Indian Army successfully test fires Agni-II IRBM for the third time। Agni-II is nuclear capable। The firing on February 20 in full operational configuration। DAC clears proposals worth Rs 15,935 Cr (approx $2.2b) । The approval covers purchae of Rifles, Carbines and Light Machine Guns for the Army, Navy and Air Force । New weapons are required by the Indian Army’s for effective engagement of Pakistani infiltrations । Leading Pakistani human rights activist Asma Jahangir passes away । Globally respected for her liberal views, she was a strong pro-democracy activist । SpaceX Launches the World’s Most Powerful Rocket, and aboard it, Mr Musk’s electric red sports Car । “It’s kind of silly and fun, but silly and fun things are important,” he said Feb 6। Mr Elon Musk owns both SpaceX, the world’s biggest space company, as well as Tesla cars। SpaceX’s Falcon 9 rocket has ferried payload to Space Station but this time, rocket is turbocharged। For the first time, NASA was not involved in launching such a heavy rocket। Singapore Airshow Opens Feb 6 । Boeing, Lockheed Martin, Raytheon, Airbus, Sikorsky, and the global biggies are taking part । Honeywell Provides Fuel Made From Mustard Seeds For Trans-Pacific Flight । Russia views India as a Privileged Partner, says Rostec CEO Chemezov । US Carrier Carl Vinson to make first ever visit to Vietnam in March । Carl Vinson woll dock at Da Nang, apparently boosting bilateral military cooperation । Happy Republic Day to All Indians । Emirates signs agreement for up to 36 additional A380s । India successfully test fires 5000-Km A380s ICBM। Defexpo to be held April 11-15 in Tamil Nadu, India’s southern state। HAL receives RfP for 83 LCA Tejas from IAF। The new LCAs will have AESA combat Radar। IAF had announced the decision for new LCAs sometime back। INS Kalvari commissioned into Indian Navy December 14। Prime Minister Modi ceremonially inducted the Scorpene class boat in Mumbai। Built by state-run MDL with French collaboration, Kalvari is the first submarine inducted after 2000। Modi described the Kalvari as a fine example of Make in India। Five more Kalvari Class submarines are to be commissioned over the next couple of years।
February 25, 2018
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Liz Airey appointed Chair of Rolls-Royce UK Pension Fund

Published November 2017

Liz Airey appointed Chair of Rolls-Royce UK Pension Fund

Rolls-Royce has announced that Liz Airey has been appointed as Chair of Trustees of the Rolls-Royce UK Pension Fund. Airey, the non-executive chair of Jupiter Fund Management and a former Chair of Trustees of the Unilever UK Pension Scheme, will take up the post at the end of December 2017 upon the retirement of Paul Spencer CBE, who has held the post since 2008.

Airey commented: “I am very excited to be joining the Rolls-Royce Trustee Board and would like to pay tribute to Paul on the terrific job he has done and the strong legacy that he leaves for members.”

Joel Griffin, Head of Pensions at Rolls-Royce, praised Spencer’s “incredible contribution” noting that he leaves the Rolls-Royce UK Pension Fund “in an exceptionally strong position, well placed to continue to protect more than 80,000 Rolls-Royce employees and pensioners who rely upon our fund throughout their retirement.”

Spencer took up the post of Chair at a time when the Rolls-Royce Pension Fund had assets of £4.5bn, but a £500m funding deficit. The trustees had recently approved a landmark change in investment strategy away from what was at the time a fairly typical profile of equities and bonds (split 70/30%) to a strategy focused on liability matching instruments together with return seeking investments (split 75/25%).

“Paul’s leadership was pivotal in overseeing the successful implementation and further development of the new liability-matching strategy which was a bold change in direction, but which has since become the benchmark for effective risk management of pension schemes,” explained Griffin. “It was crucial in protecting the funding position of Rolls-Royce’s pensions through the 2008 financial crisis and subsequent period of declining yields which have caused so many pension schemes’ funding positions to suffer.”

Spencer said: “I am enormously proud of the success of Rolls-Royce’s pension strategy. I have thoroughly enjoyed my ten years in role and am delighted to be handing over at a point where we have managed to achieve a very strong surplus of funding while at the same time have been able to deliver improved benefits for members. I am also delighted that I can hand the role of Chair of Trustees to someone with such a strong track record and experience as Liz, whom I know will do an outstanding job.”

The investment performance of the Rolls-Royce Pension Fund was within the top 4% of the UK pension funds when measured over 10, 20 and 30 year periods to 31 March 2016 (as reported on the WM Universe of pension funds). In the 8 years ended 31 March 2016 the Rolls-Royce Pension Fund ranked highest out of a universe of 128 funds, outperforming the weighted average return by 3.8% pa.

In 2016 Rolls-Royce consolidated the main Rolls-Royce Pension Fund with three of its other UK pension schemes together to form the Rolls-Royce UK Pension Fund. At the end of September 2017, the Rolls-Royce UK Pension Fund had assets of over £13bn and estimated to have a surplus in excess of £1bn measured on the Trustee’s ongoing funding basis. The membership profile as at 31 March 2017 included 12,700 current employees, 22,000 former employees with deferred pensions, and 46,700 pensioners.




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