Following Russia’s invasion of Ukraine and the subsequent imposition of a series of economic sanctions on key Russian nationals and banks, the HP Plan Trustee is keeping a close eye on the rapidly evolving situation.

The Trustee regularly considers risks to the Plan as part of its ongoing governance duties. The Trustee and the Plan’s advisers and suppliers all have Business Continuity and Cyber Security Plans in place to ensure that business can continue as usual when exceptional events occur. These plans are regularly reviewed, but in view of the situation the Trustee has sought further assurances from its investment managers, suppliers, and advisers that their business continuity plans are up to date and that the necessary steps have been taken to ensure that cyber security is receiving heightened attention.

The Plan’s investment managers have been asked to actively review current holdings to confirm what exposure, if any, the Plan may have to either Russia or Ukraine. The expectation is that the Plan’s overall exposure will be limited.

The Plan holds a variety of assets spread across different types of investment in different markets specifically to help manage risk in times of market uncertainty and to reduce the financial impact of that volatility on the Plan.

Members are reminded that the amount of pension payable is based on a combination of earnings and years of service in the Plan and therefore, the amount of pension payable is not impacted by any short-term movements in financial markets.

The Trustee is working closely with its advisers and suppliers to keep the situation under review and will take all necessary steps and actions as events evolve.