welcome Sheena Cowan, an independent professional trustee, who has been appointed by the Company, as her replacement. Sheena brings a wealth of pensions experience with her and will be a strong addition to our existing board. You can view details of the current Trustee Board here.

We hope you find this newsletter interesting and informative, and we welcome your feedback. Please send any questions, or suggested topics for future issues, to our Scheme Secretary, James Melsa at james.melsa@mercer.com