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The risks of MPFL unit-linked assets are borne by the policyholders as explained in the","page_number":4,"box":{"x":98,"y":868,"width":804,"height":12}},{"id":"dc4cf8b9-0e07-433b-8b10-005d4559c0ff","block_type":"box","text":"policyholder disclosures. 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As a result, the unit-linked assets and liabilities are","page_number":5,"box":{"x":98,"y":262,"width":804,"height":11}},{"id":"36ff30e5-bf01-420c-85b2-d6d050612eb7","block_type":"box","text":"closely matched.","page_number":5,"box":{"x":98,"y":278,"width":112,"height":11}},{"id":"eacfcfaa-1890-4f60-bd53-2c7d9f76be88","block_type":"box","text":"The investment income from shareholder assets in the reporting period 2025 was £336,038 (2024: £383,995).","page_number":5,"box":{"x":97,"y":300,"width":745,"height":12}},{"id":"a8ee19f4-73be-42e2-9033-d6a4865876d9","block_type":"box","text":"The tables below provide analysis of policyholder assets and the technical provisions it matches.","page_number":5,"box":{"x":97,"y":323,"width":655,"height":12}},{"id":"ca34988a-4535-4f7a-91b2-1e02d98eca34","block_type":"box","text":"Assets held for unit-linked contracts","page_number":5,"box":{"x":106,"y":374,"width":226,"height":8}},{"id":"4e79e56d-8344-46a3-810b-7def90ffd2ca","block_type":"box","text":"2025","page_number":5,"box":{"x":665,"y":374,"width":28,"height":8}},{"id":"1e15a7ae-7b72-4e41-8617-16a8b0ba6410","block_type":"box","text":"£’000","page_number":5,"box":{"x":663,"y":389,"width":32,"height":8}},{"id":"4206bf7b-ec2f-4e98-8748-e7b2128907ce","block_type":"box","text":"2024","page_number":5,"box":{"x":822,"y":374,"width":29,"height":8}},{"id":"6b251eba-0998-4d74-b134-bcf568ea7a96","block_type":"box","text":"£’000","page_number":5,"box":{"x":820,"y":389,"width":32,"height":8}},{"id":"a889b0ce-6982-4720-80a6-bfcd7e30ecf3","block_type":"box","text":"At 1 January - Assets held for unit-linked contracts","page_number":5,"box":{"x":106,"y":410,"width":342,"height":11}},{"id":"85f27f76-54b7-48e6-b325-cc824752f036","block_type":"box","text":"33,534,681","page_number":5,"box":{"x":656,"y":410,"width":73,"height":11}},{"id":"309eece1-0114-41e8-a428-74aa5018f9c0","block_type":"box","text":"37,244,842","page_number":5,"box":{"x":813,"y":410,"width":75,"height":11}},{"id":"c534f04c-2e74-4b22-b16f-0168c2872096","block_type":"box","text":"Premiums written","page_number":5,"box":{"x":107,"y":432,"width":116,"height":9}},{"id":"81feff33-a747-420c-8c49-2f98415dff17","block_type":"box","text":"5,579,232","page_number":5,"box":{"x":665,"y":432,"width":67,"height":10}},{"id":"7ec98b7d-d784-4880-b871-ae30f4fafdd2","block_type":"box","text":"9,482,269","page_number":5,"box":{"x":821,"y":432,"width":67,"height":10}},{"id":"b68f865d-3263-4ff1-a83c-c30441de50e2","block_type":"box","text":"Claims incurred","page_number":5,"box":{"x":106,"y":453,"width":105,"height":9}},{"id":"fa02a61a-e92a-4658-bc95-5c4ba3a7c31a","block_type":"box","text":"(20,515,045)","page_number":5,"box":{"x":649,"y":453,"width":85,"height":11}},{"id":"f0f370c9-504e-43a4-aec8-560eb04208aa","block_type":"box","text":"(18,622,125)","page_number":5,"box":{"x":808,"y":453,"width":85,"height":11}},{"id":"684d8783-f2ee-45d1-b10b-41b50e6604e4","block_type":"box","text":"Investment return (net of all charges)","page_number":5,"box":{"x":107,"y":474,"width":249,"height":12}},{"id":"b811c767-2b19-4146-acb7-9de309aa5e8a","block_type":"box","text":"2,977,359","page_number":5,"box":{"x":664,"y":474,"width":67,"height":11}},{"id":"ed9c11bd-e8fe-49b9-9615-c07e24594ec3","block_type":"box","text":"5,429,695","page_number":5,"box":{"x":821,"y":474,"width":67,"height":11}},{"id":"6385897a-4396-4aed-8037-a4097eca26f6","block_type":"box","text":"At 31 December - Assets held for unit-linked contracts","page_number":5,"box":{"x":106,"y":496,"width":366,"height":9}},{"id":"8e4d34e9-9455-4b32-80d7-0a6f20b9ac52","block_type":"box","text":"21,576,227","page_number":5,"box":{"x":656,"y":496,"width":75,"height":10}},{"id":"1b1fb612-965f-4a40-8a21-9286482c8ee1","block_type":"box","text":"33,534,681","page_number":5,"box":{"x":813,"y":496,"width":73,"height":10}},{"id":"d175aa64-9935-46a2-990d-564997963994","block_type":"box","text":"Inflow to policyholder funds was £5.6bn (2024: £9.5bn) and the level of outflow was £20.5bn (2024: £18.6bn). The driver","page_number":5,"box":{"x":99,"y":537,"width":804,"height":11}},{"id":"0685b455-24be-4853-9232-93bc50f0c1e9","block_type":"box","text":"of net outflows was a trust-based defined contribution workplace pension scheme divesting in passive funds. The","page_number":5,"box":{"x":98,"y":552,"width":804,"height":11}},{"id":"c9172403-0081-41fe-af7a-80de4771d089","block_type":"box","text":"investment return of £3.0 billion was driven by investing in passive equity funds. This resulted in an equivalent year-on","page_number":5,"box":{"x":98,"y":568,"width":804,"height":11}},{"id":"2c2e155e-f2fc-41be-a19b-6c495878ce08","block_type":"box","text":"year decrease in the value of unit-linked assets held to cover unit-linked liabilities. 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As per the MPFL Capital Management","page_number":6,"box":{"x":97,"y":175,"width":805,"height":12}},{"id":"443ec7e2-8582-4419-b484-bc9b3e575d43","block_type":"box","text":"Policy, the Board has set a capital ratio in excess of 210%. 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The company has no employees.","page_number":7,"box":{"x":98,"y":633,"width":802,"height":11}},{"id":"0107de55-1e4a-4beb-9016-9981467ced9f","block_type":"box","text":"Supervisory authority","page_number":7,"box":{"x":98,"y":662,"width":158,"height":11}},{"id":"779eb0b3-d1f2-4bb2-87b7-fd6734d65ddb","block_type":"box","text":"MPFL’s regulators are:","page_number":7,"box":{"x":98,"y":684,"width":153,"height":11}},{"id":"cb58f8cf-b957-4476-aa3b-03d332aeea15","block_type":"box","text":"PRA, 20 Moorgate, London, EC2R 6DA.","page_number":7,"box":{"x":98,"y":707,"width":272,"height":11}},{"id":"dd8408b8-cd35-49f8-ac9c-86983ee3472c","block_type":"box","text":"FCA, 12 Endeavour Square, London, E20 1JN.","page_number":7,"box":{"x":98,"y":730,"width":318,"height":11}},{"id":"8c34a39e-a6b9-48e5-8b93-b90576830c24","block_type":"box","text":"SSGA Inc.’s regulators 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MPFL.","page_number":8,"box":{"x":98,"y":118,"width":750,"height":12}},{"id":"e1544c69-09e9-4bbc-92e8-8891165eb810","block_type":"box","text":"A.2 Underwriting performance","page_number":8,"box":{"x":97,"y":153,"width":263,"height":12}},{"id":"4de3dc22-5eaa-46b4-8f15-2edb2cdf20d2","block_type":"box","text":"MPFL writes only unit-linked pension business that offers no guarantees or otherwise provide any benefits beyond the","page_number":8,"box":{"x":98,"y":177,"width":804,"height":11}},{"id":"a102a11b-dc1a-433e-a328-c349df17eb8f","block_type":"box","text":"return of assets under management. As a consequence, no traditional underwriting is required.","page_number":8,"box":{"x":98,"y":193,"width":642,"height":11}},{"id":"45018885-9206-4e25-9d57-018db10bc06e","block_type":"box","text":"With regards to the unit-linked pensions business, the costs and rewards of investing are passed on to policyholders.","page_number":8,"box":{"x":97,"y":216,"width":805,"height":11}},{"id":"97f73f47-c47d-45c7-9c14-76782bd7cdd3","block_type":"box","text":"The entire return or loss of the sub-funds accrue to the policyholders, less specified fees which compensate the","page_number":8,"box":{"x":97,"y":231,"width":805,"height":11}},{"id":"7c22ca16-5129-4e50-955f-d15f114203d0","block_type":"box","text":"investment manager, administrator, securities lending agent and custodian for their services. The unit-linked assets and","page_number":8,"box":{"x":98,"y":247,"width":803,"height":11}},{"id":"0478fb17-4442-4711-b2a7-f6677fb3f0bf","block_type":"box","text":"liabilities are therefore closely matched. 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Even in years when funding for the Total Rewards Program is","page_number":12,"box":{"x":153,"y":267,"width":749,"height":11}},{"id":"f1ea283b-bf4d-4208-895c-c63385edaa82","block_type":"box","text":"constrained, the Group differentiates pay by individual in order to reward our highest performers;","page_number":12,"box":{"x":153,"y":281,"width":653,"height":12}},{"id":"da68c4d7-2198-4948-8546-132ef3419175","block_type":"box","text":"•","page_number":12,"box":{"x":126,"y":305,"width":4,"height":4}},{"id":"85d2adbf-faac-4a9c-9b62-e1de519a4f31","block_type":"box","text":"The alignment of employees’ interests with shareholders’ interests by deferring a portion of incentive","page_number":12,"box":{"x":152,"y":303,"width":750,"height":11}},{"id":"fe8ffdad-b18c-4964-a35c-c1b00c4acb17","block_type":"box","text":"remuneration at increasing percentages for employees with higher incentive remuneration awards, and delivery","page_number":12,"box":{"x":153,"y":317,"width":749,"height":11}},{"id":"896122b6-946f-4977-bdec-78726def99fa","block_type":"box","text":"of a portion of incentive remuneration in equity-based vehicles with a higher proportion in equity for senior","page_number":12,"box":{"x":153,"y":331,"width":750,"height":12}},{"id":"cf193077-bf3f-4b74-8515-1f1da8a3f137","block_type":"box","text":"executives; and","page_number":12,"box":{"x":153,"y":346,"width":105,"height":10}},{"id":"0f5f7ab4-1e84-4539-a2b9-7188c266fc3b","block_type":"box","text":"•","page_number":12,"box":{"x":126,"y":369,"width":4,"height":4}},{"id":"2093dcf0-c8da-4ffe-9665-0f545e7a7955","block_type":"box","text":"Having remuneration plans designed to comply with applicable regulations and related guidance, including","page_number":12,"box":{"x":153,"y":367,"width":748,"height":11}},{"id":"e8940a0d-dde0-49c0-b2ad-7da02e793ac8","block_type":"box","text":"aligning incentive remuneration with appropriate risk management principles. The Group provides incentives","page_number":12,"box":{"x":153,"y":381,"width":749,"height":11}},{"id":"995f5e01-4de2-40a0-9980-124f9f7c5829","block_type":"box","text":"that are designed not to encourage unnecessary or excessive risk-taking. There are established process","page_number":12,"box":{"x":152,"y":396,"width":750,"height":11}},{"id":"7cc2baee-7126-4c30-9852-fff20a54e9a4","block_type":"box","text":"controls and oversight, including incorporation of risk-based metrics into incentive pool funding determinations","page_number":12,"box":{"x":153,"y":410,"width":749,"height":11}},{"id":"446ca310-f352-4f22-aa2a-dbdc4dff3550","block_type":"box","text":"and individual award decisions. In addition, executive incentive compensation plan awards include significant","page_number":12,"box":{"x":153,"y":424,"width":749,"height":11}},{"id":"a1d3ae11-ed76-4f7f-be15-349ac0498955","block_type":"box","text":"levels of deferred remuneration and equity-based remuneration, which are further subject to ex-ante and ex","page_number":12,"box":{"x":153,"y":438,"width":749,"height":12}},{"id":"a3a5fea5-2417-47f2-8694-41ab161576ce","block_type":"box","text":"post adjustments (malus forfeiture and clawback inclusive).","page_number":12,"box":{"x":153,"y":453,"width":400,"height":11}},{"id":"6b1891d6-c5ea-4b6c-99d2-8fa760db39d0","block_type":"box","text":"In jurisdictions such as the UK where a maximum ratio between fixed and variable remuneration exists, robust","page_number":12,"box":{"x":99,"y":474,"width":803,"height":11}},{"id":"58710690-f871-4909-bfd1-d1a8889c1d9c","block_type":"box","text":"governance processes are in place to oversee compliance with such ratios. In the UK, these are the responsibility of the","page_number":12,"box":{"x":98,"y":488,"width":804,"height":11}},{"id":"27d60027-a030-422e-b32e-6ab8d1f91204","block_type":"box","text":"UK RemCo.","page_number":12,"box":{"x":98,"y":503,"width":80,"height":8}},{"id":"8b31e81f-188b-48cc-a32f-2836fa87d842","block_type":"box","text":"Employees of the Group providing the outsourced services are also offered the opportunity to participate in the Group","page_number":12,"box":{"x":98,"y":527,"width":804,"height":11}},{"id":"adb49717-2a11-49e5-bc22-63cd9269285f","block_type":"box","text":"flexible benefits. Most benefits are generally consistent across all job grades in a market, although sometimes benefits","page_number":12,"box":{"x":97,"y":542,"width":805,"height":12}},{"id":"006f94c9-cdab-438a-bbb4-5e9edc95fde7","block_type":"box","text":"may vary by job grade or other factors based on prevailing market practices or applicable regulations. Benefits include,","page_number":12,"box":{"x":98,"y":558,"width":803,"height":11}},{"id":"139c054d-c023-4341-91b6-f765be6387bc","block_type":"box","text":"but are not limited to, retirement and savings plans as well as health, disability, death, and ancillary benefits which vary","page_number":12,"box":{"x":98,"y":573,"width":804,"height":11}},{"id":"35583610-762e-4ba8-8e38-cd919315e6ed","block_type":"box","text":"by location based upon market practice. The Group does not currently operate any discretionary pension schemes.","page_number":12,"box":{"x":98,"y":588,"width":779,"height":12}},{"id":"9d0caa45-2c04-4ebe-89be-b7f60fa60fca","block_type":"box","text":"Additionally, MPFL has developed a methodology to identify individuals as Solvency II Staff who perform roles or","page_number":12,"box":{"x":97,"y":615,"width":806,"height":11}},{"id":"421896a0-0a0f-4502-b14f-0c95f6d3fa0c","block_type":"box","text":"conduct activities that can impact the risk profile of MPFL. The list of Solvency II Staff identified as a result of this process","page_number":12,"box":{"x":98,"y":630,"width":804,"height":11}},{"id":"16cd7f28-a91b-46c3-ac45-a05188c74cd4","block_type":"box","text":"is approved by UK RemCo.","page_number":12,"box":{"x":98,"y":645,"width":184,"height":11}},{"id":"7c870c04-609c-48bb-9f6d-c4f5a853f0ec","block_type":"box","text":"All Solvency II Staff receive a detailed written communication including background information, MPFL’s position and","page_number":12,"box":{"x":97,"y":671,"width":804,"height":11}},{"id":"548486d9-6288-4ca3-95a9-2e5511968eb2","block_type":"box","text":"obligations, and the implications of being Solvency II Staff. The communication also outlines the prohibition on employing","page_number":12,"box":{"x":98,"y":687,"width":803,"height":11}},{"id":"a627bc7e-7e9a-4449-85ed-5ed87bec1e97","block_type":"box","text":"personal hedging strategies to undermine the risk alignment effects embedded in their remuneration arrangements.","page_number":12,"box":{"x":98,"y":702,"width":781,"height":11}},{"id":"50ca5525-cece-4b0d-8832-d4b842cedf09","block_type":"box","text":"A link is included in the communication to refer individuals to relevant guidance. All Solvency II Staff are required to","page_number":12,"box":{"x":97,"y":728,"width":805,"height":11}},{"id":"8eb1e5cb-c1ac-4eaa-b8d6-e8ee3710e437","block_type":"box","text":"acknowledge the communication and confirm receipt and understanding by completing an attestation.","page_number":12,"box":{"x":98,"y":743,"width":688,"height":11}},{"id":"3610fd38-67ba-4cce-bbab-aa81f3eb8338","block_type":"box","text":"Control Functions have reporting lines which are independent from the business units which they supervise and the","page_number":12,"box":{"x":98,"y":769,"width":803,"height":11}},{"id":"2131c0cf-c5db-44ef-a70d-851ec40fa4f2","block_type":"box","text":"global management for control functions is responsible for determining remuneration of control function staff, within","page_number":12,"box":{"x":98,"y":785,"width":803,"height":11}},{"id":"817e0f08-2fc3-4167-9d5a-21a485ad3bef","block_type":"box","text":"overall Group guidelines. 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As part of these obligations, MPFL is","page_number":13,"box":{"x":98,"y":134,"width":804,"height":11}},{"id":"9beaff48-9370-4068-ad99-b583f6472af8","block_type":"box","text":"required to have in place a clear organisational structure and segregation of duties. These are set out in MPFL’s","page_number":13,"box":{"x":98,"y":150,"width":804,"height":11}},{"id":"b37d76f5-365d-49d5-a71d-b1f503054ac3","block_type":"box","text":"Management’s Responsibilities Matrix, which is owned by the Chief Executive and reviewed quarterly by the Working","page_number":13,"box":{"x":98,"y":166,"width":803,"height":11}},{"id":"4f42f261-090d-4a0e-98c5-955a772cd669","block_type":"box","text":"Group. MPFL also has in place permanent Risk Management, Compliance, Internal Audit and Actuarial functions. In","page_number":13,"box":{"x":98,"y":181,"width":803,"height":12}},{"id":"35d8c4f7-1980-4de2-a1bc-021de236adc3","block_type":"box","text":"addition, it also has in place a suite of policies relevant to its activities. These are reviewed at least annually. MPFL","page_number":13,"box":{"x":98,"y":197,"width":804,"height":11}},{"id":"88b00d9d-f843-4ad3-b6af-f735517bb565","block_type":"box","text":"continues to review the adequacy of its systems of governance to ensure it continues to remain appropriate and","page_number":13,"box":{"x":98,"y":213,"width":803,"height":11}},{"id":"25bef4b9-8cb8-42eb-b4b4-9a98bbe9f416","block_type":"box","text":"proportionate to the activities of the business.","page_number":13,"box":{"x":98,"y":229,"width":306,"height":11}},{"id":"87a9217b-b797-4f28-ac0e-ea7601e8f8a4","block_type":"box","text":"B.2 Fit and proper requirements","page_number":13,"box":{"x":98,"y":263,"width":275,"height":12}},{"id":"58d2bc8b-cd25-43d2-bb20-d37a26d33df5","block_type":"box","text":"Under article 294(2) of the Solvency II Regulation and the PRA’s Senior Managers and Certification Regime in","page_number":13,"box":{"x":98,"y":287,"width":803,"height":11}},{"id":"181c5d48-65c3-416f-8e74-e0205a552b28","block_type":"box","text":"December 2025, MPFL is obliged to ensure that all persons who run the organisation or have other key functions are fit","page_number":13,"box":{"x":98,"y":303,"width":804,"height":11}},{"id":"1b5cfaaa-9c37-44de-8f42-6e2d3b939ccd","block_type":"box","text":"and proper. MPFL has policies and procedures in place to ensure that all persons have both the skills and experience","page_number":13,"box":{"x":98,"y":319,"width":804,"height":11}},{"id":"1873c35f-debf-4f4a-9ca4-302189d36251","block_type":"box","text":"that meet the requirements deemed fit and proper. These assessments are made both prior to MPFL submitting any","page_number":13,"box":{"x":97,"y":334,"width":805,"height":11}},{"id":"7a3c5507-152e-42be-8e0b-c2a76d1b8bf0","block_type":"box","text":"application for regulatory approval to the PRA and on an ongoing basis.","page_number":13,"box":{"x":98,"y":350,"width":485,"height":11}},{"id":"1e9f3f63-2b2c-4aa2-af65-c052acaf466c","block_type":"box","text":"B.3 Risk management system including the Own Risk and Solvency Assessment","page_number":13,"box":{"x":98,"y":384,"width":651,"height":13}},{"id":"74c77036-4fdd-4b4b-9c59-7668684b83d4","block_type":"box","text":"Risk management strategy and objectives","page_number":13,"box":{"x":98,"y":415,"width":305,"height":11}},{"id":"cc94a465-3d5f-473f-8ce4-8450c6655bc6","block_type":"box","text":"The key objectives of MPFL’s risk management strategy are to:","page_number":13,"box":{"x":97,"y":437,"width":429,"height":11}},{"id":"b6b119da-320b-4033-ac67-fab4011e8de4","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":463,"width":5,"height":3}},{"id":"f066d57b-2d15-4f12-9956-2cb30e1fc76a","block_type":"box","text":"Fully comply with all applicable laws, regulations and corporate policies;","page_number":13,"box":{"x":137,"y":460,"width":486,"height":11}},{"id":"5d24e469-8f32-4813-8930-8257e6adb6bd","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":484,"width":5,"height":3}},{"id":"deea6946-6026-4228-8bb0-c786fae5c661","block_type":"box","text":"Ensure MPFL’s financial goals and key business performance metrics are consistent with acceptable levels of risk","page_number":13,"box":{"x":137,"y":482,"width":766,"height":11}},{"id":"0e6b9c64-62d7-48bd-8a74-b98d78526a3f","block_type":"box","text":"as agreed by the MPFL Board and defined in MPFL policies;","page_number":13,"box":{"x":136,"y":496,"width":410,"height":11}},{"id":"db64a21a-3a14-4207-a542-ec9fe934c2d2","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":520,"width":5,"height":3}},{"id":"7eda3f0a-884a-48db-bb25-d5ef79003a37","block_type":"box","text":"Foster a culture of risk excellence that extends across MPFL and all of its activities, inclusive of the MPFL business,","page_number":13,"box":{"x":137,"y":517,"width":764,"height":11}},{"id":"c86394da-18bf-45af-b09f-4cf4f8563c8d","block_type":"box","text":"driving comprehensive risk mitigation techniques and ensuring that identification and escalation of potential risks","page_number":13,"box":{"x":136,"y":532,"width":766,"height":11}},{"id":"88caa86a-d375-4617-b2f9-e8958ef8577b","block_type":"box","text":"represent a core responsibility at all levels.","page_number":13,"box":{"x":137,"y":546,"width":287,"height":11}},{"id":"1ebe9231-0213-40ee-9db8-2a0c17c5cb4e","block_type":"box","text":"MPFL’s approach to risk management is documented in the RMF which includes:","page_number":13,"box":{"x":98,"y":567,"width":550,"height":11}},{"id":"b17611c8-62b5-42cd-a8d7-2e6f1ed583b4","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":592,"width":5,"height":4}},{"id":"f71ac698-116c-4576-a688-263972e9374c","block_type":"box","text":"A clearly defined risk management strategy which is consistent with the overall business strategy;","page_number":13,"box":{"x":136,"y":590,"width":661,"height":11}},{"id":"70fd2387-7ecc-47f1-bed4-01e7c1212844","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":614,"width":5,"height":3}},{"id":"6be5d3c9-fb05-4faa-ab7b-ae21e19dda61","block_type":"box","text":"A clearly defined risk appetite and overall risk tolerance limits;","page_number":13,"box":{"x":136,"y":611,"width":418,"height":12}},{"id":"0fca36fc-febb-42d4-ac43-6371fe09a695","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":635,"width":5,"height":4}},{"id":"88647374-8bd4-4155-8fc5-8398b2c00f0b","block_type":"box","text":"A clearly defined decision-making process;","page_number":13,"box":{"x":136,"y":633,"width":290,"height":11}},{"id":"359baa5a-2523-4a4a-adad-5793e8ae1801","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":657,"width":5,"height":3}},{"id":"74962e38-b37e-4408-911c-33b7d375dd97","block_type":"box","text":"Written policies that effectively ensure definition and categorisation of material risks by type to which MPFL is","page_number":13,"box":{"x":136,"y":654,"width":766,"height":11}},{"id":"0e547e76-977e-4fef-ba61-e02681bf2e55","block_type":"box","text":"exposed, and the approved risk tolerance limits for each type of risk (i.e. risk appetite statement built into RMF);","page_number":13,"box":{"x":136,"y":668,"width":765,"height":12}},{"id":"3c7487ec-3d9a-4474-b4da-788539e9addd","block_type":"box","text":"and","page_number":13,"box":{"x":136,"y":683,"width":24,"height":9}},{"id":"44edaa2c-51b5-46d0-bf66-6fb06f4cb385","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":707,"width":5,"height":3}},{"id":"80d2527a-c79a-409d-b3a3-da1434309055","block_type":"box","text":"Reporting procedures and processes that ensure that material risks are identified, managed, monitored, and","page_number":13,"box":{"x":137,"y":704,"width":764,"height":11}},{"id":"da5292e0-0072-4a58-93a3-101530de4882","block_type":"box","text":"reported, so as to avoid undue concentration of risk.","page_number":13,"box":{"x":137,"y":718,"width":351,"height":11}},{"id":"18b299b6-896b-47b8-aa8a-ba1cf0f70588","block_type":"box","text":"MPFL is also required to ensure that persons who hold key functions take into account the information reported within","page_number":13,"box":{"x":98,"y":740,"width":803,"height":11}},{"id":"43ce4df2-ef6a-4d56-bb85-6538d485bff6","block_type":"box","text":"the RMF, as part of their decision-making process.","page_number":13,"box":{"x":97,"y":755,"width":342,"height":11}},{"id":"24716017-0822-426b-b211-f00cc684cf88","block_type":"box","text":"Risk management process","page_number":13,"box":{"x":98,"y":785,"width":193,"height":11}},{"id":"7671fc5b-f006-4627-ad2f-e5019a780a07","block_type":"box","text":"A key step in the risk management process is the identification of risks.","page_number":13,"box":{"x":97,"y":807,"width":481,"height":11}},{"id":"4bc9ff52-6291-45ff-85f4-b53a3c105e05","block_type":"box","text":"Material Risk Identification (“MRI”) is a significant element of MPFL’s risk management framework and plays an","page_number":13,"box":{"x":98,"y":830,"width":803,"height":11}},{"id":"1a22385b-5d2d-49cc-9d14-461b310c59be","block_type":"box","text":"important role in establishing a strong risk culture. It provides the information needed for the Company to consider the","page_number":13,"box":{"x":98,"y":845,"width":804,"height":11}},{"id":"30474e6c-e20f-49e7-bba5-c243e033f676","block_type":"box","text":"full scale and scope of its exposures, to analyse how its business activities might evolve as economic and market","page_number":13,"box":{"x":97,"y":861,"width":805,"height":11}},{"id":"56c700ac-eb2c-4bd9-891c-9cd80e5e9726","block_type":"box","text":"conditions change, and to ensure that the Company is operating within the risk appetite defined by the Board.","page_number":13,"box":{"x":98,"y":877,"width":741,"height":11}},{"id":"79a3b17f-5b3e-4ae8-b6ce-e8eda4accc6c","block_type":"box","text":"The MRI process is primary risk identification program and utilises a bottom-up approach to identify the most significant","page_number":13,"box":{"x":97,"y":900,"width":805,"height":11}},{"id":"62fa0e34-bb4e-4967-9127-b387553ef8f6","block_type":"box","text":"risk exposures across all on- and off-balance sheet risk-taking activities, including credit, market, liquidity, interest rate,","page_number":13,"box":{"x":98,"y":915,"width":803,"height":12}},{"id":"6b65ac66-ffff-4e20-af44-6bbdbb2d1c27","block_type":"box","text":"operational, fiduciary, business, reputation, and regulatory risks. The primary output from the program is a Company-","page_number":13,"box":{"x":98,"y":931,"width":804,"height":11}},{"id":"fdb5cf06-8c04-4528-b72c-831b67cd383d","block_type":"box","text":"Solvency and Financial Condition Report","page_number":14,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"151ba2f2-be8e-4504-bb48-1bd9c36d8de0","block_type":"box","text":"Managed Pension Funds Limited 14/41","page_number":14,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"163755be-c97e-4091-9bbe-07e9d93252f4","block_type":"box","text":"wide Risk Inventory, which is a comprehensive list of the risks that could significantly impact MPFL, irrespective of their","page_number":14,"box":{"x":97,"y":93,"width":806,"height":12}},{"id":"42222f73-0e6d-40e6-a172-7213753e1555","block_type":"box","text":"likelihood or frequency. The Risk Inventory forms a holistic view of the Company’s risk profile and is used as a","page_number":14,"box":{"x":98,"y":109,"width":804,"height":11}},{"id":"2cd0c543-a0fa-448b-9c24-def7e96e05b8","block_type":"box","text":"foundational element in risk management and capital planning processes. 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The programme supports a business assessment of risks and controls used within business","page_number":14,"box":{"x":136,"y":201,"width":766,"height":11}},{"id":"ef1e31eb-0bac-48d6-b983-872e2e9f3ffd","block_type":"box","text":"activities;","page_number":14,"box":{"x":136,"y":215,"width":62,"height":11}},{"id":"606713d5-28ad-4928-8d39-68c320c8b1ca","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":239,"width":5,"height":3}},{"id":"972fe3c6-aa65-428d-a063-7cd9f88e05ce","block_type":"box","text":"Loss Event Management, including collection of internal, and monitoring of external, operational loss data and risk","page_number":14,"box":{"x":137,"y":237,"width":765,"height":11}},{"id":"34c57804-e54f-4484-bcab-d459e35f07fd","block_type":"box","text":"events. This provides important information to support the effective management and measurement of operational","page_number":14,"box":{"x":136,"y":251,"width":765,"height":11}},{"id":"067853df-cf79-41d2-ad85-2954a0eb333f","block_type":"box","text":"risk;","page_number":14,"box":{"x":137,"y":265,"width":26,"height":11}},{"id":"2515d5de-6394-483b-9ebc-9e19f9739409","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":289,"width":5,"height":3}},{"id":"6e691d74-47d2-4d8e-ba86-a5bf03233a60","block_type":"box","text":"Key Risk Indicators (“KRIs”) - used to monitor the level and trend of the organisation’s risk profile and adherence","page_number":14,"box":{"x":137,"y":287,"width":765,"height":11}},{"id":"ddc60a0d-9041-40cd-9aec-184401f727cb","block_type":"box","text":"to risk appetite on at least a quarterly basis. The objective of KRIs reporting is to serve as an “early warning”","page_number":14,"box":{"x":136,"y":301,"width":766,"height":11}},{"id":"6f0290aa-1859-4fe9-9df9-7c2fd91f76b3","block_type":"box","text":"mechanism that allows managers to take proactive action to manage and mitigate risks as exposure changes.","page_number":14,"box":{"x":137,"y":315,"width":764,"height":11}},{"id":"93ae2e03-58d7-446d-9194-ae8dcf7b8881","block_type":"box","text":"KRIs are a key component of MPFL’s escalation process and communicate material exposures to the Board,","page_number":14,"box":{"x":137,"y":329,"width":764,"height":11}},{"id":"90cb3a0b-bb2c-4110-87a7-0d56f03ac0c6","block_type":"box","text":"Working Group and relevant committees; and","page_number":14,"box":{"x":136,"y":344,"width":308,"height":11}},{"id":"17c56e91-05c5-42e6-9817-f69cf1ffe405","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":367,"width":5,"height":4}},{"id":"f9cfd09c-9c98-4dca-b0ec-84cf46b67a4d","block_type":"box","text":"New Business and Product Review and Approval (“NBPRA”). The primary focus of this process is to evaluate the","page_number":14,"box":{"x":137,"y":365,"width":765,"height":11}},{"id":"70fd96e9-5baa-4edf-a4d7-b027bc781237","block_type":"box","text":"risk inherent in new business and product proposals to the sponsoring business unit, other business units and","page_number":14,"box":{"x":137,"y":379,"width":764,"height":11}},{"id":"ccec098d-7468-4ae6-bacb-82f18d03e2b4","block_type":"box","text":"Group; and new business or products are considered as part of the formulation of the Business Plan. Additionally","page_number":14,"box":{"x":137,"y":393,"width":765,"height":12}},{"id":"d4ccf8de-d241-40d8-ad78-3d26a086164d","block_type":"box","text":"any changes in the business profile (e.g. significant new business or products) are considered during the INFRA","page_number":14,"box":{"x":136,"y":408,"width":767,"height":11}},{"id":"66092760-5ffc-4241-99cc-622135134802","block_type":"box","text":"process.","page_number":14,"box":{"x":137,"y":424,"width":56,"height":9}},{"id":"a4262d41-78f5-482f-8434-c46584732d6d","block_type":"box","text":"Implementation and integration","page_number":14,"box":{"x":98,"y":450,"width":227,"height":11}},{"id":"73be4e8e-8d46-4aff-96e2-aeed3646d3e9","block_type":"box","text":"Aligned to corporate policies, risks are monitored and challenged through MPFL’s governance and committee structure.","page_number":14,"box":{"x":97,"y":472,"width":804,"height":11}},{"id":"77a9bf76-1057-4dbc-82c1-8cd6f84d9187","block_type":"box","text":"Responsibilities are allocated as follows:","page_number":14,"box":{"x":98,"y":487,"width":273,"height":12}},{"id":"7242ff63-4d32-4ea2-a9df-6af298b487c2","block_type":"box","text":"The Board","page_number":14,"box":{"x":97,"y":517,"width":75,"height":9}},{"id":"c26e4d54-3005-431c-a6b5-fa338f33702a","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":542,"width":5,"height":3}},{"id":"eeba08c2-1597-456e-ad53-8e85424effe8","block_type":"box","text":"Reviews, challenges and approves the MPFL risk appetite;","page_number":14,"box":{"x":137,"y":539,"width":397,"height":11}},{"id":"d0b9f259-f4fa-4e74-841c-65c876fce61e","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":563,"width":5,"height":3}},{"id":"8b991f64-4b11-45a1-8b2e-a0311e83ceb2","block_type":"box","text":"Monitors actual risk profile against risk appetite;","page_number":14,"box":{"x":137,"y":561,"width":321,"height":11}},{"id":"283fda99-4d6b-4daa-b663-542e2983de4b","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":584,"width":5,"height":4}},{"id":"4b98a9dc-9be4-4c4c-9429-c99f2e1c18df","block_type":"box","text":"Reviews MPFL’s current risk exposures in relation to its stated risk appetite and tolerance, at least quarterly, and","page_number":14,"box":{"x":137,"y":582,"width":764,"height":11}},{"id":"da351916-df66-4d31-8255-f2404b1f0ef9","block_type":"box","text":"monitors remedial mitigating actions as appropriate and tracks to resolution; and","page_number":14,"box":{"x":137,"y":596,"width":543,"height":11}},{"id":"33a4965f-782d-4bfe-a917-2d404bbf9a7f","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":620,"width":5,"height":4}},{"id":"36c38594-cd81-4080-8d4b-44c07ad2a3cf","block_type":"box","text":"Aligns with Group strategy and related risk appetite statements.","page_number":14,"box":{"x":136,"y":618,"width":430,"height":11}},{"id":"81c2851c-538c-4db2-8e89-309f4b88e0ab","block_type":"box","text":"The Working Group","page_number":14,"box":{"x":97,"y":645,"width":143,"height":12}},{"id":"cc8a8cea-7cdb-45ce-add8-da16ccfc327f","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":670,"width":5,"height":3}},{"id":"3191f02e-a14d-4658-9881-c4fe6c8c53fe","block_type":"box","text":"Oversees the production of strategic plans and budgets incorporating MPFL’s overall risk appetite;","page_number":14,"box":{"x":137,"y":668,"width":665,"height":11}},{"id":"740a27f9-95ed-4a55-93c8-05b93b471288","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":692,"width":5,"height":3}},{"id":"bcb9b9b4-9e2d-4fea-b096-c24c8b10ff6e","block_type":"box","text":"Drives risk awareness and understanding of risk appetite;","page_number":14,"box":{"x":137,"y":689,"width":388,"height":11}},{"id":"03f974d8-b9b5-4575-800a-9e954636c37e","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":713,"width":5,"height":3}},{"id":"d9c27acc-2e64-4fff-a3c1-8190146bd9c6","block_type":"box","text":"Challenges proposals for metrics, limits and statements;","page_number":14,"box":{"x":137,"y":710,"width":379,"height":12}},{"id":"2c61781d-85f8-447d-afe0-3322d1837882","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":734,"width":5,"height":4}},{"id":"f8ecef4f-45d9-414c-98ee-2423c464518a","block_type":"box","text":"Monitors business specific Risk Appetite Statement (“RAS”) metrics, risk limits and KRIs on an on-going basis and","page_number":14,"box":{"x":137,"y":732,"width":764,"height":11}},{"id":"e631eef2-2c33-487b-976f-1696d028c4a3","block_type":"box","text":"escalate breaches to risk;","page_number":14,"box":{"x":136,"y":746,"width":173,"height":10}},{"id":"8c6ff15a-8f3e-4725-947f-6d9f05653baa","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":770,"width":5,"height":3}},{"id":"004aea32-28bf-429e-bcb4-6b253aa3ec47","block_type":"box","text":"Proactively manages mitigation actions agreed in the event of breaches; and","page_number":14,"box":{"x":137,"y":767,"width":519,"height":12}},{"id":"4d6a4708-19c0-4266-a50a-b154816abbec","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":791,"width":5,"height":4}},{"id":"a36a88b2-4be6-4da2-aa0e-d6a8438f2e6d","block_type":"box","text":"Ensures risk appetite is considered in the development of new businesses and products.","page_number":14,"box":{"x":137,"y":789,"width":599,"height":11}},{"id":"cb034f26-8cb8-478e-9440-c4ab3514a8c6","block_type":"box","text":"ORSA process","page_number":14,"box":{"x":98,"y":827,"width":106,"height":12}},{"id":"b3b24757-d801-4bf7-8ab2-272039e93050","block_type":"box","text":"MPFL undertakes an ORSA on at least an annual basis through the following process:","page_number":14,"box":{"x":98,"y":849,"width":585,"height":11}},{"id":"e6ba90c5-14e1-4311-95e5-911f6696095e","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":875,"width":5,"height":3}},{"id":"bcdbb4a5-66f7-420e-913b-e7f00f6e8eeb","block_type":"box","text":"Risk identification: Identification of the risks to which the Company is (or will be) exposed, taking into consideration","page_number":14,"box":{"x":137,"y":872,"width":764,"height":11}},{"id":"726342c5-fb71-455b-ba64-b732f989493f","block_type":"box","text":"its business model and the business environment in which it operates. Risk identification is performed by the Risk","page_number":14,"box":{"x":137,"y":887,"width":765,"height":11}},{"id":"7b3c7d1c-0fa7-4ed4-b5f3-1adf12e2c367","block_type":"box","text":"Management function according to all risk types included in SSC’s risk taxonomies, and as required by the","page_number":14,"box":{"x":137,"y":901,"width":765,"height":11}},{"id":"cbc40082-aa69-40db-b6bf-ed2797b02ebb","block_type":"box","text":"regulators. In performing the risk identification analysis, the Risk Management function is supported by all the","page_number":14,"box":{"x":137,"y":915,"width":765,"height":11}},{"id":"a27ebb41-d262-4e58-a886-41c0fc5a4c6a","block_type":"box","text":"business, support and governance functions according to their assigned responsibilities and activities;","page_number":14,"box":{"x":137,"y":929,"width":689,"height":12}},{"id":"57f8cf56-b6fd-4358-8e0c-594f5e324bc8","block_type":"box","text":"Solvency and Financial Condition Report","page_number":15,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"1e68ba61-363f-4421-b178-36ea40fcf77e","block_type":"box","text":"Managed Pension Funds Limited 15/41","page_number":15,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"77ae4da6-cb84-4574-b5aa-01d2f9499af4","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":96,"width":5,"height":4}},{"id":"1b5f9c91-ae59-437e-9031-be518ad92e97","block_type":"box","text":"Risk Appetite: The risk appetite provides a clear articulation of MPFL’s willingness and capacity to take on risk","page_number":15,"box":{"x":137,"y":94,"width":766,"height":11}},{"id":"57b67587-df11-46f8-b56c-e3fa149d3fab","block_type":"box","text":"and MPFL’s tolerance for loss or negative events. The definition and quantification of the MPFL’s risk appetite is","page_number":15,"box":{"x":136,"y":108,"width":766,"height":11}},{"id":"8e2e7648-db72-4f87-b282-33ad0e6a4266","block_type":"box","text":"the responsibility of the Board; the Risk Management function provides guidance and recommendations. The","page_number":15,"box":{"x":136,"y":122,"width":766,"height":11}},{"id":"0c221b42-d91a-4723-af6e-dd422b1387fa","block_type":"box","text":"Board approves a risk appetite for MPFL incorporating both quantitative aspects relating to minimum capital","page_number":15,"box":{"x":137,"y":137,"width":764,"height":11}},{"id":"5b31efc0-6a0d-43ad-ba9a-fcda1d656724","block_type":"box","text":"requirements, and qualitative aspects relating more broadly to compliance with internal and Solvency II","page_number":15,"box":{"x":137,"y":151,"width":764,"height":11}},{"id":"cc507694-9cd7-4520-9631-a51d34c1d096","block_type":"box","text":"requirements;","page_number":15,"box":{"x":137,"y":165,"width":91,"height":11}},{"id":"b8f48088-2799-4437-9962-5e57dbd9325d","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":189,"width":5,"height":3}},{"id":"cdb2ffd4-8236-4d52-9a7b-24a782e7952c","block_type":"box","text":"Financial Projections: The purpose of financial projection is to outline the main components of the Statement of","page_number":15,"box":{"x":137,"y":187,"width":766,"height":11}},{"id":"2baa0340-d431-419b-9589-e30b8a77b539","block_type":"box","text":"Financial Position and the Income Statement over the forecast period. Three-year financial projections, based on","page_number":15,"box":{"x":137,"y":201,"width":764,"height":11}},{"id":"181b76b0-d6fa-41a6-96a4-bebc48c0c73b","block_type":"box","text":"MPFL’s approved Business Plan, are developed and used as the base case for the ORSA;","page_number":15,"box":{"x":137,"y":215,"width":614,"height":11}},{"id":"aaa627a3-bae8-4ca1-af99-dfc532cb2762","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":239,"width":5,"height":3}},{"id":"c8208845-915e-44a9-b34d-0c0507042bff","block_type":"box","text":"Risk Quantification: Quantification of the internal capital for each measurable risk type recognised within the risk","page_number":15,"box":{"x":137,"y":236,"width":766,"height":12}},{"id":"2ae94b40-1a76-4ad1-b954-1e181e29a64b","block_type":"box","text":"identification phase. The Standard Formula, as deemed appropriate, is used to define the methodology to quantify","page_number":15,"box":{"x":137,"y":251,"width":765,"height":11}},{"id":"54bdbd28-a44a-4af0-bcae-9f3e9f981932","block_type":"box","text":"Pillar 2 risk types;","page_number":15,"box":{"x":137,"y":265,"width":118,"height":11}},{"id":"6809deca-62ff-47f1-8522-1ec512de523c","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":289,"width":5,"height":3}},{"id":"df854275-0a7d-4c59-b9c0-f19a8d4b14b5","block_type":"box","text":"Stress Testing: The vulnerability of the Company to exceptional but plausible adverse events is assessed. The","page_number":15,"box":{"x":136,"y":286,"width":766,"height":12}},{"id":"2291594d-cf3b-48af-8b54-6f2b98aa602e","block_type":"box","text":"Board owns the definition and parameterisation of the stress scenarios, in consideration with applicable Solvency","page_number":15,"box":{"x":137,"y":301,"width":765,"height":11}},{"id":"595aa7de-7f4c-442d-837f-da456d0d4239","block_type":"box","text":"II requirements. The base case financial model is stressed using a range of severe single and combined stress","page_number":15,"box":{"x":137,"y":315,"width":765,"height":11}},{"id":"21bdcc35-1667-40b5-b1e6-83cfe7498ab4","block_type":"box","text":"scenarios to determine the profit and capital impact on MPFL, and to inform the quantification of Pillar 2","page_number":15,"box":{"x":136,"y":329,"width":766,"height":11}},{"id":"2b871554-dbb6-4298-9981-6c074f00736c","block_type":"box","text":"requirements;","page_number":15,"box":{"x":137,"y":344,"width":91,"height":11}},{"id":"2eae189a-227a-4e17-a67e-ebc81185a056","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":367,"width":5,"height":4}},{"id":"f5fc5d03-b51d-40b1-8498-c2c492bc6be7","block_type":"box","text":"Aggregation of Capital Requirements: Capital requirements across the risk universe are aggregated to inform the","page_number":15,"box":{"x":136,"y":365,"width":766,"height":11}},{"id":"169c214a-e135-4696-b591-989509327faf","block_type":"box","text":"capital adequacy assessment under the Standard Formula approach, where allowance for diversification benefits","page_number":15,"box":{"x":136,"y":379,"width":766,"height":11}},{"id":"8c8bdc7f-e4d6-45b2-9b9c-91c32c6d39e5","block_type":"box","text":"have been recognised;","page_number":15,"box":{"x":137,"y":393,"width":153,"height":12}},{"id":"d793896a-6029-429d-bdea-29709ca6a1da","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":417,"width":5,"height":4}},{"id":"2fb1573f-8369-4a42-bbaa-0c5729ad5363","block_type":"box","text":"Capital Adequacy: Verification that the Company’s total capital (i.e. its available financial resources) is adequate","page_number":15,"box":{"x":137,"y":415,"width":765,"height":11}},{"id":"59991e9b-b09f-4ffd-bc3e-db1b6aa2093f","block_type":"box","text":"in terms of size and composition to cover all material risk types to which the Company is exposed. Capital","page_number":15,"box":{"x":137,"y":429,"width":765,"height":11}},{"id":"7e82cbcd-5b20-444d-b329-902c54a4408b","block_type":"box","text":"requirements are compared to available resources to confirm that MPFL has adequate capital resources; and","page_number":15,"box":{"x":137,"y":443,"width":740,"height":11}},{"id":"5665cab4-9135-4589-8e57-cc8d5de3c4c3","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":467,"width":5,"height":4}},{"id":"50cf0ab0-e4e1-4185-ae8b-25fe93e16766","block_type":"box","text":"Preparation of ORSA Report, which is reviewed and challenged by the Actuarial function, Subject Matter Experts","page_number":15,"box":{"x":137,"y":465,"width":765,"height":11}},{"id":"8a564790-8ca3-4022-9e7e-08037afc072f","block_type":"box","text":"(“SMEs”) and the Working Group and ultimately approved by the Board.","page_number":15,"box":{"x":137,"y":479,"width":485,"height":11}},{"id":"331a578d-597b-4c8b-b73e-dfae9d68a58d","block_type":"box","text":"The ORSA is integrated into MPFL’s risk management framework and decision-making processes as follows:","page_number":15,"box":{"x":97,"y":500,"width":741,"height":11}},{"id":"b450f83d-605b-42cd-aaca-f6945efa354f","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":526,"width":5,"height":3}},{"id":"a24e6ebf-14ca-4fd5-a682-a87379a2ebd8","block_type":"box","text":"The use of stress testing and scenario analysis are also incorporated within the Company’s forecasting of","page_number":15,"box":{"x":136,"y":523,"width":767,"height":11}},{"id":"02100b14-0ab6-490a-8860-5df4ea79af91","block_type":"box","text":"revenues, costs, expected losses and potential regulatory capital requirements;","page_number":15,"box":{"x":137,"y":538,"width":536,"height":11}},{"id":"0416203f-bf40-424a-bebe-3d6b0f0e38cb","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":561,"width":5,"height":4}},{"id":"a52ab3b7-fba0-4620-94c9-a66cd9efc28f","block_type":"box","text":"Inclusion of ORSA impacts as a standing item on the Working Group and the Board agendas;","page_number":15,"box":{"x":137,"y":559,"width":633,"height":11}},{"id":"439411fa-4526-430a-a5b3-4fe9fd29eda6","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":583,"width":5,"height":3}},{"id":"45bc5ff9-aadd-40f3-ab20-3ddde664b0c6","block_type":"box","text":"Integration of an assessment of impacts on the future risk management or solvency of the Company into key","page_number":15,"box":{"x":137,"y":580,"width":766,"height":12}},{"id":"be0e0ba8-ed2d-4628-9db9-b0be007a5583","block_type":"box","text":"business decisions such as the launching and seeding of new unit-linked funds;","page_number":15,"box":{"x":137,"y":595,"width":538,"height":11}},{"id":"12913853-b12b-436c-b874-5ae7f1eb10d0","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":618,"width":5,"height":4}},{"id":"8a8a6081-ab5d-40c1-912d-c4242b7033d3","block_type":"box","text":"The ORSA workshops serve to engage business managers in the risk management processes and enhance risk","page_number":15,"box":{"x":136,"y":616,"width":766,"height":11}},{"id":"c450a6a0-84c6-496d-9db5-5cf9d33c930d","block_type":"box","text":"awareness in the Company;","page_number":15,"box":{"x":136,"y":630,"width":189,"height":11}},{"id":"ce472111-b891-4130-9026-a8697b237d46","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":654,"width":5,"height":3}},{"id":"a7f629a2-86c4-40cd-8e17-5022d3046cf0","block_type":"box","text":"The risk identification process has been embedded across the business through manager involvement in the","page_number":15,"box":{"x":136,"y":652,"width":766,"height":11}},{"id":"80a4eb64-f687-4b13-a449-877a2915bb4a","block_type":"box","text":"process through meetings and workshops;","page_number":15,"box":{"x":137,"y":666,"width":286,"height":11}},{"id":"f6809995-0419-4f32-8a99-76d4b56f20d2","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":690,"width":5,"height":3}},{"id":"d35e1e37-664f-4fbc-b175-cd7e40cd4303","block_type":"box","text":"The ORSA is used as a core input to the strategic decision making in the Company, in particular in the acquisition","page_number":15,"box":{"x":136,"y":687,"width":765,"height":12}},{"id":"53759c69-0489-449c-82b1-7427caa89057","block_type":"box","text":"of new business;","page_number":15,"box":{"x":136,"y":702,"width":113,"height":10}},{"id":"37aa3f28-0431-4104-ab6f-02e8f151dab7","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":725,"width":5,"height":4}},{"id":"192ddb4f-e0e3-42d7-a389-2f8b0e1f684c","block_type":"box","text":"The existing risk identification methodology associated with NBPRA process, as well as other corporate","page_number":15,"box":{"x":136,"y":723,"width":766,"height":11}},{"id":"2f01c45b-c85b-49cc-b1b7-25b29033fa4d","block_type":"box","text":"procedures, considers the ORSA implication of any new initiative impacting the Company as a core input to the","page_number":15,"box":{"x":137,"y":737,"width":765,"height":11}},{"id":"e1958727-6d9d-4f53-aa9a-bf3a6548bd53","block_type":"box","text":"decision-making process; and","page_number":15,"box":{"x":136,"y":752,"width":202,"height":11}},{"id":"079a91b1-ad84-4c44-9645-73bda3ecf5e8","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":775,"width":5,"height":4}},{"id":"2e995e0d-cb4a-474f-bab9-856f4cba638f","block_type":"box","text":"Regular updates of the quantification of material risks in the ORSA are presented to the Board.","page_number":15,"box":{"x":137,"y":773,"width":641,"height":11}},{"id":"b81afae6-00ff-4535-a5be-ff4405185499","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":797,"width":5,"height":3}},{"id":"ba4839dd-0adb-4c69-b3b7-e2216f34be3d","block_type":"box","text":"All policy documentation associated with this ORSA is reviewed at least annually.","page_number":15,"box":{"x":136,"y":794,"width":551,"height":11}},{"id":"4823c3da-255e-44d2-bc8c-0e2f8f570b46","block_type":"box","text":"ORSA review and approval","page_number":15,"box":{"x":98,"y":822,"width":195,"height":11}},{"id":"fd91ac13-4b64-455a-b8a7-80f321e3dfb8","block_type":"box","text":"As noted earlier in this section, the draft 2025 ORSA Report, based on Statement of Financial Position as at 31","page_number":15,"box":{"x":97,"y":844,"width":803,"height":11}},{"id":"0230ab17-ada7-4ef7-8bd6-0a94b13427e7","block_type":"box","text":"December 2024 was reviewed and challenged by the Working Group as an integral part of the ORSA process, and the","page_number":15,"box":{"x":98,"y":860,"width":804,"height":11}},{"id":"a663bf83-6376-4b00-b880-7d3b09753f39","block_type":"box","text":"final ORSA Report was reviewed and approved by the Board on 25 September 2025.","page_number":15,"box":{"x":97,"y":875,"width":578,"height":12}},{"id":"437d9818-4139-4b6b-a19f-f981514f824d","block_type":"box","text":"Solvency and Financial Condition Report","page_number":16,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"103a9548-b123-4591-8500-84d226179425","block_type":"box","text":"Managed Pension Funds Limited 16/41","page_number":16,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"cc8d90c6-f64d-476f-806a-cc554eb110ba","block_type":"box","text":"Determination of own solvency needs","page_number":16,"box":{"x":98,"y":97,"width":274,"height":11}},{"id":"e5f9bd41-44e5-4392-99e6-6aafecf8e8b4","block_type":"box","text":"MPFL determines its own solvency needs using the Standard Formula for Pillar 1 and the ORSA internal process to","page_number":16,"box":{"x":98,"y":118,"width":804,"height":12}},{"id":"fd26a1c5-279b-40a3-a62b-ece793a94ca6","block_type":"box","text":"assess its risk and solvency positions under business-as-usual and severe stress scenarios for Pillar 2.","page_number":16,"box":{"x":98,"y":134,"width":698,"height":11}},{"id":"3309290a-54c8-4690-a1c0-ad95a657ae8c","block_type":"box","text":"Interaction between capital management activities and risk management system","page_number":16,"box":{"x":98,"y":164,"width":585,"height":11}},{"id":"c3c12d00-ed62-4e07-98de-504933254984","block_type":"box","text":"The ORSA forms an integral part of the risk and capital management processes of MPFL. The Board uses the ORSA","page_number":16,"box":{"x":97,"y":186,"width":805,"height":11}},{"id":"c0651253-0bdc-4f96-903d-590a88157d9e","block_type":"box","text":"to maintain an effective link between the Company’s risk profile and its capital, thus ensuring that MPFL has adequate","page_number":16,"box":{"x":97,"y":201,"width":805,"height":12}},{"id":"501a8d3a-0eb0-4b89-a90d-30f8816f8848","block_type":"box","text":"capital to cover its risks and operate effectively within its capital framework. In particular, the Board reviews MPFL’s","page_number":16,"box":{"x":98,"y":217,"width":804,"height":11}},{"id":"572094f8-c03a-4f1a-ab3b-5eab8e7b4329","block_type":"box","text":"capital adequacy as outlined in the ORSA at each Board meeting or more frequently as necessary, following any","page_number":16,"box":{"x":98,"y":233,"width":804,"height":11}},{"id":"5dc7ddb7-0f66-46c6-938a-c23228952d49","block_type":"box","text":"significant changes to the business profile and strategy of the Company.","page_number":16,"box":{"x":98,"y":248,"width":489,"height":12}},{"id":"20582251-f3e5-434c-bd80-af6d9b63b222","block_type":"box","text":"B.4 Internal control system","page_number":16,"box":{"x":98,"y":283,"width":237,"height":12}},{"id":"b86ed383-c02e-4c55-8a80-43769e4b410f","block_type":"box","text":"Internal Control System","page_number":16,"box":{"x":98,"y":314,"width":172,"height":11}},{"id":"ccec6135-7160-4124-9096-305874fb6b2a","block_type":"box","text":"MPFL has internal control procedures and processes in place with clear designated lines of responsibility and reporting","page_number":16,"box":{"x":98,"y":336,"width":803,"height":11}},{"id":"93eda823-1c27-410f-bd42-32338dc8dc10","block_type":"box","text":"arrangements. The Company’s internal control system ensures compliance with applicable laws and regulations and","page_number":16,"box":{"x":98,"y":351,"width":803,"height":11}},{"id":"cf0b404b-613c-464d-b2a9-4f7d52a71de5","block_type":"box","text":"facilitates the identification of non-compliance risk and the assessment of the impact on MPFL of any changes to the","page_number":16,"box":{"x":97,"y":367,"width":805,"height":11}},{"id":"ec1eaf8c-ddce-4cf5-80ae-18b88dda333c","block_type":"box","text":"legal and regulatory environment.","page_number":16,"box":{"x":98,"y":383,"width":226,"height":11}},{"id":"141dbbbe-0724-4c93-b6d9-d2d17d23bb4b","block_type":"box","text":"Compliance function","page_number":16,"box":{"x":98,"y":412,"width":150,"height":11}},{"id":"8abe2aeb-2738-445e-a71b-9c6e030551be","block_type":"box","text":"The Company has an independent Compliance Function that reports to both the Board and the Working Group on","page_number":16,"box":{"x":97,"y":434,"width":804,"height":11}},{"id":"677f8050-609b-41de-bbac-cd8d39547b18","block_type":"box","text":"regulatory matters and findings from the execution of the Company’s Compliance Oversight Programme.","page_number":16,"box":{"x":98,"y":450,"width":708,"height":11}},{"id":"a4415404-6274-43b3-928c-7b18d59f2bde","block_type":"box","text":"B.5 Internal audit function","page_number":16,"box":{"x":98,"y":484,"width":228,"height":10}},{"id":"65332c68-3bbd-47e0-9467-ddcdfdeeb6be","block_type":"box","text":"As noted earlier, MPFL has an independent Internal Audit Function provided by State Street Corporation for the provision","page_number":16,"box":{"x":97,"y":508,"width":804,"height":12}},{"id":"e23f2c56-c315-40d5-9e10-d7f15bf6ed05","block_type":"box","text":"of internal audit services. Their remit enables them to assess the adequacy and effectiveness of MPFL’s internal control","page_number":16,"box":{"x":98,"y":524,"width":803,"height":11}},{"id":"73d53cc0-1c60-49ed-958a-50691ac42755","block_type":"box","text":"system, Information Technology (“IT”) including cyber security robustness and the system of governance that is in place.","page_number":16,"box":{"x":98,"y":540,"width":803,"height":11}},{"id":"b6b42356-b3c0-4fd5-b748-b8e48c5f8e9c","block_type":"box","text":"Internal Audit attends all MPFL’s Audit Committee meetings and also its Board meetings at such other times as required.","page_number":16,"box":{"x":99,"y":563,"width":802,"height":11}},{"id":"392079c9-7095-4bdf-9bbd-97113fd33f2a","block_type":"box","text":"The Board and the Working Group determine what actions are to be taken with respect to each internal audit finding","page_number":16,"box":{"x":97,"y":578,"width":804,"height":12}},{"id":"fd259fa0-1741-46db-9e1e-eb210f634cbf","block_type":"box","text":"and recommendation, and ensure those actions are carried out. This function is independent and no conflict of interest","page_number":16,"box":{"x":98,"y":594,"width":804,"height":11}},{"id":"8e2024ec-44dc-4c0d-8808-f397520b3d66","block_type":"box","text":"arises for the persons carrying out the role.","page_number":16,"box":{"x":98,"y":610,"width":290,"height":11}},{"id":"afa742ff-300e-490f-8749-330f0fa942f3","block_type":"box","text":"B.6 Actuarial function","page_number":16,"box":{"x":98,"y":644,"width":196,"height":10}},{"id":"03c852de-96e6-4bf3-b822-7ab112f01258","block_type":"box","text":"The services pertaining to Actuarial Function are rendered by WTW under a formal Statement of Work agreed with","page_number":16,"box":{"x":97,"y":668,"width":804,"height":12}},{"id":"5f3d17c2-f6a7-4cf2-8850-5b5d98b3762c","block_type":"box","text":"MPFL. The State Street Investment Management EMEA Chief Finance Officer is the SMF2 role holder who provides","page_number":16,"box":{"x":98,"y":684,"width":804,"height":11}},{"id":"24746455-6322-484d-85ab-4fa9f7cca284","block_type":"box","text":"the internal oversight of the Actuarial Function.","page_number":16,"box":{"x":97,"y":700,"width":316,"height":11}},{"id":"ee82de0e-67c2-4c17-8680-b4329870f699","block_type":"box","text":"The responsibilities of the Actuarial Function in MPFL cover:","page_number":16,"box":{"x":97,"y":723,"width":408,"height":11}},{"id":"48db861e-540f-47d4-b268-bec4667b756a","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":748,"width":5,"height":4}},{"id":"b61d912d-8513-4447-a1fe-43f133452833","block_type":"box","text":"Coordination of the technical provisions;","page_number":16,"box":{"x":137,"y":746,"width":270,"height":11}},{"id":"67e4b8c6-328f-429d-aa57-449236a8f31d","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":770,"width":5,"height":3}},{"id":"d9986e08-2450-4218-8508-e0c20b007abc","block_type":"box","text":"Data quality;","page_number":16,"box":{"x":137,"y":767,"width":83,"height":11}},{"id":"4d5f1289-728e-4266-b561-56086c2e6409","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":791,"width":5,"height":3}},{"id":"fa56e72a-8285-430f-af84-bcdf8b9d2459","block_type":"box","text":"Monitoring experience;","page_number":16,"box":{"x":137,"y":789,"width":153,"height":11}},{"id":"ba57e8b8-7452-4a51-86be-088fd8dcdd13","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":812,"width":5,"height":4}},{"id":"7a359468-6a9b-4d79-b19a-8db7095f3896","block_type":"box","text":"Underwriting policy and reinsurance arrangements;","page_number":16,"box":{"x":137,"y":810,"width":345,"height":11}},{"id":"270edbe5-529f-4109-8b72-ae697097613b","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":834,"width":5,"height":3}},{"id":"4b379ebb-eea1-47c0-a05c-96ecf0c1fd49","block_type":"box","text":"Internal and external actuarial reporting; and","page_number":16,"box":{"x":137,"y":832,"width":300,"height":11}},{"id":"6461ee60-4716-414e-92be-b792b5cd6d59","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":855,"width":5,"height":4}},{"id":"89c03464-551f-4203-9ad4-19f7d45c0fb1","block_type":"box","text":"Contributing to the risk management system.","page_number":16,"box":{"x":137,"y":853,"width":303,"height":11}},{"id":"ad65447e-6105-4974-98db-f79c80334df2","block_type":"box","text":"Additionally, the Actuarial Function provides advice and an actuarial opinion on asset-liability valuation and matching,","page_number":16,"box":{"x":97,"y":874,"width":804,"height":11}},{"id":"1fb98dcb-f8e2-47a5-907c-932129cf2442","block_type":"box","text":"the current and prospective solvency position, stress and scenario tests for technical provisions and asset-liability","page_number":16,"box":{"x":97,"y":890,"width":805,"height":11}},{"id":"c8328f80-60b6-4226-8345-ed127dfd2508","block_type":"box","text":"management, and other forms of risk transfer or risk mitigation techniques for insurance risks.","page_number":16,"box":{"x":98,"y":905,"width":634,"height":12}},{"id":"1555fe65-fb54-44d5-8e33-cf54c2a0c8d6","block_type":"box","text":"Solvency and Financial Condition Report","page_number":17,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"32ff9a56-9d82-4426-95c0-f3068f33df3a","block_type":"box","text":"Managed Pension Funds Limited 17/41","page_number":17,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"e36984e6-776d-4b6f-a35e-2250a03c25f0","block_type":"box","text":"The requirement to coordinate the calculation of the technical provisions can be summarised as the requirement for the","page_number":17,"box":{"x":97,"y":93,"width":805,"height":12}},{"id":"e3237997-ed76-408f-b61f-3ce4c461ea4b","block_type":"box","text":"Actuarial Function to provide an opinion on whether the technical provisions have been calculated in accordance with","page_number":17,"box":{"x":97,"y":109,"width":804,"height":11}},{"id":"1681082b-8c08-41d2-af8e-202320c46842","block_type":"box","text":"the Technical Provision and Technical Provisions - Further Requirements parts of the PRA Rulebook, and to ensure","page_number":17,"box":{"x":97,"y":125,"width":805,"height":11}},{"id":"c16b3386-983a-4e16-9fbc-62b98933fe00","block_type":"box","text":"any approximations and/or limitations have been addressed appropriately. The Actuarial Function is directly responsible","page_number":17,"box":{"x":98,"y":141,"width":804,"height":11}},{"id":"c096ae44-0af5-4080-b992-b239ddd0b98f","block_type":"box","text":"for ensuring that the assumptions and methodologies used to value the unit-linked business are appropriate. The","page_number":17,"box":{"x":97,"y":156,"width":805,"height":12}},{"id":"b962ba9c-a81a-49fa-ba51-0386479c5df4","block_type":"box","text":"Actuarial Function is also responsible for reviewing the SCR.","page_number":17,"box":{"x":97,"y":172,"width":411,"height":11}},{"id":"bcb5607f-99d8-4535-b571-e55967f30e4e","block_type":"box","text":"The Actuarial Function assesses the consistency of the data used in the calculation of the technical provisions against","page_number":17,"box":{"x":97,"y":195,"width":805,"height":11}},{"id":"3ba57381-ea49-4cde-a710-7973dd5301a2","block_type":"box","text":"the data quality standards as set out in the Technical Provision and Technical Provisions - Further Requirements parts","page_number":17,"box":{"x":97,"y":211,"width":805,"height":11}},{"id":"206d59f0-13d4-4f50-86ff-ec268bc7c9cc","block_type":"box","text":"of the PRA Rulebook, in particular by assessing the adequacy of the data checks carried out by MPFL. The Actuarial","page_number":17,"box":{"x":98,"y":226,"width":803,"height":12}},{"id":"572bcc18-f303-49b5-8b37-af86ddaba666","block_type":"box","text":"Function carries out independent high-level checks on the information supplied to the Actuarial Function for consistency","page_number":17,"box":{"x":98,"y":242,"width":804,"height":11}},{"id":"282ce2c3-8dac-4811-a3db-51c7750a50c0","block_type":"box","text":"with MPFL’s report and financial statements, including checks that the individual asset data supplied reconciles with the","page_number":17,"box":{"x":97,"y":258,"width":805,"height":11}},{"id":"ca959a68-c8b5-4d18-9381-6d8b79848891","block_type":"box","text":"total non-unit and unit-linked funds and that any movements can be explained.","page_number":17,"box":{"x":97,"y":273,"width":532,"height":12}},{"id":"b4534975-f1b6-4ca2-9bda-aebcecc2aa28","block_type":"box","text":"The Actuarial Function verifies the best estimate assumptions used in the calculation on the basis of an annual","page_number":17,"box":{"x":97,"y":297,"width":804,"height":11}},{"id":"5e2a200f-6f96-40d4-94d5-445405913652","block_type":"box","text":"assessment of the expenses and charges on policies, based on actual experience and the information supplied by the","page_number":17,"box":{"x":98,"y":312,"width":804,"height":11}},{"id":"918678ab-37cf-4b62-9592-718173233439","block_type":"box","text":"Finance Function. External information on risk-free yields and inflation is expected to be updated on a quarterly basis.","page_number":17,"box":{"x":98,"y":328,"width":801,"height":11}},{"id":"da9a5eb4-c3d0-4930-b4bc-728081a27aa6","block_type":"box","text":"Underwriting policy includes the terms on which new business is written; the Actuarial Function will advise on the impact","page_number":17,"box":{"x":98,"y":351,"width":804,"height":11}},{"id":"307baf9d-62b3-45b6-8266-42632ba8e002","block_type":"box","text":"on the technical provisions and the SCR of any material changes in the terms on which MPFL writes new business,","page_number":17,"box":{"x":98,"y":366,"width":803,"height":12}},{"id":"ffbd21ce-ac9a-4759-8bc0-365136a30374","block_type":"box","text":"including the introduction of any new products.","page_number":17,"box":{"x":98,"y":382,"width":314,"height":11}},{"id":"fbf1c41f-3ff6-4c7f-9a50-f17465ed98f1","block_type":"box","text":"The Actuarial Function reports to the Board quarterly and promptly reports to the Working Group any issues arising,","page_number":17,"box":{"x":97,"y":405,"width":804,"height":11}},{"id":"e1689c7a-93f4-44ed-9df8-507d853ccb0d","block_type":"box","text":"either from the information provided or through the work undertaken, that may have a material impact on the financial","page_number":17,"box":{"x":98,"y":421,"width":804,"height":11}},{"id":"786e3227-66e7-47c1-b177-905fed6c7b9e","block_type":"box","text":"position of MPFL. The Actuarial Function also provides input to the Risk Management Function on the risks MPFL runs","page_number":17,"box":{"x":98,"y":437,"width":804,"height":11}},{"id":"3c6d472a-aa11-4e61-8122-d5d2ba21f234","block_type":"box","text":"in so far as they may have a material impact on MPFL’s ability to meet its liabilities to policyholders and on the capital","page_number":17,"box":{"x":98,"y":452,"width":804,"height":11}},{"id":"afff2209-a39b-41be-8cbc-09248a1b477a","block_type":"box","text":"needed to support the business, including regulatory capital requirements.","page_number":17,"box":{"x":98,"y":468,"width":501,"height":11}},{"id":"cc77e32c-8efa-4df9-8e7b-0e0c1cb9361f","block_type":"box","text":"B.7","page_number":17,"box":{"x":98,"y":494,"width":22,"height":9}},{"id":"b910a4cb-96fb-4b5e-88f7-0da75badac57","block_type":"box","text":"Outsourcing","page_number":17,"box":{"x":153,"y":493,"width":95,"height":12}},{"id":"576f28a9-07d9-4472-ac6d-bf8ed16a7925","block_type":"box","text":"An EMEA Outsourcing Policy exists, that is applicable to all UK businesses, legal entities and UK-based branches, and","page_number":17,"box":{"x":97,"y":516,"width":804,"height":11}},{"id":"01413eba-db2c-4dde-93f2-822e37ae36df","block_type":"box","text":"as such is inclusive of MPFL.","page_number":17,"box":{"x":98,"y":532,"width":196,"height":8}},{"id":"1ac1127a-b8ac-4bb9-b3ad-fa67496f453b","block_type":"box","text":"MPFL has appointed a UK senior manager who is responsible for oversight of the business lines’ and corporate","page_number":17,"box":{"x":98,"y":554,"width":804,"height":11}},{"id":"0eb5bdd4-a490-434d-b217-b926369a40ed","block_type":"box","text":"functions’ portfolio of outsourced arrangements (the Outsourcing Oversight Manager); and in relation to services","page_number":17,"box":{"x":97,"y":570,"width":805,"height":11}},{"id":"506aa0c1-0a51-4ca1-9f91-c15171cbe2e6","block_type":"box","text":"covered under an outsourcing arrangement, a UK Outsourcing Arrangement Owner for each arrangement who is","page_number":17,"box":{"x":98,"y":586,"width":804,"height":11}},{"id":"96d59ead-aef7-4feb-8aa9-4b501d1b9202","block_type":"box","text":"responsible for ensuring correct documentation for each arrangement and ongoing oversight of each arrangement.","page_number":17,"box":{"x":98,"y":602,"width":776,"height":11}},{"id":"1091e8b9-7974-4469-b0a3-982c9100b13d","block_type":"box","text":"It has developed and implemented a programme to:","page_number":17,"box":{"x":99,"y":625,"width":349,"height":11}},{"id":"e1da2d8b-5202-4b97-b4e0-a650843dd58c","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":650,"width":5,"height":3}},{"id":"c6f0d90f-82ea-48a8-8f46-3fc8c02cb10d","block_type":"box","text":"Identify all internal and external arrangements that are categorised as material by the FCA;","page_number":17,"box":{"x":137,"y":647,"width":615,"height":12}},{"id":"c86e6a94-02d8-4c8d-aff6-8356462095c3","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":671,"width":5,"height":4}},{"id":"f0617ac8-f521-47dc-af6d-86ecef85c8c2","block_type":"box","text":"Ensure appropriate contractual agreements are in place;","page_number":17,"box":{"x":137,"y":669,"width":381,"height":11}},{"id":"02f2b9c1-021f-4a32-8519-f60dfd8c4b4f","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":693,"width":5,"height":3}},{"id":"4e88f715-3e09-44b3-994e-6344b29f61d9","block_type":"box","text":"Ensure efficient oversight of outsourcing arrangements, including KRI metrics and reporting to the Working Group","page_number":17,"box":{"x":137,"y":690,"width":765,"height":12}},{"id":"38a26b80-c03b-4f75-83c7-ad24bc72b683","block_type":"box","text":"and the Board;","page_number":17,"box":{"x":136,"y":705,"width":99,"height":10}},{"id":"46b16119-b3f6-474d-8ede-d59dbb146e5f","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":728,"width":5,"height":4}},{"id":"c8752890-4586-4982-a3e6-309771e1c1a3","block_type":"box","text":"Undertake annual outsourcing assessments of in-scope arrangements;","page_number":17,"box":{"x":137,"y":726,"width":480,"height":11}},{"id":"561364e0-2c9e-4f19-bbe1-3ffc13252b55","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":750,"width":5,"height":3}},{"id":"f5233da3-914d-461b-b876-6eee9848949e","block_type":"box","text":"Provide oversight of IT resilience initiatives underway in group entities.","page_number":17,"box":{"x":137,"y":747,"width":476,"height":12}},{"id":"6ef8f400-4e60-43da-84cd-d87ad600e1b8","block_type":"box","text":"The oversight of the outsourced operating model is the responsibility of the Board. The Board delegates to the SSGA","page_number":17,"box":{"x":97,"y":768,"width":805,"height":12}},{"id":"43f8e605-91e8-4be8-a974-77ff925b942c","block_type":"box","text":"UK SMC oversight of the Company’s corporate and fund governance, including those matters delegated by the","page_number":17,"box":{"x":98,"y":784,"width":804,"height":11}},{"id":"ee0479f6-a75c-40ae-8597-aad5f537b813","block_type":"box","text":"Company to State Street Global Advisors Limited. The Working Group and the SSGA UK SMC escalate significant","page_number":17,"box":{"x":98,"y":800,"width":804,"height":11}},{"id":"7b8d4188-8007-4b52-b0b9-fdfa73889c8f","block_type":"box","text":"matters to the Board as necessary, and report to the Board on their actions under this delegation on a regular basis.","page_number":17,"box":{"x":98,"y":816,"width":785,"height":11}},{"id":"06f20413-2cd4-46a1-b8f3-695cdfeb2861","block_type":"box","text":"B.8 Any other information","page_number":17,"box":{"x":98,"y":850,"width":228,"height":12}},{"id":"39793e47-edae-40d3-a2da-76d51581e9b3","block_type":"box","text":"There is no other material information regarding MPFL’s system of governance to add.","page_number":17,"box":{"x":97,"y":874,"width":586,"height":11}},{"id":"bd7f33c0-112f-442d-af9f-3ec82088e875","block_type":"box","text":"Solvency and Financial Condition Report","page_number":18,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"c5f5a022-cf37-4382-984c-1b7dfa993ef9","block_type":"box","text":"Managed Pension Funds Limited 18/41","page_number":18,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"99135927-19c9-4790-9a70-ec3f2bf3f56a","block_type":"box","text":"Section C: Risk Profile","page_number":18,"box":{"x":98,"y":109,"width":194,"height":11}},{"id":"e38eb86d-4e9c-46af-97c4-5dc52170820d","block_type":"box","text":"C.1 Underwriting risk","page_number":18,"box":{"x":98,"y":148,"width":192,"height":12}},{"id":"23a3f52b-a06d-4cd4-96a4-9cbce9691e16","block_type":"box","text":"MPFL writes only unit-linked pension business that offers no guarantees or otherwise provide any benefits beyond the","page_number":18,"box":{"x":98,"y":172,"width":804,"height":11}},{"id":"a641ef76-2ad8-4446-b01c-480ca7f39ace","block_type":"box","text":"return of assets under management. The Company is therefore not exposed to traditional underwriting risk; only the life","page_number":18,"box":{"x":98,"y":188,"width":804,"height":11}},{"id":"7a25a815-fd4f-4771-953d-34181a3c1347","block_type":"box","text":"expense risk is applicable that stem from administrative expenses incurred by MPFL.","page_number":18,"box":{"x":98,"y":203,"width":575,"height":12}},{"id":"7b15cb2d-f850-4db3-a308-59f9a4e5e0a2","block_type":"box","text":"The Life Expense Risk for MPFL as at 31 December 2025 was £0.01m (2024: £0.01m).","page_number":18,"box":{"x":97,"y":226,"width":593,"height":12}},{"id":"9fbd8f46-3e02-4211-b37a-97a74799b301","block_type":"box","text":"C.2 Market risk","page_number":18,"box":{"x":98,"y":261,"width":144,"height":9}},{"id":"0d33fd1c-c7a9-4050-a518-cb2c56c0e728","block_type":"box","text":"Market risk arising on the unit-linked funds is borne by policyholders, as explained in policyholders’ disclosures. Market","page_number":18,"box":{"x":98,"y":285,"width":804,"height":11}},{"id":"c09da898-cb16-4557-bc61-a89244180e9d","block_type":"box","text":"risk for MPFL relates primarily to price fluctuations in the funds where its shareholder assets are placed. As at 31","page_number":18,"box":{"x":98,"y":300,"width":802,"height":12}},{"id":"4c08f17b-ce04-4fdb-8ea8-baf9480485c0","block_type":"box","text":"December 2025, MPFL has £0.98m (2024: £0.92m) of seed money invested in various unit-linked funds and £12.54m","page_number":18,"box":{"x":98,"y":316,"width":803,"height":11}},{"id":"53b64957-2199-42e2-a367-4c6962ba4c84","block_type":"box","text":"(2024: £12.01m) invested in SSGA Liquidity Fund. The seed money is placed in a range of sub-funds with exposure to,","page_number":18,"box":{"x":98,"y":332,"width":803,"height":11}},{"id":"b58bd373-b935-424e-bda2-3c2fa4554e6f","block_type":"box","text":"for example, equities and liquidity funds. Therefore, MPFL seed capital is exposed to the impact of changes in unit","page_number":18,"box":{"x":97,"y":348,"width":805,"height":11}},{"id":"fd9f10f4-c92f-444c-a8f1-26fe36ab0fe7","block_type":"box","text":"values of linked assets invested in equity funds. Seed money is removed from the funds if not required.","page_number":18,"box":{"x":97,"y":363,"width":698,"height":12}},{"id":"3044323f-fcb2-4594-8ffe-58110b676d0e","block_type":"box","text":"The holdings in funds in currencies other than GBP amounted to £0.69m triggering an exposure to currency risk.","page_number":18,"box":{"x":97,"y":386,"width":763,"height":11}},{"id":"5b3f853f-a44d-489d-901c-69c723af90a3","block_type":"box","text":"The Spread and Concentration risk on shareholder assets is driven by £12.54m investment in the SSGA liquidity fund","page_number":18,"box":{"x":97,"y":409,"width":804,"height":11}},{"id":"366f8bd1-89f1-457e-b7e4-ac5d65f6aaf0","block_type":"box","text":"and £0.28m seed money invested in the SSGA liquidity fund.","page_number":18,"box":{"x":98,"y":425,"width":412,"height":11}},{"id":"f80cca51-542e-4a53-9b78-da7f45510e86","block_type":"box","text":"Interest rate risk is the possibility that changes in interest rates will result in higher or reduced income from MPFL’s","page_number":18,"box":{"x":99,"y":448,"width":803,"height":11}},{"id":"28217d02-94e6-4ddd-a9c0-5dad973621af","block_type":"box","text":"interest bearing financial assets. MPFL does not hold interest bearing liabilities. MPFL’s shareholder assets exposed to","page_number":18,"box":{"x":98,"y":463,"width":804,"height":12}},{"id":"593a04d4-2a33-40e6-a485-5d959396f34a","block_type":"box","text":"interest rate risk are part of the SSGA Liquidity Fund. Interest earned or the unrealised gains or losses on valuation of","page_number":18,"box":{"x":98,"y":479,"width":805,"height":11}},{"id":"fa6830c7-55f0-4959-9588-14bd9312a27b","block_type":"box","text":"this exposure are reported as part of the Investment Income.","page_number":18,"box":{"x":97,"y":495,"width":411,"height":11}},{"id":"14850456-6b91-452f-ba52-34292f8da764","block_type":"box","text":"The total capital requirement in respect of Market Risk calculated using the Standard Formula, as at 31 December 2025","page_number":18,"box":{"x":97,"y":518,"width":805,"height":11}},{"id":"93fa61e4-c483-4dcf-98e8-0ef80e71c109","block_type":"box","text":"was £0.59m (2024: £0.50m). There were no material changes over the reporting period.","page_number":18,"box":{"x":97,"y":533,"width":596,"height":12}},{"id":"085a6708-c53c-4b0e-a41a-97705e84fb77","block_type":"box","text":"C.3 Credit risk","page_number":18,"box":{"x":98,"y":568,"width":139,"height":10}},{"id":"b5af976f-80bc-4f38-b462-0667af5d0c36","block_type":"box","text":"Credit risk is defined as the risk of financial loss if a counterparty, borrower or obligor, collectively referred to as","page_number":18,"box":{"x":98,"y":592,"width":804,"height":11}},{"id":"933446e4-c3a7-4dcc-b0f6-24456850306e","block_type":"box","text":"counterparty, is either unable or unwilling to repay borrowings or settle a transaction in accordance with underlying","page_number":18,"box":{"x":98,"y":608,"width":803,"height":11}},{"id":"9d78ef9a-6041-4044-b133-9d8ce4e3fb05","block_type":"box","text":"contractual terms.","page_number":18,"box":{"x":98,"y":623,"width":120,"height":9}},{"id":"845b8f43-2c91-41b8-991f-a8a938f0dcfa","block_type":"box","text":"Credit risk for MPFL stems from its assets held in the form of cash deposits with a credit institution and other assets","page_number":18,"box":{"x":98,"y":646,"width":804,"height":11}},{"id":"ccdaa6ad-2a5d-4146-8fef-bdcbd3c4b1e5","block_type":"box","text":"held within the SSGA Liquidity Fund and policyholder debtors.","page_number":18,"box":{"x":98,"y":662,"width":419,"height":11}},{"id":"e38a5acd-3806-44d3-8d23-f2b9b7cc5fa3","block_type":"box","text":"MPFL’s cash at bank counterparties are limited in number and have acceptable credit ratings, and the risk profile of","page_number":18,"box":{"x":98,"y":685,"width":805,"height":11}},{"id":"b2494c55-09d7-4844-91c3-338d2cf5f24c","block_type":"box","text":"these counterparties is aligned with the assumptions underlying the Standard Formula for Type 1 exposures.","page_number":18,"box":{"x":97,"y":700,"width":737,"height":12}},{"id":"2c1c3f96-cd4f-448a-9157-67897dc1e32b","block_type":"box","text":"With regards to amounts owed by policyholders, MPFL has the contractual ability to recover any unpaid fees from units","page_number":18,"box":{"x":97,"y":723,"width":805,"height":12}},{"id":"7dadc1ac-a72e-4711-b9fc-0d9da01a5995","block_type":"box","text":"allocated to the relevant policy and hence the risk is only on any exposure in excess of the policyholder’s surrender","page_number":18,"box":{"x":98,"y":739,"width":805,"height":11}},{"id":"20c84988-9a44-4861-a951-97908691cfbe","block_type":"box","text":"value. Given the controls in place, any such situations would be extremely rare and if they were to occur, the fees","page_number":18,"box":{"x":97,"y":755,"width":805,"height":11}},{"id":"9d5c2462-ca64-46ea-b8ee-69e784129657","block_type":"box","text":"payable to SSGAL would be reduced rather than MPFL suffer detriment.","page_number":18,"box":{"x":98,"y":771,"width":490,"height":11}},{"id":"66031fe7-db3e-430c-a376-f6dac991acc6","block_type":"box","text":"The capital requirement for counterparty default risk calculated using the Standard Formula, as at 31 December 2025","page_number":18,"box":{"x":97,"y":793,"width":805,"height":12}},{"id":"c4ebe1fa-2a58-4adf-9d3d-222f5e4e7231","block_type":"box","text":"was £0.32m (2024: £0.21m). There were no material changes over the reporting period.","page_number":18,"box":{"x":97,"y":809,"width":596,"height":11}},{"id":"f5739a52-7e72-4e6f-9ee0-edad980ea8a3","block_type":"box","text":"C.4 Liquidity risk","page_number":18,"box":{"x":98,"y":844,"width":159,"height":12}},{"id":"f3f95bf1-003a-4e42-8ef6-fcf96e32e3c3","block_type":"box","text":"Any liquidity risk arising on the unit-linked funds is borne by policyholders, as explained in policyholder disclosures. The","page_number":18,"box":{"x":97,"y":868,"width":805,"height":11}},{"id":"9440b7d6-a775-4402-b8ef-66962d54ec4d","block_type":"box","text":"Board and the Working Group monitor the liquidity of all unit-linked funds.","page_number":18,"box":{"x":98,"y":883,"width":496,"height":12}},{"id":"d8a052e5-5345-4fc6-9a71-7233419dd3ba","block_type":"box","text":"MPFL has a liquidity requirement, relating to its ongoing operational expenses and tax liabilities. Cashflows are managed","page_number":18,"box":{"x":98,"y":906,"width":803,"height":11}},{"id":"b6a3185a-dcca-4c3b-a368-a3d2ca14b8ab","block_type":"box","text":"to ensure MPFL’s liabilities can be settled as they fall due. There were no material changes over the reporting period.","page_number":18,"box":{"x":97,"y":922,"width":795,"height":11}},{"id":"72bada6d-ca4e-4fce-9758-e0797e3b34f5","block_type":"box","text":"Solvency and Financial Condition Report","page_number":19,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"0abca16b-9c12-467f-8803-5bf86c46fbc5","block_type":"box","text":"Managed Pension Funds Limited 19/41","page_number":19,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"95266f78-db52-42c6-9a64-99fb0b7c9611","block_type":"box","text":"C.5 Operational risk","page_number":19,"box":{"x":98,"y":151,"width":182,"height":12}},{"id":"74f364a6-6dfd-4226-a9af-2c1e2ec25f35","block_type":"box","text":"This risk is defined as the risk of errors or omissions arising from inadequate or failed internal processes with the","page_number":19,"box":{"x":97,"y":175,"width":805,"height":11}},{"id":"ce760af1-35d9-432e-80ed-bf89c97e7d4c","block_type":"box","text":"potential for financial, reputational or franchise harm. MPFL recognises that performance of investment servicing and","page_number":19,"box":{"x":98,"y":191,"width":803,"height":11}},{"id":"1d5c82e1-dcad-4779-82ae-afaf3592dcdd","block_type":"box","text":"investment management activities have intrinsic operational execution risk that cannot be managed to zero.","page_number":19,"box":{"x":98,"y":207,"width":728,"height":11}},{"id":"83122da7-9d75-49ec-ac2c-a90bb843bb2c","block_type":"box","text":"Outsourcing risk is the risk that engaging external providers (third party outsourcing) or an affiliated entity (intragroup","page_number":19,"box":{"x":98,"y":229,"width":804,"height":11}},{"id":"9f272102-3e48-4df9-9ed3-f2ce210e4af9","block_type":"box","text":"outsourcing) to provide systems or services, which MPFL itself would otherwise perform, could adversely impact","page_number":19,"box":{"x":98,"y":245,"width":804,"height":11}},{"id":"f81ac9fa-400f-4eae-90e4-a25861773d73","block_type":"box","text":"performance. Outsourced services are governed by arm’s length agreements which require the service provider to make","page_number":19,"box":{"x":98,"y":261,"width":804,"height":11}},{"id":"f5c363ad-48a0-4f51-bc6c-614c12e1140d","block_type":"box","text":"good any operational losses on behalf of the MPFL’s client or fund, arising from the negligence of the service provider,","page_number":19,"box":{"x":98,"y":276,"width":803,"height":12}},{"id":"17b8f4a9-11bd-40c3-b7f4-ddfeb321eda2","block_type":"box","text":"willful default or fraud, or in respect of SSGAL, consequential losses.","page_number":19,"box":{"x":97,"y":292,"width":466,"height":11}},{"id":"1eb96b46-0f4a-480e-9973-67fe1977d830","block_type":"box","text":"Operational execution risk is addressed by identifying, collecting and analysing operational risk data; utilising the data","page_number":19,"box":{"x":98,"y":315,"width":804,"height":11}},{"id":"ffdfd02b-ed25-4b35-bf8a-ed6b42632ddf","block_type":"box","text":"to quantify its operational risk exposure and by implementing a comprehensive operational risk management and","page_number":19,"box":{"x":97,"y":331,"width":804,"height":11}},{"id":"a557ff43-e023-4a76-b22c-b6a1b84714b8","block_type":"box","text":"governance structure. The Company seeks to ensure this risk is managed to a level consistent with achieving its","page_number":19,"box":{"x":98,"y":346,"width":804,"height":12}},{"id":"20b2ccc2-e4be-44be-8958-38b1072305a8","block_type":"box","text":"strategic, financial and operational objectives with the goal of having an effectively designed and well-controlled","page_number":19,"box":{"x":98,"y":362,"width":803,"height":11}},{"id":"844feba7-1ee7-4e2c-8157-2a7cd96dd9e1","block_type":"box","text":"operating environment within its established appetite.","page_number":19,"box":{"x":98,"y":378,"width":360,"height":11}},{"id":"faa81edb-74f3-4a3f-b79e-bfd6f6808f50","block_type":"box","text":"Further, the Group companies provide operational services to MPFL. These services are governed by arm’s length","page_number":19,"box":{"x":98,"y":401,"width":803,"height":11}},{"id":"f2338437-2784-4611-ab12-bd5b11f09c49","block_type":"box","text":"agreements which require the service provider to make good any operational losses on behalf of an MPFL policyholders","page_number":19,"box":{"x":98,"y":416,"width":804,"height":12}},{"id":"888042a9-f704-4786-be1d-f1d80600ab42","block_type":"box","text":"or an MPFL fund, arising from its negligence of the service provider, willful default, fraud, or in respect of SSGAL,","page_number":19,"box":{"x":98,"y":432,"width":803,"height":11}},{"id":"8fa9e1de-f06c-415f-90c5-0cd5d5eafc3e","block_type":"box","text":"consequential losses. These services include an IT component which address IT resilience and cyber security. The","page_number":19,"box":{"x":98,"y":448,"width":804,"height":11}},{"id":"8287999c-5f87-4924-ac6b-2ad285389193","block_type":"box","text":"oversight of all outsourced functions is the responsibility of the Board.","page_number":19,"box":{"x":98,"y":463,"width":470,"height":12}},{"id":"9e9f11c7-6e1d-4b31-8fca-4afb639c9e26","block_type":"box","text":"The operational risk capital requirement is determined as 25% of expenses incurred during the year. Fluctuations in the","page_number":19,"box":{"x":97,"y":486,"width":805,"height":12}},{"id":"7d447ef9-7a0e-4e5c-b9be-f93d95375167","block_type":"box","text":"MPFL AUM impact the SCR calculation in two ways by increases/decreases in:","page_number":19,"box":{"x":98,"y":502,"width":536,"height":11}},{"id":"48c6a1a7-3aa1-4cda-8c5a-e7b89c8ca3a1","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":528,"width":5,"height":3}},{"id":"60a5f717-2178-49b0-92a6-64d4a54d25af","block_type":"box","text":"Management fees remitted to SSGAL (fees remitted to SSGAL are considered as “expenses” for MPFL); and","page_number":19,"box":{"x":118,"y":525,"width":738,"height":12}},{"id":"c106869e-dbcc-4d23-9683-d049ab431654","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":549,"width":5,"height":4}},{"id":"50be1016-3fbd-4b63-b526-60a78894f8ef","block_type":"box","text":"Fund Investment expenses.","page_number":19,"box":{"x":118,"y":547,"width":187,"height":11}},{"id":"a3d0147f-4ad6-4f88-a260-757dcbf76469","block_type":"box","text":"The Pillar 1 capital requirement for this risk, calculated using the Standard Formula, as at 31 December 2025 was","page_number":19,"box":{"x":97,"y":568,"width":805,"height":11}},{"id":"45b22448-c0de-4515-8fa7-8d017debee50","block_type":"box","text":"£3.64m (2024: £4.69m). There were no material changes over the reporting period.","page_number":19,"box":{"x":97,"y":583,"width":564,"height":12}},{"id":"5dcd6400-94b5-4e7d-b395-b9c5550a564d","block_type":"box","text":"C.6 Other material risks","page_number":19,"box":{"x":98,"y":618,"width":211,"height":10}},{"id":"6cf012c2-ed7b-479c-b98f-091056c10830","block_type":"box","text":"Group Risk","page_number":19,"box":{"x":98,"y":649,"width":82,"height":11}},{"id":"f979f7c7-33d3-4b8d-800a-0be98e30570f","block_type":"box","text":"Group risk is defined as the risk that the financial position of a Company may be adversely affected by its relationships","page_number":19,"box":{"x":98,"y":671,"width":804,"height":11}},{"id":"789129b9-14a0-41cc-8cc1-464df746fe2e","block_type":"box","text":"(financial or non-financial) with other entities in the same group or by risks which may affect the financial position of the","page_number":19,"box":{"x":98,"y":686,"width":804,"height":11}},{"id":"2672e119-d844-4248-8761-fa5512f852c7","block_type":"box","text":"whole group, for example reputational contagion.","page_number":19,"box":{"x":97,"y":702,"width":331,"height":11}},{"id":"d19c736d-4e98-49c9-b70c-23f69a0054a5","block_type":"box","text":"MPFL is a subsidiary of SSGA Inc. which sets the global State Street Investment Management strategy. As a member","page_number":19,"box":{"x":98,"y":725,"width":805,"height":11}},{"id":"ad062e41-e575-481c-8be3-74ba5c151929","block_type":"box","text":"of a larger group, MPFL is exposed to Group risk through the following areas:","page_number":19,"box":{"x":98,"y":741,"width":524,"height":11}},{"id":"7fe60321-b6a6-4dd0-a5f5-bc4b749dbf30","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":766,"width":5,"height":4}},{"id":"2632ae60-10aa-4dd4-972e-84895b956a0a","block_type":"box","text":"Contagion risk as a result of reputational damage or group financial pressures; and","page_number":19,"box":{"x":137,"y":764,"width":561,"height":11}},{"id":"c65d646c-7755-4dc9-861e-64287482a6bd","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":788,"width":5,"height":3}},{"id":"fe7fcc0a-346f-426b-aee9-f5e086c34a47","block_type":"box","text":"Intra-group exposures with operational dependencies between entities.","page_number":19,"box":{"x":137,"y":785,"width":480,"height":11}},{"id":"4894508a-a89a-475b-8209-49865d55e006","block_type":"box","text":"While it is unlikely that the Parent will fail, if it were to, MPFL would need to evaluate the viability of its business model.","page_number":19,"box":{"x":97,"y":807,"width":803,"height":11}},{"id":"2d5e01bd-ebc6-45b2-a4b7-24e3c6b71420","block_type":"box","text":"ESG and Sustainability risk","page_number":19,"box":{"x":98,"y":834,"width":199,"height":12}},{"id":"161d1477-b7c1-4ba2-aa0f-be3910372b55","block_type":"box","text":"Sustainability Risk is defined as an environmental, social, or governance (ESG) event or conditions that could result in","page_number":19,"box":{"x":98,"y":856,"width":803,"height":11}},{"id":"e2473232-3c46-404b-b017-d77e3d7056dd","block_type":"box","text":"an actual or a potential material negative impact on the Company. Sustainability risk is inclusive of Climate Risks, and","page_number":19,"box":{"x":98,"y":872,"width":803,"height":11}},{"id":"d5ebc2b5-0bf7-4b2e-89bf-c37f80d780d8","block_type":"box","text":"hereinafter referred to in aggregate as “ESG”.","page_number":19,"box":{"x":98,"y":888,"width":308,"height":11}},{"id":"b1cbecc9-df01-42f4-9717-beed94eccb90","block_type":"box","text":"Solvency and Financial Condition Report","page_number":20,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"73efb748-07c6-49e8-9f88-e7ef3b2bb709","block_type":"box","text":"Managed Pension Funds Limited 20/41","page_number":20,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"09eb2471-93c3-4347-9c3f-8c0fc8398d3b","block_type":"box","text":"MPFL recognises that environmental, social, and governance factors can impact a financial institution’s risk profile in","page_number":20,"box":{"x":98,"y":93,"width":803,"height":12}},{"id":"02ba9a2d-7a7c-48ce-b21c-8dba766ef1d0","block_type":"box","text":"multiple ways, including, but not limited to, the following:","page_number":20,"box":{"x":98,"y":109,"width":379,"height":11}},{"id":"afe03d41-0a5b-421f-8521-1ad6faa69bc1","block_type":"box","text":"• Environmental risks, such as climate change, pollution, or natural disasters, can affect the value of assets,","page_number":20,"box":{"x":109,"y":141,"width":792,"height":11}},{"id":"39afabbf-f360-452c-bbd1-30cf8f17eb5f","block_type":"box","text":"increase insurance costs, and create legal liabilities for a firm. Physical and transition climate related financial","page_number":20,"box":{"x":142,"y":156,"width":760,"height":12}},{"id":"67c5ec30-2c57-4fce-bb24-7eadcecf84ed","block_type":"box","text":"risks may have an impact on operations, however, risk identification programs indicate that this may give rise to","page_number":20,"box":{"x":142,"y":172,"width":760,"height":11}},{"id":"58f674d3-e963-4477-bf54-c78600d66817","block_type":"box","text":"direct financial, operational, and strategic risks, including through physical and transition impacts on assets,","page_number":20,"box":{"x":141,"y":188,"width":760,"height":11}},{"id":"cfd90991-d29a-4c11-8700-2d778fa23859","block_type":"box","text":"business operations, and evolving client demand.","page_number":20,"box":{"x":142,"y":204,"width":334,"height":11}},{"id":"882f97c4-f9e7-44b5-a0fa-a807f1a24a33","block_type":"box","text":"• Social risks such as labour practices, human rights violations, or community impacts can harm a firm’s reputation,","page_number":20,"box":{"x":109,"y":227,"width":792,"height":11}},{"id":"747f293c-c318-4567-8e84-d7f7194d9dfa","block_type":"box","text":"lead to regulatory fines, or trigger legal action.","page_number":20,"box":{"x":142,"y":243,"width":309,"height":11}},{"id":"23eb8f0e-3c3d-4efc-a88d-f3e526353698","block_type":"box","text":"• Governance risks such as broad diversity, executive pay, or bribery and corruption, can affect a firm’s decision","page_number":20,"box":{"x":109,"y":266,"width":793,"height":11}},{"id":"ff89756f-0fb2-4dc6-9709-9f716ab307f4","block_type":"box","text":"making processes, increase the likelihood of unethical behaviour, and damage stakeholder trust.","page_number":20,"box":{"x":142,"y":281,"width":653,"height":12}},{"id":"ee0080cc-093d-40cf-91ca-71f397718cd4","block_type":"box","text":"MPFL aims to integrate ESG factors as transversal risks into the overall risk management framework in alignment with","page_number":20,"box":{"x":98,"y":313,"width":803,"height":11}},{"id":"6ab27d7a-1914-44b0-ba07-f07ff772af7d","block_type":"box","text":"guidance from regulators and ESG bodies in its jurisdiction. In doing so, MPFL seeks to ensure ESG considerations are","page_number":20,"box":{"x":98,"y":329,"width":804,"height":11}},{"id":"5e8e9d6d-10d3-4043-b73b-10153d396089","block_type":"box","text":"taken into account when assessing and managing risks across different areas of its operations, including, but not limited","page_number":20,"box":{"x":97,"y":344,"width":804,"height":11}},{"id":"30ebe05b-3d30-4157-93f5-1c7e3e96ccdc","block_type":"box","text":"to investment decision making, corporate governance, and compliance. In line with its investment managers’","page_number":20,"box":{"x":97,"y":360,"width":804,"height":11}},{"id":"64b52082-1b4e-4182-96b2-8b3b2d7f6682","block_type":"box","text":"approaches, ESG considerations are assessed alongside traditional financial risk factors, and are not applied in a","page_number":20,"box":{"x":98,"y":376,"width":804,"height":11}},{"id":"98faad19-996b-4041-b695-92413585f678","block_type":"box","text":"prescriptive manner unless required by regulation or client mandate.","page_number":20,"box":{"x":98,"y":392,"width":461,"height":11}},{"id":"dbef4a62-d2b1-4a19-80f4-6b9ac29465b1","block_type":"box","text":"Risk mitigation techniques","page_number":20,"box":{"x":98,"y":421,"width":194,"height":11}},{"id":"e5588dbb-381f-4dcc-8017-051e2e7d429e","block_type":"box","text":"MPFL is run on a risk-averse basis and writes only unit-linked pension business that offers no guarantees on","page_number":20,"box":{"x":98,"y":443,"width":803,"height":11}},{"id":"50f846e8-c63e-4aeb-a073-240aa49535ef","block_type":"box","text":"performance to policyholders. As a result, the risks that remain with MPFL are limited.","page_number":20,"box":{"x":98,"y":458,"width":580,"height":12}},{"id":"d874406a-fb22-411e-9f26-11b2427b35e0","block_type":"box","text":"Reinsurance is not currently used as a risk mitigation technique for MPFL.","page_number":20,"box":{"x":98,"y":481,"width":501,"height":12}},{"id":"ccabe056-74f9-42a9-b551-debdf39a6b7c","block_type":"box","text":"C.7 Any other information","page_number":20,"box":{"x":98,"y":516,"width":228,"height":12}},{"id":"59607b67-e801-42bd-bc7d-da47e73f8c98","block_type":"box","text":"There is no other material information regarding MPFL’s risk profile to add.","page_number":20,"box":{"x":97,"y":540,"width":506,"height":11}},{"id":"a77da4e9-da5d-4f6a-b4dd-a1004635f344","block_type":"box","text":"Solvency and Financial Condition Report","page_number":21,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"5b380557-ce7b-42d4-8ea0-21c3d5133446","block_type":"box","text":"Managed Pension Funds Limited 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Provisions","page_number":23,"box":{"x":106,"y":325,"width":140,"height":9}},{"id":"9dca82d7-4838-42e6-8862-245d26628178","block_type":"box","text":"21,576,284","page_number":23,"box":{"x":623,"y":325,"width":75,"height":10}},{"id":"eea3c85f-f85e-4c80-aeab-4cea6fd75e1d","block_type":"box","text":"33,534,755","page_number":23,"box":{"x":813,"y":325,"width":75,"height":10}},{"id":"60d4dbcf-7c81-46e3-aa48-35a6711df3e5","block_type":"box","text":"For the type of unit-linked contracts written by MPFL, the best estimate liabilities are calculated as:","page_number":23,"box":{"x":98,"y":366,"width":666,"height":11}},{"id":"e2c19c53-74ae-45b7-af91-7364f8de3c60","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":391,"width":5,"height":4}},{"id":"e475320b-8058-43a6-812f-5d19fe808af4","block_type":"box","text":"The value of the units allocated to the policies; less","page_number":23,"box":{"x":136,"y":389,"width":346,"height":11}},{"id":"4c30c04f-ca58-43e6-9ff2-e638a612e65e","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":413,"width":5,"height":3}},{"id":"480586a0-9bdd-4451-adac-24cd6d19a8a9","block_type":"box","text":"On a best-estimate basis, the present value of retained fee less administrative expenses projected in the three","page_number":23,"box":{"x":137,"y":410,"width":765,"height":12}},{"id":"01a5f9d8-0d86-4f80-a19b-0b89207c39ef","block_type":"box","text":"year Business Plan (the “Value of In-Force”). The decrease in the Value In Force (“VIF”) amount year on year is","page_number":23,"box":{"x":136,"y":425,"width":766,"height":11}},{"id":"3ec44cee-3fe9-493f-acb8-f2527bdf632a","block_type":"box","text":"due to a small increase in budgeted management expenses for 2026 compared to 2025.","page_number":23,"box":{"x":136,"y":439,"width":599,"height":11}},{"id":"1cd22ec1-542f-4cb7-88ad-d2a4594863a0","block_type":"box","text":"Contract boundary","page_number":23,"box":{"x":98,"y":467,"width":136,"height":11}},{"id":"b5f22504-c2f9-47ef-956d-294165e9cdc2","block_type":"box","text":"As policyholders cannot be compelled to pay future premiums, the contract boundary is assumed to be immediate and,","page_number":23,"box":{"x":97,"y":488,"width":804,"height":12}},{"id":"07584c88-975d-4b47-9ab1-7c3440253efd","block_type":"box","text":"as a consequence, no account is taken of any future premiums that may be paid after the valuation date in determining","page_number":23,"box":{"x":98,"y":504,"width":804,"height":11}},{"id":"46519689-08bc-4c75-a134-ebb0acb7fe04","block_type":"box","text":"the VIF.","page_number":23,"box":{"x":97,"y":520,"width":53,"height":9}},{"id":"9311d6f3-1ea8-445c-a9b7-1755b74cf22d","block_type":"box","text":"Projection period","page_number":23,"box":{"x":98,"y":550,"width":125,"height":11}},{"id":"7638e5ef-e2c1-442c-a8a4-b66f6f0f65fb","block_type":"box","text":"In accordance Chapter 27 of the Technical Provisions - Further Requirements part of the PRA Rulebook, MPFL uses a","page_number":23,"box":{"x":99,"y":571,"width":803,"height":11}},{"id":"fd32dab9-197b-4fbb-b0d0-ad65f35ab017","block_type":"box","text":"simplified approach with a 4-month projection period to calculate its technical provisions that is proportionate to the","page_number":23,"box":{"x":98,"y":587,"width":804,"height":11}},{"id":"c33b28cb-9270-4a31-ad2a-10a81303031d","block_type":"box","text":"nature, scale and complexity of the risk underlying its obligations. This reflects the nature of its expense agreements,","page_number":23,"box":{"x":98,"y":603,"width":803,"height":11}},{"id":"828c8e57-d9b3-40e8-a2bc-a4a2e3303228","block_type":"box","text":"which mean that changes in the length of the projection term have equal and offsetting effects on the VIF and risk margin","page_number":23,"box":{"x":97,"y":618,"width":804,"height":12}},{"id":"1df6503b-21ae-49bc-803b-10c3576c4db5","block_type":"box","text":"such that technical provisions don’t change.","page_number":23,"box":{"x":98,"y":634,"width":295,"height":11}},{"id":"03767857-481a-4be8-a104-b0acd99f638d","block_type":"box","text":"Risk Margin","page_number":23,"box":{"x":98,"y":664,"width":85,"height":11}},{"id":"ba40b9db-6a7d-4825-8f2b-e52a9ff3de01","block_type":"box","text":"The risk margin is calculated as a 4% cost of capital charge on the non-market risk components of the SCR, adjusted","page_number":23,"box":{"x":97,"y":686,"width":804,"height":11}},{"id":"5887768c-8b84-4a5d-9553-8d53bec2fae2","block_type":"box","text":"by a risk-tapering factor which reduces over time. The 4% cost of capital assumption and risk tapering factor of 0.9 are","page_number":23,"box":{"x":98,"y":701,"width":804,"height":11}},{"id":"e1ba604e-1faf-4d4f-9af1-9670867372c9","block_type":"box","text":"prescribed by the regulations. The non-market risk components are, for MPFL, the life underwriting, counterparty and","page_number":23,"box":{"x":98,"y":717,"width":803,"height":11}},{"id":"9f64aae2-123c-4b56-9e90-5e001331036a","block_type":"box","text":"operational risk components of the SCR. Consistent with the proportionality assessment applied to the Technical","page_number":23,"box":{"x":98,"y":733,"width":804,"height":11}},{"id":"2e189d16-3940-476b-87a0-78ccca15e47a","block_type":"box","text":"Provisions, a short projection period is used for the calculation of the risk margin and so the risk tapering factor does","page_number":23,"box":{"x":98,"y":748,"width":804,"height":12}},{"id":"e282665a-a7e6-4658-b623-104dc336bb23","block_type":"box","text":"not impact the calculation of the risk margin for MPFL. It is assumed there is no change in the non-market risk","page_number":23,"box":{"x":98,"y":764,"width":804,"height":11}},{"id":"be4e1a41-6f22-44c5-bb9d-d1479f0e1090","block_type":"box","text":"components over this period.","page_number":23,"box":{"x":98,"y":780,"width":195,"height":11}},{"id":"c9976f34-1668-46b6-b7b0-e6ccd0787942","block_type":"box","text":"VIF","page_number":23,"box":{"x":97,"y":810,"width":23,"height":8}},{"id":"a5d3a13f-d548-4346-a8c2-fc299469f652","block_type":"box","text":"The assumptions used in determining the cash-flows in the calculation of VIF are:","page_number":23,"box":{"x":97,"y":831,"width":552,"height":12}},{"id":"3393963e-9939-4175-a58f-4aaddc84471f","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":857,"width":5,"height":3}},{"id":"1be97161-b7fe-46cc-8652-22d24c5ad571","block_type":"box","text":"Retained fee income;","page_number":23,"box":{"x":137,"y":854,"width":143,"height":11}},{"id":"75adec43-4359-43cd-b537-a564628b59e6","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":878,"width":5,"height":4}},{"id":"a3368754-36a9-4a66-96db-19b85bb5cd5a","block_type":"box","text":"Expense assumptions; and","page_number":23,"box":{"x":137,"y":876,"width":182,"height":11}},{"id":"2bf8a2e5-9b86-4a36-8003-eb3d128c5316","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":900,"width":5,"height":3}},{"id":"1bf55892-22c2-4647-ad4f-86ffc732bbe5","block_type":"box","text":"Expense inflation assumption.","page_number":23,"box":{"x":137,"y":897,"width":202,"height":11}},{"id":"e51e4083-71d3-4a85-84bd-9fbce865e541","block_type":"box","text":"Solvency and Financial Condition Report","page_number":24,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"b8d492de-0036-4fef-ace2-0e1895bb9421","block_type":"box","text":"Managed Pension Funds Limited 24/41","page_number":24,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"2388fcf6-fb4d-4840-8e08-aafc2f46008a","block_type":"box","text":"The terms of the investment mandate agreements (and short four-month projection) mean that a surrender assumption","page_number":24,"box":{"x":97,"y":93,"width":804,"height":12}},{"id":"454a2420-6053-4a02-a7df-aa40ffc5aec0","block_type":"box","text":"is not required when calculating the best estimate liabilities as it would not affect the level of the Technical Provisions.","page_number":24,"box":{"x":98,"y":109,"width":796,"height":11}},{"id":"ad2e3a09-4950-4ef7-a08e-79850a11d8f1","block_type":"box","text":"The fixed expenses are determined using 2026 budget amounts. The budgeted costs allow for expected inflation at a","page_number":24,"box":{"x":97,"y":132,"width":805,"height":11}},{"id":"89a85f01-dba0-48b8-b104-df5d0ab17b9e","block_type":"box","text":"rate of 2.3% during 2026.","page_number":24,"box":{"x":98,"y":148,"width":170,"height":11}},{"id":"52afc2d5-26e7-46e0-bbb8-ba4fa05105d8","block_type":"box","text":"As required by the regulations, the risk-free curves used to discount the cash-flows are the risk-free curves as at 31","page_number":24,"box":{"x":97,"y":171,"width":803,"height":11}},{"id":"d1a8868f-dd9f-4da1-8eb3-d2a99993a23c","block_type":"box","text":"December 2025 published by the PRA, without the volatility adjustment.","page_number":24,"box":{"x":98,"y":186,"width":485,"height":12}},{"id":"38c2eee8-9150-4aa2-8803-3402a2659f5f","block_type":"box","text":"Level of uncertainty associated with the value of technical provisions","page_number":24,"box":{"x":98,"y":216,"width":505,"height":11}},{"id":"f82a89a9-1e9b-46ef-90f7-770d12c1c7ea","block_type":"box","text":"For the reasons described above, the simplified approach used does not introduce any uncertainty and therefore no","page_number":24,"box":{"x":98,"y":238,"width":804,"height":11}},{"id":"5f4d7426-3ced-4c11-adbd-a2df15402abc","block_type":"box","text":"material approximations are used in the calculations.","page_number":24,"box":{"x":98,"y":254,"width":356,"height":11}},{"id":"cf1ca292-9c99-43ec-972f-dad36e7425c9","block_type":"box","text":"Explanation of any material differences between valuation bases","page_number":24,"box":{"x":98,"y":283,"width":471,"height":11}},{"id":"ec0c1dbd-51f0-4388-9667-f20864e08f75","block_type":"box","text":"The technical provisions are calculated for solvency purposes as:","page_number":24,"box":{"x":97,"y":305,"width":442,"height":11}},{"id":"cb988035-eae9-4584-946f-939b8488196c","block_type":"box","text":"•","page_number":24,"box":{"x":109,"y":330,"width":5,"height":4}},{"id":"71f70004-e992-4926-bf2f-68a126acbab2","block_type":"box","text":"The value of the units allocated to the policies; less","page_number":24,"box":{"x":136,"y":328,"width":346,"height":11}},{"id":"36d9ee76-08ac-469d-bcf7-12557a7e8c4b","block_type":"box","text":"•","page_number":24,"box":{"x":109,"y":352,"width":5,"height":3}},{"id":"dadb23c9-61c6-47e2-98ac-9b270d2a05e2","block_type":"box","text":"On a best-estimate basis, present value of projected retained fee and administrative expenses; plus","page_number":24,"box":{"x":137,"y":349,"width":675,"height":12}},{"id":"a93c764b-3199-4ce3-8716-95e648052846","block_type":"box","text":"•","page_number":24,"box":{"x":109,"y":373,"width":5,"height":4}},{"id":"3c33a4ff-3521-40c3-a7df-733acc7b49b5","block_type":"box","text":"The risk margin, calculated as a 4% cost of capital charge on the non-market risk components of the SCR. The","page_number":24,"box":{"x":136,"y":371,"width":766,"height":11}},{"id":"414dcc17-9553-489b-bd36-81caa6122d02","block_type":"box","text":"non-market risk components are the insurance, counterparty and operational risk components of the SCR.","page_number":24,"box":{"x":137,"y":385,"width":719,"height":11}},{"id":"e8cf3ea8-b2e8-4c47-841e-0a78be2b9f2a","block_type":"box","text":"The latter two elements are excluded from the value of the technical provisions used in the financial statements. Assets","page_number":24,"box":{"x":97,"y":406,"width":805,"height":11}},{"id":"bfdf9da9-a66a-4116-a8cf-d6d2c9d52720","block_type":"box","text":"values are the same in both. 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and any material","page_number":24,"box":{"x":98,"y":815,"width":797,"height":12}},{"id":"c3f063ed-c143-43f3-bcf3-5117a84bda68","block_type":"box","text":"changes in the relevant assumptions made in the calculation of technical provisions compared to the previous","page_number":24,"box":{"x":98,"y":829,"width":797,"height":11}},{"id":"88aaceb2-801a-412d-99f0-9583203d1c7b","block_type":"box","text":"reporting period","page_number":24,"box":{"x":98,"y":843,"width":117,"height":11}},{"id":"2634836e-faa2-4dac-b1ec-530f868fbe36","block_type":"box","text":"MPFL has no outward reinsurance arrangements and no recoverable from Special Purpose Vehicles.","page_number":24,"box":{"x":98,"y":864,"width":686,"height":11}},{"id":"d1b1bfc3-aff4-485e-99e1-db018951bc52","block_type":"box","text":"Post balance sheet events","page_number":24,"box":{"x":98,"y":887,"width":191,"height":8}},{"id":"ed196d8c-a171-4def-89a5-9ceaaa4a788b","block_type":"box","text":"VIF and risk margin have not been impacted by any subsequent events arising in the period to end of March 2026.","page_number":24,"box":{"x":97,"y":909,"width":776,"height":12}},{"id":"74be1854-3ff5-45db-a5c6-a273cb554437","block_type":"box","text":"Solvency and Financial Condition Report","page_number":25,"box":{"x":474,"y":41,"width":364,"height":14}},{"id":"7130748b-73e4-420a-bb80-5971a69e153d","block_type":"box","text":"Managed Pension Funds Limited 25/41","page_number":25,"box":{"x":98,"y":961,"width":430,"height":10}},{"id":"759c260f-bd26-4dbf-85c1-7264bd5ec380","block_type":"box","text":"D.3 Other liabilities","page_number":25,"box":{"x":98,"y":101,"width":175,"height":10}},{"id":"f679a2e6-1703-4870-b261-059976532711","block_type":"box","text":"Valuation, methodology and assumptions","page_number":25,"box":{"x":97,"y":132,"width":304,"height":11}},{"id":"b462e73b-9ccf-4928-a191-c7dbdeb178b6","block_type":"box","text":"In line with Chapter 3.4A of the Reporting part of the PRA Rulebook and Guideline 10 (Content by material classes of","page_number":25,"box":{"x":99,"y":154,"width":804,"height":11}},{"id":"144fafc0-c7f3-4dc0-8905-d23fd649f9e8","block_type":"box","text":"liabilities other than technical provisions), relevant disclosures in relation to other liabilities as per MPFL’s Solvency II","page_number":25,"box":{"x":98,"y":170,"width":803,"height":11}},{"id":"ae7a02a5-c812-4a6f-8578-1f9bcd815b54","block_type":"box","text":"Balance Sheet are as follows:","page_number":25,"box":{"x":98,"y":186,"width":200,"height":8}},{"id":"a30d546b-397a-4de1-8250-193a440dc0a1","block_type":"box","text":"Insurance and intermediaries payables","page_number":25,"box":{"x":98,"y":215,"width":282,"height":11}},{"id":"cb9af1fa-ef44-4ce0-835e-cb2fae2aae2f","block_type":"box","text":"Liabilities falling into this class are initially measured at fair value net of transaction costs. 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Therefore, the risk profile of the Company is not","page_number":26,"box":{"x":97,"y":302,"width":805,"height":11}},{"id":"f592778c-4127-401c-8dd8-d37ae98c3fbd","block_type":"box","text":"expected to change materially over the planning period.","page_number":26,"box":{"x":98,"y":318,"width":376,"height":11}},{"id":"cbfbedc4-d54a-4bda-ac43-19b90d960ba3","block_type":"box","text":"As at 31 December 2025, 78% (2024: 81%) of assets held to cover basic own funds were investments in SSGA Liquidity","page_number":26,"box":{"x":97,"y":341,"width":805,"height":11}},{"id":"3304d953-a43a-417e-8da4-8bfbea8e0344","block_type":"box","text":"fund. 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MPFL does not use any material simplifications in calculating the","page_number":28,"box":{"x":98,"y":134,"width":798,"height":11}},{"id":"17655963-88f4-4ca9-a986-7842f7edee75","block_type":"box","text":"SCR.","page_number":28,"box":{"x":98,"y":150,"width":34,"height":9}},{"id":"3c02528c-4623-432a-8f4b-a61fbb2ee88d","block_type":"box","text":"Use of undertaking-specific parameters","page_number":28,"box":{"x":98,"y":180,"width":287,"height":11}},{"id":"1cefd465-04af-45a7-b40d-57d4c458d26c","block_type":"box","text":"MPFL does not use undertaking-specific parameters.","page_number":28,"box":{"x":98,"y":201,"width":359,"height":12}},{"id":"f97dddfa-9215-44b0-8714-57f63298f73c","block_type":"box","text":"Inputs used to calculate MCR","page_number":28,"box":{"x":98,"y":231,"width":213,"height":11}},{"id":"849d60f1-54af-4e0f-bd89-bfac4f84a460","block_type":"box","text":"The MCR represents the ultimate point of supervisory intervention below which a firm would lose its authorisation. 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