In early 2020, a new coronavirus, COVID-19, impacted a significant number of countries globally. COVID-19 has caused disruption to economic activity which has been reflected in recent fluctuations in global stock markets and, in turn, in the valuation of Scheme assets. The Trustees have designed and implemented the Scheme's investment strategy taking a long-term view (and have built in resilience to withstand short term fluctuations). Given the inherent uncertainties, it is not practicable at this time to provide a quantitative estimate of the impact of this disruption on the Scheme's asset valuation at the date of approval of these financial statements.
The Trustees have engaged with their advisers as regards their business continuity plans. The Trustees are satisfied that their advisers have in place appropriate plans including home working with access to secure IT equipment and platforms to minimise disruption to member services.