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SSGA engages with policyholders with regards to existing and new investment capabilities and","page_number":5,"box":{"x":129,"y":261,"width":714,"height":11}},{"id":"80635f53-8f1a-4dae-be4b-268b25ff50a8","block_type":"box","text":"discussions have included in particular sustainability and stewardship. SSGA continued to actively engage with","page_number":5,"box":{"x":129,"y":275,"width":713,"height":11}},{"id":"ac39d5f7-b49b-406b-a748-6eda803acd9e","block_type":"box","text":"policyholders to keep them informed of economic and market developments.","page_number":5,"box":{"x":129,"y":288,"width":471,"height":11}},{"id":"0fb92415-eb0b-46f2-94af-9c2e1be67d0e","block_type":"box","text":"Shareholder","page_number":5,"box":{"x":130,"y":312,"width":80,"height":8}},{"id":"04b1ad2a-5d8d-4379-8c7b-74766c9c469b","block_type":"box","text":"As a wholly owned subsidiary it is important for the Company to remain aligned with the parent’s strategy whilst","page_number":5,"box":{"x":129,"y":325,"width":713,"height":11}},{"id":"87e4d118-5cdb-4de8-a106-11470f7d7f68","block_type":"box","text":"maintaining appropriate governance at the Company level and taking decisions that aim to balance local stakeholder","page_number":5,"box":{"x":129,"y":339,"width":714,"height":11}},{"id":"67624f2d-02b7-4d68-986a-1e32c54b0388","block_type":"box","text":"interests with the broader, long-term goals of the parent company.","page_number":5,"box":{"x":129,"y":352,"width":404,"height":11}},{"id":"68ad873a-62e1-4da0-808d-d32dd0da67fc","block_type":"box","text":"The Company has engaged with the shareholder via SSGA’s participation in State Street group (“Group”) committees","page_number":5,"box":{"x":129,"y":378,"width":713,"height":11}},{"id":"99d7e97e-4b2d-4bc3-a462-4fd728a312da","block_type":"box","text":"and regular communication and reporting, including reporting the Company’s capital position and material items to","page_number":5,"box":{"x":129,"y":391,"width":713,"height":11}},{"id":"247e965f-1c94-4bef-a556-2691d4dd0bdb","block_type":"box","text":"the parent.","page_number":5,"box":{"x":129,"y":405,"width":64,"height":11}},{"id":"3248fa4e-d2b7-4868-bd44-33cb6e8c3480","block_type":"box","text":"Suppliers","page_number":5,"box":{"x":130,"y":431,"width":60,"height":11}},{"id":"ace6d57f-92e1-4eed-9e75-147779c7fb27","block_type":"box","text":"The Company has minimal suppliers in the conventional sense as it has outsourced all client facing, investment","page_number":5,"box":{"x":129,"y":444,"width":714,"height":11}},{"id":"b36d5897-62a6-456a-9192-94b03368dfb2","block_type":"box","text":"management and back-office services to SSGA. 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The directors have not proposed a final dividend (2024: nil).","page_number":7,"box":{"x":129,"y":196,"width":431,"height":11}},{"id":"07598317-364d-4b8a-b83d-913989c57653","block_type":"box","text":"DIRECTORS AND DIRECTORS’ INTERESTS","page_number":7,"box":{"x":129,"y":222,"width":318,"height":8}},{"id":"f598fa62-e63f-4d51-9692-1a59a76b5899","block_type":"box","text":"The directors who served were as follows:","page_number":7,"box":{"x":129,"y":237,"width":259,"height":8}},{"id":"652a96df-70fb-4b68-8ea8-ee219d115330","block_type":"box","text":"I Armfield (Independent non-executive)","page_number":7,"box":{"x":129,"y":257,"width":245,"height":11}},{"id":"fdbd26b2-1dc1-4282-b945-54716ffcc46d","block_type":"box","text":"R Bridger (CEO)","page_number":7,"box":{"x":129,"y":271,"width":105,"height":11}},{"id":"94bac410-f9fd-4d63-81a6-625ca9dcc320","block_type":"box","text":"T Coghlan (appointed 2 January 2026) (Chairman and Independent non-executive)","page_number":7,"box":{"x":129,"y":285,"width":508,"height":11}},{"id":"6dcaab04-7a3d-4467-b56b-5eb150f43e76","block_type":"box","text":"B Healy (appointed 2 January 2026) (Independent non-executive)","page_number":7,"box":{"x":129,"y":298,"width":403,"height":11}},{"id":"28dd6f7c-2dc9-47d7-bf76-923db6649ff9","block_type":"box","text":"Lim Lam Thuon Mine (appointed 2 January 2026) (Independent non-executive)","page_number":7,"box":{"x":129,"y":312,"width":490,"height":11}},{"id":"8bb372c1-f504-4528-80bd-06173e0a81b0","block_type":"box","text":"E Linnane (appointed 2 January 2026)","page_number":7,"box":{"x":129,"y":326,"width":235,"height":11}},{"id":"c08f7b02-735e-4139-ae1e-3c09ee7b95be","block_type":"box","text":"S Sanderson (resigned 2 January 2026)","page_number":7,"box":{"x":130,"y":339,"width":239,"height":11}},{"id":"70d51c51-eb22-4eb9-94b9-f524ce7a1e56","block_type":"box","text":"C O’Connor (resigned 2 January 2026)","page_number":7,"box":{"x":129,"y":353,"width":240,"height":11}},{"id":"8d1c143e-8d55-49f3-acde-ee5da771f220","block_type":"box","text":"N Wightman (resigned 2 January 2026)","page_number":7,"box":{"x":129,"y":367,"width":243,"height":10}},{"id":"73283943-13c8-4cae-9091-bcf5356a375d","block_type":"box","text":"None of the directors, or any of their immediate family members, had any interest in the shares of the Company. No","page_number":7,"box":{"x":129,"y":394,"width":716,"height":11}},{"id":"f9a11d86-27d3-4dec-a424-a96ae9a8386f","block_type":"box","text":"rights to shares or debentures was granted or exercised during the year.","page_number":7,"box":{"x":129,"y":408,"width":436,"height":10}},{"id":"605a06d4-0c15-427b-814e-648e008b8d08","block_type":"box","text":"DIRECTORS’ INDEMNITIES","page_number":7,"box":{"x":129,"y":427,"width":204,"height":9}},{"id":"2c770da0-b4a1-4b17-bf53-0e8d0ceed6b0","block_type":"box","text":"The Company has granted an indemnity to its directors against liability in respect of proceedings brought by third","page_number":7,"box":{"x":129,"y":448,"width":717,"height":11}},{"id":"4e267e04-5c74-404e-bdca-48ca44d752e1","block_type":"box","text":"parties subject to the conditions set out in section 234 of the Companies Act 2006. 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These forecasts have been subject to sensitivity tests and operational resilience review (including continuity","page_number":7,"box":{"x":129,"y":549,"width":716,"height":11}},{"id":"6c3b6629-46a5-44b3-9a7c-8d17447341bc","block_type":"box","text":"of the operations and client delivery). As a result of this review, the directors believe the Company has adequate","page_number":7,"box":{"x":129,"y":563,"width":716,"height":10}},{"id":"03a5a021-19a8-4786-8f94-b15cad7935d1","block_type":"box","text":"resources to continue in operational existence over the going concern period assessed up to 31 December 2028.","page_number":7,"box":{"x":129,"y":576,"width":716,"height":11}},{"id":"4cb8a136-dd5c-4560-99c3-ca01f1859ec7","block_type":"box","text":"Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual report and financial","page_number":7,"box":{"x":129,"y":590,"width":716,"height":11}},{"id":"8ced048b-4c9d-4aa6-ae2d-c56814f5c738","block_type":"box","text":"statements.","page_number":7,"box":{"x":130,"y":605,"width":66,"height":7}},{"id":"408082ee-630c-49c7-87b5-ab1ff9f37c04","block_type":"box","text":"DISCLOSURE OF INFORMATION TO AUDITORS","page_number":7,"box":{"x":129,"y":629,"width":354,"height":9}},{"id":"44b18e0a-60df-4715-aee7-2a9227e3de91","block_type":"box","text":"So far as each person who was a director at the date of approving this report is aware, there is no relevant audit","page_number":7,"box":{"x":130,"y":650,"width":716,"height":11}},{"id":"888fa631-6c9c-4bbf-a58d-181874290871","block_type":"box","text":"information, being information needed by the auditor in connection with preparing its report, of which the auditor is","page_number":7,"box":{"x":129,"y":663,"width":716,"height":11}},{"id":"25f49ae0-c56d-450f-a377-7ecc8cce9138","block_type":"box","text":"unaware. Having made enquiries of fellow directors, each director has taken all the steps that he/she is obliged to take","page_number":7,"box":{"x":129,"y":677,"width":716,"height":11}},{"id":"cc46e870-5cfb-44eb-96a5-ca9d27820e3c","block_type":"box","text":"as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor","page_number":7,"box":{"x":129,"y":691,"width":717,"height":11}},{"id":"2d3d7dad-0891-4aed-a388-f40c239b40be","block_type":"box","text":"is aware of that information.","page_number":7,"box":{"x":129,"y":704,"width":173,"height":9}},{"id":"ed0b3360-7bf8-4c13-95c3-04070821d2bd","block_type":"box","text":"AUDITORS","page_number":7,"box":{"x":129,"y":730,"width":80,"height":8}},{"id":"130efee8-5d45-478d-af2b-73d673e5a28a","block_type":"box","text":"It is the intention of the directors to reappoint PKF Littlejohn LLP as auditors pursuant to s487 of the Companies Act,","page_number":7,"box":{"x":129,"y":750,"width":716,"height":11}},{"id":"57ec65d1-1125-4c1d-9700-83fa212094f5","block_type":"box","text":"2006.","page_number":7,"box":{"x":129,"y":765,"width":34,"height":8}},{"id":"85f90f1b-9fd8-4e4c-89cf-79ef1b896d57","block_type":"box","text":"By order of the Board","page_number":7,"box":{"x":129,"y":790,"width":135,"height":11}},{"id":"adcab5ac-6b98-4860-8dc3-c0da26b7c5bf","block_type":"box","text":"R Bridger","page_number":7,"box":{"x":129,"y":859,"width":61,"height":11}},{"id":"b4530a87-556c-443a-a0b8-c392b848a644","block_type":"box","text":"Director","page_number":7,"box":{"x":129,"y":874,"width":51,"height":8}},{"id":"40a745a7-21bf-4d8d-bc03-492e479b0565","block_type":"box","text":"01 April 2026","page_number":7,"box":{"x":129,"y":889,"width":86,"height":11}},{"id":"0ccb9338-28d5-4a75-ad8b-ba6e47a9d1da","block_type":"box","text":"Managed Pension Funds Limited","page_number":8,"box":{"x":129,"y":45,"width":290,"height":16}},{"id":"5f006546-6694-4e76-89d0-7a6531a97ce6","block_type":"box","text":"STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF FINANCIAL","page_number":8,"box":{"x":130,"y":76,"width":660,"height":10}},{"id":"3afe5afd-2c17-495c-ae36-2b9b7d5a4c4d","block_type":"box","text":"STATEMENTS","page_number":8,"box":{"x":130,"y":92,"width":123,"height":10}},{"id":"3170f77b-4502-44e1-8626-c99f0628edf6","block_type":"box","text":"7","page_number":8,"box":{"x":838,"y":951,"width":7,"height":8}},{"id":"d8155239-bbf8-4522-9f55-bc3f13a343e2","block_type":"box","text":"The Directors are responsible for preparing the strategic report, Directors’ report and the financial statements in","page_number":8,"box":{"x":129,"y":109,"width":685,"height":11}},{"id":"e90b2ede-5eb8-4710-9497-5954619398a9","block_type":"box","text":"accordance with applicable law and regulations.","page_number":8,"box":{"x":129,"y":123,"width":294,"height":11}},{"id":"2da11391-580a-429f-8f4b-dfc664c28159","block_type":"box","text":"Company law requires the Directors to prepare financial statements for each financial year. 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Under company law the Directors must not approve the financial statements unless they are","page_number":8,"box":{"x":129,"y":185,"width":716,"height":11}},{"id":"18e02df8-1939-4d0a-894e-c12269098cb9","block_type":"box","text":"satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the","page_number":8,"box":{"x":130,"y":198,"width":715,"height":11}},{"id":"44f8d51c-f98d-4332-b09e-c6c2b3566fac","block_type":"box","text":"Company for that period.","page_number":8,"box":{"x":129,"y":212,"width":154,"height":11}},{"id":"aaec4279-3bae-4198-b31d-cb72b86b4ec0","block_type":"box","text":"In preparing these financial statements, the Directors are required to:","page_number":8,"box":{"x":129,"y":233,"width":421,"height":11}},{"id":"06ba8008-71c6-43d5-bb82-6a856fe034d4","block_type":"box","text":"• select suitable accounting policies and then apply them consistently;","page_number":8,"box":{"x":130,"y":267,"width":461,"height":11}},{"id":"eb9a3ddc-52fe-4282-a109-9ec7746b8f93","block_type":"box","text":"• make judgements and accounting estimates that are reasonable and prudent;","page_number":8,"box":{"x":130,"y":293,"width":508,"height":11}},{"id":"e5f867cc-3136-40f5-808b-88b0947c9829","block_type":"box","text":"• state whether applicable UK accounting standards have been followed, subject to any material departures","page_number":8,"box":{"x":130,"y":318,"width":715,"height":11}},{"id":"65482635-8504-4ff3-b359-0650655b9caf","block_type":"box","text":"disclosed and explained in the financial statements;","page_number":8,"box":{"x":173,"y":332,"width":314,"height":11}},{"id":"c7acd5f8-d26d-4311-95ae-ee5d57626f06","block_type":"box","text":"• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the","page_number":8,"box":{"x":130,"y":357,"width":715,"height":11}},{"id":"a4cbb863-812d-48ee-92da-c3ddce26d836","block_type":"box","text":"Company will continue in business.","page_number":8,"box":{"x":173,"y":371,"width":218,"height":11}},{"id":"d57d72ed-7fc5-45c4-9bb0-e5117654ea3e","block_type":"box","text":"The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the","page_number":8,"box":{"x":129,"y":396,"width":716,"height":11}},{"id":"ed67095a-fa61-4cb9-94d4-1d7a623ca7f8","block_type":"box","text":"Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and","page_number":8,"box":{"x":129,"y":410,"width":716,"height":11}},{"id":"981006da-c315-4064-b76f-b7cda9b1539e","block_type":"box","text":"enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible","page_number":8,"box":{"x":129,"y":424,"width":716,"height":11}},{"id":"d188bc83-a6d2-4926-b01d-2166249e5689","block_type":"box","text":"for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of","page_number":8,"box":{"x":130,"y":437,"width":717,"height":11}},{"id":"e0a06535-ecc3-40fa-b3a7-19f4ea869402","block_type":"box","text":"fraud and other irregularities.","page_number":8,"box":{"x":130,"y":451,"width":178,"height":11}},{"id":"1bc2a89f-b8b5-45c2-85eb-226b866e3429","block_type":"box","text":"The Directors are responsible for the maintenance and integrity of the corporate and financial information included","page_number":8,"box":{"x":129,"y":477,"width":716,"height":10}},{"id":"8380ebc2-5cfa-47aa-8aed-ad77cafd462b","block_type":"box","text":"on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of the","page_number":8,"box":{"x":129,"y":490,"width":716,"height":11}},{"id":"db6afe5d-3437-4dc0-991c-4a4c279df783","block_type":"box","text":"financial statements may differ from legislation in other jurisdictions.","page_number":8,"box":{"x":130,"y":504,"width":424,"height":11}},{"id":"b109aeb1-96ca-4f3f-a016-cef17dc10ebc","block_type":"box","text":"Managed Pension Funds Limited","page_number":9,"box":{"x":129,"y":46,"width":290,"height":15}},{"id":"5c0f18c5-faa7-48d5-87bc-3c778e0a9a7d","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANAGED PENSION","page_number":9,"box":{"x":129,"y":71,"width":719,"height":10}},{"id":"fdc3c9da-eb0c-49ee-a3de-6e8f32bc22e7","block_type":"box","text":"FUNDS LIMITED","page_number":9,"box":{"x":129,"y":87,"width":140,"height":10}},{"id":"8bc896de-6ce9-48e5-be91-664783c53de0","block_type":"box","text":"8","page_number":9,"box":{"x":836,"y":925,"width":6,"height":8}},{"id":"066b1e56-e18a-4f38-bf36-2a22c698e629","block_type":"box","text":"Opinion","page_number":9,"box":{"x":130,"y":137,"width":52,"height":11}},{"id":"a2b3ff11-4ea8-4d54-a4c4-c1aa5c19aab2","block_type":"box","text":"We have audited the financial statements of Managed Pension Funds Limited (the ‘Company’) for the year ended 31","page_number":9,"box":{"x":129,"y":158,"width":712,"height":11}},{"id":"d56e4e6c-996c-4e1e-98b5-289dc1d7d8d8","block_type":"box","text":"December 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of","page_number":9,"box":{"x":129,"y":171,"width":716,"height":11}},{"id":"bda3ee80-0b28-4a9a-a6b1-d7324b344f5b","block_type":"box","text":"Changes in Equity, the Statement of Financial Position and notes to the financial statements, including significant","page_number":9,"box":{"x":129,"y":185,"width":714,"height":11}},{"id":"7585f327-6c58-4f63-ab5b-284cf843518d","block_type":"box","text":"accounting policies. The financial reporting framework that has been applied in their preparation is applicable law","page_number":9,"box":{"x":129,"y":199,"width":714,"height":10}},{"id":"d6e57f92-2b5a-4913-be6a-304cea9876e7","block_type":"box","text":"and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom","page_number":9,"box":{"x":129,"y":212,"width":714,"height":11}},{"id":"d8d6c10a-b3c5-4e56-b7b0-807303ce83e3","block_type":"box","text":"Generally Accepted Accounting Practice).","page_number":9,"box":{"x":129,"y":226,"width":257,"height":11}},{"id":"de9cc7d2-253e-4321-8f81-4d1f771b7e9f","block_type":"box","text":"In our opinion, the financial statements:","page_number":9,"box":{"x":129,"y":247,"width":244,"height":11}},{"id":"f97b033f-493b-4195-98f3-a6de97ca6f89","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":270,"width":3,"height":3}},{"id":"9ec575bd-dff4-45be-9b34-7ade3cd10f77","block_type":"box","text":"give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the","page_number":9,"box":{"x":173,"y":267,"width":670,"height":11}},{"id":"9ea50008-2d96-4c57-ad26-dd6eed146b23","block_type":"box","text":"year then ended;","page_number":9,"box":{"x":173,"y":281,"width":100,"height":11}},{"id":"3aeec3bb-b5f2-48f9-8d52-8b1a45be3b3b","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":305,"width":3,"height":3}},{"id":"7bea0b7e-aca6-43b8-8a3f-7cfe2bf4610f","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;","page_number":9,"box":{"x":173,"y":302,"width":669,"height":11}},{"id":"d5f0451a-2399-4fda-8dc0-bc83341c5e99","block_type":"box","text":"and","page_number":9,"box":{"x":173,"y":316,"width":22,"height":8}},{"id":"9de47526-f904-4efa-b262-3e33778dc1c9","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":339,"width":3,"height":3}},{"id":"41fedde3-fc04-47fb-a0b6-ff97d0b41cc7","block_type":"box","text":"have been prepared in accordance with the requirements of the Companies Act 2006.","page_number":9,"box":{"x":173,"y":336,"width":520,"height":11}},{"id":"c7ee843e-1b13-4da2-a029-1e1785e2f159","block_type":"box","text":"Basis for opinion","page_number":9,"box":{"x":129,"y":357,"width":110,"height":11}},{"id":"e38818ac-fc0d-4543-a4ec-779fc3104745","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable","page_number":9,"box":{"x":129,"y":378,"width":714,"height":11}},{"id":"34faae06-2811-4076-86d8-12b3a3d7f161","block_type":"box","text":"law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of","page_number":9,"box":{"x":129,"y":391,"width":715,"height":11}},{"id":"c368b7f7-6aa2-4e4b-bb68-8349f61d5e66","block_type":"box","text":"the financial statements section of our report. We are independent of the Company in accordance with the ethical","page_number":9,"box":{"x":129,"y":405,"width":714,"height":11}},{"id":"a6cd5cb7-051b-4871-bd97-4805c6d9d7a3","block_type":"box","text":"requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard","page_number":9,"box":{"x":129,"y":419,"width":714,"height":11}},{"id":"bf74fa5b-f00b-4142-89ab-13b7f6b1576f","block_type":"box","text":"as applied to public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these","page_number":9,"box":{"x":129,"y":433,"width":714,"height":10}},{"id":"57a9d286-88ba-42df-ad64-957bd7d59d5f","block_type":"box","text":"requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for","page_number":9,"box":{"x":129,"y":446,"width":714,"height":11}},{"id":"44b77395-b4c5-42a4-927e-4703fe013f3f","block_type":"box","text":"our opinion.","page_number":9,"box":{"x":129,"y":460,"width":74,"height":11}},{"id":"d9ebdaca-9b0b-4584-9084-a1f5a0f22923","block_type":"box","text":"Conclusions relating to going concern","page_number":9,"box":{"x":130,"y":481,"width":245,"height":10}},{"id":"aaf57d73-e927-421f-b45c-fac3b1b529cb","block_type":"box","text":"In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting","page_number":9,"box":{"x":129,"y":501,"width":714,"height":11}},{"id":"5ea9ea1c-14d0-4d73-957c-e35607c888bc","block_type":"box","text":"in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the","page_number":9,"box":{"x":129,"y":515,"width":714,"height":11}},{"id":"fa0cd76b-e2c4-4890-b589-086e87c4f01e","block_type":"box","text":"Company’s ability to continue to adopt the going concern basis of accounting included:","page_number":9,"box":{"x":129,"y":529,"width":536,"height":10}},{"id":"35b0e458-7669-4892-a720-00e0fccfa3b2","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":557,"width":3,"height":3}},{"id":"25438249-8a3b-4cfd-9ffe-3dd5fed51261","block_type":"box","text":"Obtaining an understanding of management’s process for going concern assessment, including the forecasting","page_number":9,"box":{"x":173,"y":554,"width":670,"height":11}},{"id":"3feca4a9-5826-49c7-a73b-fcc77294264d","block_type":"box","text":"process;","page_number":9,"box":{"x":172,"y":570,"width":50,"height":9}},{"id":"0fbdde12-807b-4138-8291-dd86705191dd","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":596,"width":3,"height":3}},{"id":"1f64cc06-8c56-4fd5-86b0-4c999ed9a52a","block_type":"box","text":"Challenging the key assumptions made in the assessment;","page_number":9,"box":{"x":173,"y":593,"width":354,"height":11}},{"id":"ace66820-0583-45a0-b0d1-ab93ca1860c9","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":622,"width":3,"height":3}},{"id":"f6a0855a-790b-4704-af0a-4272543cbe0b","block_type":"box","text":"Testing the key inputs and mathematical accuracy of the forecasts provided;","page_number":9,"box":{"x":173,"y":619,"width":465,"height":11}},{"id":"666a53c9-3d54-4a9f-a01e-f24861502b0e","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":647,"width":3,"height":3}},{"id":"b5431236-cc74-4673-a76c-f1684fb608c4","block_type":"box","text":"Reviewing the historical accuracy of the forecasts by comparing prior period budgets with actual performance;","page_number":9,"box":{"x":173,"y":644,"width":669,"height":11}},{"id":"11fadea1-fc73-4016-8311-1f7e5b7b0e02","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":673,"width":3,"height":3}},{"id":"a752db3f-1fb7-4190-adc3-bd8201045274","block_type":"box","text":"Reviewing the Company’s current capital position and Own Risk and Solvency Assessment (“ORSA”), reports","page_number":9,"box":{"x":173,"y":670,"width":670,"height":11}},{"id":"6e684aa9-4469-4701-86fc-688d20b8fd5d","block_type":"box","text":"submitted during and post year-end and evaluating the appropriateness of the stress test scenarios and","page_number":9,"box":{"x":173,"y":683,"width":670,"height":11}},{"id":"29831f44-a4e9-4079-83a8-0315d96d98a9","block_type":"box","text":"sensitivity analysis applied by management in making this assessment;","page_number":9,"box":{"x":173,"y":697,"width":433,"height":11}},{"id":"89c7deb6-2286-49c9-9952-160ca4c9c9ac","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":725,"width":3,"height":3}},{"id":"45e76fff-4909-484e-8024-a6cb7bcdeae0","block_type":"box","text":"Assessing management’s considerations of the ability of Company’s main outsource provider to continue","page_number":9,"box":{"x":173,"y":723,"width":670,"height":10}},{"id":"eb7187f9-0a72-4acf-93eb-f98d73fcc31f","block_type":"box","text":"providing operations and client delivery;","page_number":9,"box":{"x":172,"y":736,"width":250,"height":11}},{"id":"a5ed616c-bcc5-4e54-822a-c2d4e7e6736e","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":765,"width":3,"height":3}},{"id":"482fff8e-4797-43a4-ab44-dd417ab2a2b5","block_type":"box","text":"Reading minutes of meeting of the Board and audit committee;","page_number":9,"box":{"x":173,"y":762,"width":386,"height":11}},{"id":"688ca77c-c901-4cf1-b6c9-6769a9f89b14","block_type":"box","text":"•","page_number":9,"box":{"x":130,"y":790,"width":3,"height":3}},{"id":"0c9eefc1-2c16-4661-ae12-6eda10629a8a","block_type":"box","text":"Making inquiries with management and those charged with governance; and","page_number":9,"box":{"x":173,"y":787,"width":469,"height":11}},{"id":"d76d6a9b-8a05-427f-b0fb-3a5539a0932c","block_type":"box","text":"Managed Pension Funds Limited","page_number":10,"box":{"x":129,"y":45,"width":290,"height":16}},{"id":"b57bcdc3-3381-4b61-b477-fcafd582c6ba","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANAGED PENSION","page_number":10,"box":{"x":129,"y":71,"width":685,"height":10}},{"id":"13dd4a3f-717b-4281-aef4-f52f9664152d","block_type":"box","text":"FUNDS LIMITED (continued)","page_number":10,"box":{"x":129,"y":87,"width":235,"height":13}},{"id":"d67ea530-b457-4faf-b482-58c30ebc1550","block_type":"box","text":"9","page_number":10,"box":{"x":836,"y":925,"width":6,"height":8}},{"id":"c5d541b9-dd40-44cc-a178-45b7b377c894","block_type":"box","text":"• Assessing the impact of subsequent events.","page_number":10,"box":{"x":130,"y":137,"width":306,"height":11}},{"id":"5971fdcd-dd67-49db-98f5-d84760d75a81","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or","page_number":10,"box":{"x":129,"y":164,"width":714,"height":11}},{"id":"76022e54-3e5a-4ecb-8ef1-c7f35f36c690","block_type":"box","text":"conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a","page_number":10,"box":{"x":129,"y":178,"width":713,"height":11}},{"id":"0a6e2fd9-abd9-4e44-aa3e-1f52bd3ed614","block_type":"box","text":"going concern for a period of at least twelve months from when the financial statements are authorised for issue.","page_number":10,"box":{"x":129,"y":191,"width":689,"height":11}},{"id":"adc1b6d6-0ecc-4eaf-9550-0b4ef5110a2e","block_type":"box","text":"Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant","page_number":10,"box":{"x":129,"y":212,"width":714,"height":11}},{"id":"79800bc8-ffd7-4175-a285-1e5ce1d32eb7","block_type":"box","text":"sections of this report.","page_number":10,"box":{"x":130,"y":226,"width":134,"height":11}},{"id":"b7c3ded3-3748-4abc-985d-dbec6c273214","block_type":"box","text":"Our application of materiality","page_number":10,"box":{"x":130,"y":247,"width":196,"height":10}},{"id":"90d1e903-25a6-49fa-90f2-2a36435eaa3d","block_type":"box","text":"Overall materiality","page_number":10,"box":{"x":130,"y":268,"width":125,"height":10}},{"id":"b1075717-648b-4194-a56f-6e9cb8fa82bb","block_type":"box","text":"The scope of our audit was determined by our application of materiality. We established quantitative thresholds for","page_number":10,"box":{"x":129,"y":288,"width":714,"height":11}},{"id":"498d187a-f924-4b84-96dc-815128109674","block_type":"box","text":"materiality and these, together with qualitative considerations, helped us determine the scope of our audit and the","page_number":10,"box":{"x":129,"y":302,"width":713,"height":11}},{"id":"047436a5-d886-4854-bb11-846b345724fe","block_type":"box","text":"nature, timing and extent of our audit procedures on the individual financial statements line items and disclosures in","page_number":10,"box":{"x":129,"y":315,"width":714,"height":11}},{"id":"995426aa-4179-406c-ac5f-2909035d2dac","block_type":"box","text":"evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole.","page_number":10,"box":{"x":129,"y":329,"width":690,"height":11}},{"id":"4d09cb9f-c61b-4524-9d8c-93142231b537","block_type":"box","text":"We determined the overall materiality of the Company to be £126,000 (2024: £170,000) which represents 1.5% (2024:","page_number":10,"box":{"x":129,"y":350,"width":712,"height":11}},{"id":"3f0f5d27-260a-4521-8939-583a0aa2bc04","block_type":"box","text":"1.5%) of other technical income. Other technical income is selected as the most appropriate benchmark as it serves","page_number":10,"box":{"x":131,"y":363,"width":711,"height":11}},{"id":"7bf227b8-717d-4c37-b028-2c6abb54ea35","block_type":"box","text":"as a key measure of the Company’s performance, as viewed by the users of the financial statements.","page_number":10,"box":{"x":129,"y":377,"width":612,"height":11}},{"id":"ff267d4f-5838-4118-a371-57637d910ee1","block_type":"box","text":"Performance materiality","page_number":10,"box":{"x":129,"y":398,"width":161,"height":11}},{"id":"731d76ae-9b7d-4bbe-91f7-e2e5a760bdf4","block_type":"box","text":"We set performance materiality at a level lower than overall materiality to reduce to an appropriately low level the","page_number":10,"box":{"x":129,"y":419,"width":713,"height":11}},{"id":"838c1fe2-5a9d-4d0d-9beb-d48a346182b7","block_type":"box","text":"probability that the aggregate amount of uncorrected and undetected misstatements exceeds overall materiality. This","page_number":10,"box":{"x":129,"y":432,"width":713,"height":11}},{"id":"fe22e9c3-4be4-47c2-a903-c368bf5f081b","block_type":"box","text":"threshold determines the scope of our audit and the nature and extent of our testing of account balances, classes of","page_number":10,"box":{"x":129,"y":446,"width":715,"height":11}},{"id":"3fae6ba0-ab28-484d-b291-e2c530bedcb9","block_type":"box","text":"transactions and disclosures and also the determination of our sample sizes.","page_number":10,"box":{"x":129,"y":460,"width":462,"height":11}},{"id":"4e46ed71-1126-4322-a1e9-20ec90b4d67a","block_type":"box","text":"Based on our risk assessment and evaluation of the entity’s control environment, we concluded that performance","page_number":10,"box":{"x":129,"y":480,"width":713,"height":11}},{"id":"84b761d3-6855-44d8-9741-b8a19ef3c495","block_type":"box","text":"materiality be set at 75% (2024: 60%) of our overall materiality, being £94,000 (2024: £102,000). Our judgement","page_number":10,"box":{"x":129,"y":494,"width":714,"height":11}},{"id":"cfaaa1bc-6b37-4abf-9591-af99df995c3e","block_type":"box","text":"reflects the risk assessments of the company together with our assessment of the company’s overall control","page_number":10,"box":{"x":129,"y":508,"width":713,"height":11}},{"id":"730fc03b-e975-4584-b5a2-e88b7d79c9bc","block_type":"box","text":"environment.","page_number":10,"box":{"x":129,"y":521,"width":80,"height":9}},{"id":"fed45f14-8cfc-447d-af4e-7fde8757af92","block_type":"box","text":"We recognise that audit differences in respect of assets held to cover linked liabilities and technical provisions for","page_number":10,"box":{"x":129,"y":542,"width":714,"height":11}},{"id":"478e69e9-a3e0-4603-8551-c913746a80d7","block_type":"box","text":"linked liabilities would offset each other with no net impact on the income statement. As a result, we have applied a","page_number":10,"box":{"x":129,"y":556,"width":714,"height":11}},{"id":"a55117b4-20f5-421c-98ac-967120268f0b","block_type":"box","text":"higher materiality threshold of £539,405,000 (2024: £838,367,000) for our testing of assets held to cover linked","page_number":10,"box":{"x":129,"y":569,"width":714,"height":11}},{"id":"b4ec91ef-ce16-4afb-8d91-3c284e230328","block_type":"box","text":"liabilities and the related liabilities, which represents 2.5% (2024: 2.5%) of assets held to cover linked liabilities.","page_number":10,"box":{"x":129,"y":583,"width":690,"height":11}},{"id":"dcf4f46a-50e2-4e72-b10d-283fdb97e017","block_type":"box","text":"Triviality","page_number":10,"box":{"x":129,"y":604,"width":61,"height":11}},{"id":"ea25379a-98cd-48b2-af88-91ec5ba6e2ec","block_type":"box","text":"We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of","page_number":10,"box":{"x":129,"y":625,"width":715,"height":11}},{"id":"1cabd4f7-0022-4492-9cde-0b4b7b29b3d6","block_type":"box","text":"£6,000 (2024: £8,500), as well as differences below this threshold that, in our view, warranted reporting on qualitative","page_number":10,"box":{"x":129,"y":638,"width":713,"height":11}},{"id":"041a6ae5-1cca-4134-8395-06d777e8de0f","block_type":"box","text":"grounds. Additionally, we also report on disclosure issues identified when assessing the overall presentation of the","page_number":10,"box":{"x":129,"y":652,"width":713,"height":11}},{"id":"1ede836a-6f31-4766-bf80-8e0b0f587ebd","block_type":"box","text":"financial statements.","page_number":10,"box":{"x":130,"y":666,"width":124,"height":8}},{"id":"d04c726c-7ded-4086-8f47-819199c30ce4","block_type":"box","text":"Our approach to the audit","page_number":10,"box":{"x":130,"y":687,"width":170,"height":10}},{"id":"d20cec5a-61a2-47a5-bf87-fb011e336793","block_type":"box","text":"As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the","page_number":10,"box":{"x":129,"y":707,"width":713,"height":11}},{"id":"052996bc-1be3-491f-95bf-e54b2aa8f41a","block_type":"box","text":"financial statements. In particular, we looked at areas involving significant accounting estimates and judgement made","page_number":10,"box":{"x":130,"y":721,"width":712,"height":11}},{"id":"6c14e461-ce3e-44fc-9ba4-b1df56a236be","block_type":"box","text":"by the directors.","page_number":10,"box":{"x":129,"y":735,"width":98,"height":10}},{"id":"43a42fec-06f8-4506-87db-5aa1e0bb6a02","block_type":"box","text":"Key audit matters","page_number":10,"box":{"x":129,"y":755,"width":118,"height":11}},{"id":"7714a56c-c725-4d6b-9dbf-baa8de76ff4a","block_type":"box","text":"Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the","page_number":10,"box":{"x":129,"y":776,"width":713,"height":11}},{"id":"b0557809-b199-41cb-8006-49f952ab1173","block_type":"box","text":"financial statements of the current period and include the most significant assessed risks of material misstatement","page_number":10,"box":{"x":130,"y":790,"width":713,"height":11}},{"id":"fa434cc8-2294-4085-a314-1fc6f42191fa","block_type":"box","text":"(whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy,","page_number":10,"box":{"x":130,"y":803,"width":712,"height":11}},{"id":"ffa61e44-9075-43b8-bd42-2b244846aa89","block_type":"box","text":"the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were","page_number":10,"box":{"x":129,"y":817,"width":713,"height":11}},{"id":"534693f1-8421-425c-b509-e25bc7504b65","block_type":"box","text":"Managed Pension Funds Limited","page_number":11,"box":{"x":129,"y":45,"width":290,"height":16}},{"id":"c69678ec-f1e8-4cfd-87f3-4c9ec539ab9c","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANAGED PENSION","page_number":11,"box":{"x":129,"y":71,"width":685,"height":10}},{"id":"2d89a8be-4f56-4134-8a2e-3121d84d3738","block_type":"box","text":"FUNDS LIMITED (continued)","page_number":11,"box":{"x":129,"y":87,"width":235,"height":13}},{"id":"086e9667-b4fd-4fa1-b795-26129fe43064","block_type":"box","text":"10","page_number":11,"box":{"x":829,"y":925,"width":13,"height":8}},{"id":"bc1ccb8a-3dbe-47fc-9069-0b6ebbf20354","block_type":"box","text":"addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and","page_number":11,"box":{"x":129,"y":137,"width":714,"height":11}},{"id":"07d5ddc4-916e-46dd-af26-8f5241cf9d83","block_type":"box","text":"we do not provide a separate opinion on these matters.","page_number":11,"box":{"x":129,"y":151,"width":333,"height":10}},{"id":"fc9f252b-644f-4a4e-8870-b4d924a8d1e9","block_type":"box","text":"Key Audit Matter How our scope addressed this matter","page_number":11,"box":{"x":138,"y":214,"width":509,"height":10}},{"id":"571e8cef-11c1-4930-b4e5-d0b3c62d6cb8","block_type":"box","text":"Other technical income (‘Revenue’) recognition","page_number":11,"box":{"x":138,"y":241,"width":310,"height":11}},{"id":"d06e358e-7370-41b3-8745-763879825edc","block_type":"box","text":"Under ISA (UK) 240, there is a","page_number":11,"box":{"x":138,"y":272,"width":200,"height":10}},{"id":"62748df2-3767-46e2-8ce2-0ba1a8aede68","block_type":"box","text":"rebuttable presumption that revenue","page_number":11,"box":{"x":138,"y":285,"width":240,"height":11}},{"id":"bd487e0a-2513-4feb-be95-04f0146c0c2e","block_type":"box","text":"recognition is a significant fraud risk.","page_number":11,"box":{"x":138,"y":299,"width":244,"height":11}},{"id":"077be798-b897-4b50-bc31-00aaffd636d4","block_type":"box","text":"There could be an incentive for","page_number":11,"box":{"x":138,"y":317,"width":204,"height":9}},{"id":"f4a9edbb-95bb-4c58-999e-8957d1ba8db7","block_type":"box","text":"management to override controls to","page_number":11,"box":{"x":138,"y":331,"width":232,"height":11}},{"id":"38232cb3-62a3-4565-a5b7-5765ed01a4e6","block_type":"box","text":"recognise revenue in line with","page_number":11,"box":{"x":138,"y":345,"width":193,"height":10}},{"id":"c0ef61b4-8377-46d4-8d05-18c306bdbf6d","block_type":"box","text":"management targets.","page_number":11,"box":{"x":138,"y":359,"width":136,"height":10}},{"id":"013d1395-3588-44ec-b060-b9729f7fb1d5","block_type":"box","text":"We consider the area of manual","page_number":11,"box":{"x":138,"y":377,"width":207,"height":8}},{"id":"39dd355c-9c32-483e-a127-11d8579fbc32","block_type":"box","text":"journals or adjustments posted to","page_number":11,"box":{"x":137,"y":390,"width":220,"height":11}},{"id":"3e5c06f3-c997-4146-85c9-f4802e0581cc","block_type":"box","text":"other technical income to be the most","page_number":11,"box":{"x":138,"y":404,"width":243,"height":8}},{"id":"ffdbfc2b-5090-457b-ab77-d3a044badc10","block_type":"box","text":"susceptible to material misstatements.","page_number":11,"box":{"x":138,"y":418,"width":247,"height":10}},{"id":"8067919a-4221-4c77-88aa-8eb04c75c9b6","block_type":"box","text":"Revenue recognition is further","page_number":11,"box":{"x":138,"y":436,"width":199,"height":11}},{"id":"789b7089-aa0e-4f41-be8c-6c08eb9a00ea","block_type":"box","text":"described in Note 2 in the accounting","page_number":11,"box":{"x":138,"y":450,"width":242,"height":11}},{"id":"0aad4555-040c-4187-9844-1f19abcfca92","block_type":"box","text":"policies on page 21 and the critical","page_number":11,"box":{"x":138,"y":463,"width":225,"height":11}},{"id":"7fc4a2c9-2eb7-478e-ac40-d276e63d8b7f","block_type":"box","text":"accounting estimates and judgement","page_number":11,"box":{"x":138,"y":477,"width":238,"height":11}},{"id":"0c72d414-bc9b-483a-af95-cff8c1647559","block_type":"box","text":"on page 19. Also refer to Note 5 of the","page_number":11,"box":{"x":138,"y":491,"width":244,"height":10}},{"id":"83df958d-e8ea-450d-972d-d5c8e2027ee3","block_type":"box","text":"financial statements.","page_number":11,"box":{"x":138,"y":504,"width":134,"height":9}},{"id":"d6977321-853b-4a00-b3a4-3daa58b26e13","block_type":"box","text":"Our audit procedures to address this matter included:","page_number":11,"box":{"x":406,"y":271,"width":323,"height":11}},{"id":"5e3678b2-976c-4bbf-b4ad-6d4865032be0","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":292,"width":5,"height":3}},{"id":"b58c1ac7-dc75-42ab-9455-78fcbc476e1d","block_type":"box","text":"Understanding the entity’s revenue recognition policy and","page_number":11,"box":{"x":427,"y":289,"width":356,"height":11}},{"id":"ddc9c4c8-69bd-4e1d-be4b-ca0e1f5116e2","block_type":"box","text":"ensuring that it is compliant with the requirements under the","page_number":11,"box":{"x":427,"y":302,"width":370,"height":11}},{"id":"57a50350-959f-4af4-b788-ce89b17137ed","block_type":"box","text":"applicable accounting reporting framework;","page_number":11,"box":{"x":427,"y":315,"width":269,"height":11}},{"id":"e4201845-67f7-4377-8d49-1a5968df2c9c","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":334,"width":5,"height":4}},{"id":"93c9bd27-6d63-4716-89f8-f6ef25976393","block_type":"box","text":"Understanding and assessing the design and implementation of","page_number":11,"box":{"x":427,"y":332,"width":388,"height":11}},{"id":"dc08c310-a28c-427e-b6fb-df1ef76b7c1e","block_type":"box","text":"key controls in respect of revenue recognition;","page_number":11,"box":{"x":427,"y":345,"width":285,"height":11}},{"id":"cdb65d90-11b7-43d8-b876-6ad418bcd10d","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":364,"width":5,"height":3}},{"id":"4559898f-11f1-4d0b-a5bd-3cadc5c60e3a","block_type":"box","text":"Obtaining and inspecting service organisation control reports that","page_number":11,"box":{"x":427,"y":361,"width":401,"height":11}},{"id":"ef2dd43e-f944-4dc7-a699-224fc71a99dd","block_type":"box","text":"are relevant to the recognition of revenue, including those relating","page_number":11,"box":{"x":427,"y":374,"width":405,"height":11}},{"id":"50fbc7a9-3f13-4a6e-89dc-fd5c9b12081e","block_type":"box","text":"to the valuation of assets which directly impact management","page_number":11,"box":{"x":427,"y":387,"width":372,"height":11}},{"id":"37a81b6d-c72a-4361-833a-164be8bb70c3","block_type":"box","text":"charges and ensuring that the entity is covered by the scope of the","page_number":11,"box":{"x":427,"y":400,"width":403,"height":11}},{"id":"a0579732-71d9-491e-bd42-de1588df605a","block_type":"box","text":"controls report and assessing if there are any exceptions or","page_number":11,"box":{"x":427,"y":413,"width":359,"height":11}},{"id":"8897f241-9323-41ec-ba2c-6ab257708c50","block_type":"box","text":"qualification;","page_number":11,"box":{"x":427,"y":426,"width":81,"height":11}},{"id":"f1efbf5a-f56e-41d0-8ae6-9ad3038b09f4","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":445,"width":5,"height":3}},{"id":"48952889-bfa2-4603-afd6-affaaff5f3d8","block_type":"box","text":"Obtaining a bridging letter if there are any gap periods in relation","page_number":11,"box":{"x":427,"y":443,"width":401,"height":11}},{"id":"d3a0878b-fb18-4626-8a6d-09b078b6273a","block_type":"box","text":"to service organisation","page_number":11,"box":{"x":427,"y":456,"width":138,"height":10}},{"id":"d09b5f9f-57d0-4a16-b297-0951c2514822","block_type":"box","text":"reports;","page_number":11,"box":{"x":570,"y":457,"width":45,"height":9}},{"id":"746a11bf-76bf-4c07-886c-cbddc48927cb","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":474,"width":5,"height":4}},{"id":"294581ab-2700-4657-994e-53d51a80daa4","block_type":"box","text":"Performing substantive testing procedures on a sample of","page_number":11,"box":{"x":427,"y":472,"width":354,"height":11}},{"id":"ef0605a3-95f3-4471-a98d-2526d90e517d","block_type":"box","text":"management charges to ensure the correct asset valuation has","page_number":11,"box":{"x":427,"y":485,"width":376,"height":11}},{"id":"bec637e8-391d-45e4-ab97-4041db0d23ef","block_type":"box","text":"been used, a correct rate has been applied and the calculation has","page_number":11,"box":{"x":427,"y":498,"width":398,"height":11}},{"id":"f04e154a-1ce5-4ee9-8e69-51830f608cb3","block_type":"box","text":"been performed correctly;","page_number":11,"box":{"x":427,"y":511,"width":158,"height":11}},{"id":"a0fb59d8-3949-4827-bc9f-d3dcd9a53693","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":530,"width":5,"height":3}},{"id":"1e64445e-23fe-481c-9fd7-54efecb98449","block_type":"box","text":"Performing revenue cut-off procedures to ensure revenue has","page_number":11,"box":{"x":427,"y":528,"width":374,"height":11}},{"id":"57aea470-72da-468a-9039-52573c58adf7","block_type":"box","text":"been recognised in the correct period;","page_number":11,"box":{"x":427,"y":541,"width":230,"height":11}},{"id":"fde85e1e-d1f5-482c-8f74-41cea8ed30a2","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":560,"width":5,"height":3}},{"id":"849931d1-5aca-4c5b-9217-845fa97c28a6","block_type":"box","text":"Performing substantive procedures in relation to year end","page_number":11,"box":{"x":427,"y":557,"width":352,"height":11}},{"id":"b414cf74-d25f-4cab-b40c-33a62a178502","block_type":"box","text":"accruals; and","page_number":11,"box":{"x":427,"y":570,"width":80,"height":10}},{"id":"b09a41cd-f874-40f6-9b58-ec8a5f1c4644","block_type":"box","text":"","page_number":11,"box":{"x":406,"y":589,"width":5,"height":3}},{"id":"7943fbb9-f083-4738-9af7-6a10c729e106","block_type":"box","text":"Performing journal entry testing based on specific risk criteria to","page_number":11,"box":{"x":427,"y":587,"width":396,"height":10}},{"id":"b2ce52f9-8848-4a5b-af62-740cfec09365","block_type":"box","text":"identify if any unusual or significant journals impacting revenue","page_number":11,"box":{"x":427,"y":600,"width":394,"height":11}},{"id":"2903c6bb-abf7-43ed-8cfa-082d7ab4218e","block_type":"box","text":"have been posted and, if required, testing these to underlying","page_number":11,"box":{"x":427,"y":613,"width":373,"height":10}},{"id":"5b9080e7-d355-4d7c-9376-bda1f34aa294","block_type":"box","text":"documentation.","page_number":11,"box":{"x":427,"y":626,"width":94,"height":8}},{"id":"5d724520-c519-4113-a0d0-397c9d89c7af","block_type":"box","text":"Key observations","page_number":11,"box":{"x":405,"y":659,"width":113,"height":10}},{"id":"51efddbe-e950-4e89-8c32-95171133b448","block_type":"box","text":"Based on our audit procedures performed and evidence obtained, we","page_number":11,"box":{"x":405,"y":672,"width":429,"height":11}},{"id":"f2ac3f41-44db-4fdc-bba6-f179af00d670","block_type":"box","text":"consider the amount of other technical income recognised in the","page_number":11,"box":{"x":406,"y":686,"width":428,"height":11}},{"id":"7b8626bd-25ca-43e1-b80a-bd8ddfc95e34","block_type":"box","text":"financial statements to be appropriate.","page_number":11,"box":{"x":406,"y":700,"width":232,"height":10}},{"id":"634ec4ed-e0cf-4118-9fd6-339bf51b8ef6","block_type":"box","text":"Other information","page_number":11,"box":{"x":130,"y":759,"width":120,"height":9}},{"id":"71028610-8205-4498-9af6-fcc9a1b3568c","block_type":"box","text":"The other information comprises the information included in the report and financial statements, other than the","page_number":11,"box":{"x":129,"y":780,"width":713,"height":11}},{"id":"5ebc557c-7487-401e-af30-e5660044b74a","block_type":"box","text":"financial statements and our auditor’s report thereon. The directors are responsible for the other information contained","page_number":11,"box":{"x":130,"y":794,"width":713,"height":10}},{"id":"45787cf0-8701-4d70-a61b-93ba0e645fdd","block_type":"box","text":"within the report and financial statements. Our opinion on the financial statements does not cover the other","page_number":11,"box":{"x":129,"y":807,"width":714,"height":11}},{"id":"4ae656b1-45e9-4f45-873c-e8b6dc48de11","block_type":"box","text":"information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance","page_number":11,"box":{"x":129,"y":821,"width":713,"height":11}},{"id":"ab877613-2f21-496c-aff5-ae47d59f8e94","block_type":"box","text":"conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other","page_number":11,"box":{"x":129,"y":835,"width":714,"height":11}},{"id":"05bbe5bb-c350-4cf4-be3d-e885dda58955","block_type":"box","text":"information is materially inconsistent with the financial statements or our knowledge obtained in the course of the","page_number":11,"box":{"x":129,"y":848,"width":713,"height":11}},{"id":"48473fe6-fe38-4746-8e96-cdd0f597d98d","block_type":"box","text":"audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material","page_number":11,"box":{"x":129,"y":862,"width":713,"height":11}},{"id":"1e827ef8-a8cc-4f3e-b3bd-b9975d2b4564","block_type":"box","text":"misstatements, we are required to determine whether this gives rise to a material misstatement in the financial","page_number":11,"box":{"x":129,"y":875,"width":713,"height":11}},{"id":"9dcb9868-8d19-401e-ab46-c5f240c4f7be","block_type":"box","text":"Managed Pension Funds Limited","page_number":12,"box":{"x":129,"y":45,"width":290,"height":16}},{"id":"295a7ed7-933f-485b-9e28-63036c7b93d1","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANAGED PENSION","page_number":12,"box":{"x":129,"y":71,"width":685,"height":10}},{"id":"7172c114-cac4-45b8-9aef-20d30ec3c972","block_type":"box","text":"FUNDS LIMITED (continued)","page_number":12,"box":{"x":129,"y":87,"width":235,"height":13}},{"id":"f88ddce7-e565-49d5-b849-4866bc92d4e7","block_type":"box","text":"11","page_number":12,"box":{"x":829,"y":925,"width":12,"height":8}},{"id":"97c4bab7-bb6f-4879-80f2-ac28fca11528","block_type":"box","text":"statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement","page_number":12,"box":{"x":130,"y":137,"width":712,"height":11}},{"id":"fd218506-d86b-4ca4-b9a8-7617ff4c5231","block_type":"box","text":"of this other information, we are required to report that fact.","page_number":12,"box":{"x":129,"y":151,"width":366,"height":10}},{"id":"2ad1566b-cb6c-42f4-b3be-24e7ffb1da85","block_type":"box","text":"We have nothing to report in this regard.","page_number":12,"box":{"x":129,"y":171,"width":247,"height":11}},{"id":"9d6dd86c-f72f-4ea4-8684-a83b04c7fb77","block_type":"box","text":"Opinions on other matters prescribed by the Companies Act 2006","page_number":12,"box":{"x":130,"y":192,"width":426,"height":11}},{"id":"1a2f7d7c-ea2b-4832-9bb3-3addd38ea0e1","block_type":"box","text":"In our opinion, based on the work undertaken in the course of the audit:","page_number":12,"box":{"x":129,"y":213,"width":439,"height":11}},{"id":"d9900b2c-e8b9-4c79-b729-e40d86fa83f2","block_type":"box","text":"• the information given in the strategic report and the directors’ report for the financial year for which the","page_number":12,"box":{"x":130,"y":234,"width":678,"height":10}},{"id":"45d86c7e-f131-4366-a04d-73dddf156861","block_type":"box","text":"financial statements are prepared is consistent with the financial statements; and","page_number":12,"box":{"x":173,"y":247,"width":491,"height":11}},{"id":"f8f83784-4497-447b-8c81-ec4cb3e81bcf","block_type":"box","text":"• the strategic report and the directors’ report have been prepared in accordance with applicable legal","page_number":12,"box":{"x":130,"y":268,"width":713,"height":11}},{"id":"2446e088-2765-40bd-8007-1a3cee48d5da","block_type":"box","text":"requirements.","page_number":12,"box":{"x":173,"y":282,"width":82,"height":11}},{"id":"a2b9aa4c-3f87-4ad1-8daf-80fe86dd75ad","block_type":"box","text":"Matters on which we are required to report by exception","page_number":12,"box":{"x":129,"y":303,"width":370,"height":10}},{"id":"02e31f61-457d-4efc-8052-a3caa918ff3a","block_type":"box","text":"In the light of the knowledge and understanding of the Company and its environment obtained in the course of the","page_number":12,"box":{"x":129,"y":323,"width":713,"height":11}},{"id":"eaa65292-a5f1-470b-9d78-ad50526f41ec","block_type":"box","text":"audit, we have not identified material misstatements in the strategic report or the directors’ report.","page_number":12,"box":{"x":129,"y":337,"width":599,"height":11}},{"id":"a9f93b01-6a69-4c98-a0aa-9fea32a0652d","block_type":"box","text":"We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires","page_number":12,"box":{"x":129,"y":358,"width":713,"height":11}},{"id":"51ddfb88-3b16-46ed-b755-b0a47f92473c","block_type":"box","text":"us to report to you if, in our opinion:","page_number":12,"box":{"x":129,"y":371,"width":223,"height":11}},{"id":"9ad50277-6fe2-4b54-8f42-2a99bf14bf44","block_type":"box","text":"• adequate accounting records have not been kept, or returns adequate for our audit have not been received from","page_number":12,"box":{"x":130,"y":392,"width":712,"height":11}},{"id":"ce7357b0-d0e9-4823-968b-659467d7dbd4","block_type":"box","text":"branches not visited by us; or","page_number":12,"box":{"x":172,"y":406,"width":181,"height":10}},{"id":"29b28829-dad9-4de1-bd90-57f44bb056d2","block_type":"box","text":"•","page_number":12,"box":{"x":130,"y":429,"width":3,"height":3}},{"id":"2cff9464-28ae-4e5c-b708-fb421a2c10a7","block_type":"box","text":"the financial statements are not in agreement with the accounting records and returns; or","page_number":12,"box":{"x":173,"y":426,"width":541,"height":11}},{"id":"c7edbd95-0b77-460d-9577-1cfde22cf1e9","block_type":"box","text":"•","page_number":12,"box":{"x":130,"y":450,"width":3,"height":3}},{"id":"832c9c98-4d09-460a-8de1-fce0f10bb9fb","block_type":"box","text":"certain disclosures of directors’ remuneration specified by law are not made; or","page_number":12,"box":{"x":173,"y":447,"width":486,"height":11}},{"id":"3c96a64a-1e58-44b8-8628-cc8c4841e759","block_type":"box","text":"• we have not received all the information and explanations we require for our audit.","page_number":12,"box":{"x":130,"y":468,"width":550,"height":11}},{"id":"36bd0389-858a-4185-a0d1-fcae3a5de6e8","block_type":"box","text":"Responsibilities of directors","page_number":12,"box":{"x":129,"y":489,"width":181,"height":11}},{"id":"008c1f02-5348-490a-a3a8-34cbd889386c","block_type":"box","text":"As explained more fully in the statement of directors’ responsibilities in respect of financial statements, the directors","page_number":12,"box":{"x":129,"y":510,"width":713,"height":10}},{"id":"13357f7b-f3e6-4f0f-bc18-d256a1a1e970","block_type":"box","text":"are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair","page_number":12,"box":{"x":129,"y":523,"width":714,"height":11}},{"id":"e4e0bfdd-319c-4bb4-b316-d3ad0aeef3ad","block_type":"box","text":"view, and for such internal control as the directors determine is necessary to enable the preparation of financial","page_number":12,"box":{"x":129,"y":537,"width":713,"height":11}},{"id":"50f0c07e-d551-4803-823d-e25f2f48c75d","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":12,"box":{"x":130,"y":550,"width":501,"height":11}},{"id":"2c2bc31d-6121-415d-ac2f-7e3daba03834","block_type":"box","text":"In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as","page_number":12,"box":{"x":129,"y":571,"width":713,"height":11}},{"id":"f97412f3-861c-427a-b809-1f7e0c70b58e","block_type":"box","text":"a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of","page_number":12,"box":{"x":129,"y":585,"width":715,"height":11}},{"id":"6b0f392d-8019-4006-86bf-b3bd102e9a5c","block_type":"box","text":"accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic","page_number":12,"box":{"x":129,"y":598,"width":713,"height":11}},{"id":"12e6591e-4cab-4d00-8cbc-f96a359a8b82","block_type":"box","text":"alternative but to do so.","page_number":12,"box":{"x":129,"y":612,"width":143,"height":9}},{"id":"1a921c35-e81f-4c53-96ce-da31b9ebd0b6","block_type":"box","text":"Auditor’s responsibilities for the audit of the financial statements","page_number":12,"box":{"x":129,"y":633,"width":425,"height":11}},{"id":"fa2eb8d3-1ded-4128-a8af-09791362b5b1","block_type":"box","text":"Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from","page_number":12,"box":{"x":129,"y":654,"width":713,"height":11}},{"id":"0282a14e-6010-4873-b132-1b487407b734","block_type":"box","text":"material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.","page_number":12,"box":{"x":129,"y":667,"width":712,"height":11}},{"id":"bd52cf3d-e7ed-4a4d-bc7d-56901f5d6947","block_type":"box","text":"Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with","page_number":12,"box":{"x":129,"y":681,"width":714,"height":11}},{"id":"db2f83a7-ea95-4904-8319-eea68aae500e","block_type":"box","text":"ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and","page_number":12,"box":{"x":129,"y":695,"width":714,"height":11}},{"id":"b75976fc-7db4-4d61-9b65-893186c5ab2a","block_type":"box","text":"are considered material if, individually or in the aggregate, they could reasonably be expected to influence the","page_number":12,"box":{"x":129,"y":708,"width":713,"height":11}},{"id":"ceea8ad3-8db9-4375-a40f-b778848826e8","block_type":"box","text":"economic decisions of users taken on the basis of these financial statements.","page_number":12,"box":{"x":129,"y":722,"width":467,"height":8}},{"id":"30a38afe-f0b8-46e4-b85b-776f6bc9573e","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in","page_number":12,"box":{"x":129,"y":743,"width":714,"height":11}},{"id":"349bb876-6756-49c8-aed6-5b29cd881030","block_type":"box","text":"line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including","page_number":12,"box":{"x":129,"y":756,"width":713,"height":11}},{"id":"4e4ffd98-8699-4795-8c66-03c1b66b88a9","block_type":"box","text":"fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:","page_number":12,"box":{"x":130,"y":770,"width":702,"height":11}},{"id":"e20d9472-20b1-414a-9765-227d29c23052","block_type":"box","text":"• We obtained an understanding of the Company and the sector in which it operates to identify laws and","page_number":12,"box":{"x":130,"y":791,"width":713,"height":11}},{"id":"4c449138-19fe-4db1-a12b-8f6e13270c88","block_type":"box","text":"regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained","page_number":12,"box":{"x":173,"y":804,"width":669,"height":11}},{"id":"a1d14917-5f5c-452e-851e-cbdc631a48b0","block_type":"box","text":"Managed Pension Funds Limited","page_number":13,"box":{"x":129,"y":45,"width":290,"height":16}},{"id":"03cfa899-d2e0-4367-8469-6213baeef57e","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANAGED PENSION","page_number":13,"box":{"x":129,"y":71,"width":685,"height":10}},{"id":"2b5f518e-8791-41b9-8124-4f89528bd13c","block_type":"box","text":"FUNDS LIMITED (continued)","page_number":13,"box":{"x":129,"y":87,"width":235,"height":13}},{"id":"a376cfb5-51a8-4898-90d6-783930c35c55","block_type":"box","text":"12","page_number":13,"box":{"x":829,"y":925,"width":13,"height":8}},{"id":"765fb20d-e6e7-4354-85b2-7483712cc4e1","block_type":"box","text":"our understanding in this regard through discussions with management, industry research and application of","page_number":13,"box":{"x":173,"y":137,"width":671,"height":11}},{"id":"0ab6622c-d24c-4ba6-a30d-77e87d7cd2d5","block_type":"box","text":"cumulative audit knowledge and experience of the sector.","page_number":13,"box":{"x":173,"y":151,"width":351,"height":10}},{"id":"a08048ee-50ec-4ae8-a48b-e17652dbd242","block_type":"box","text":"• We determined the principal laws and regulations relevant to the Company in this regard to be those arising","page_number":13,"box":{"x":130,"y":171,"width":712,"height":11}},{"id":"de009bea-105b-48da-8d9e-ad2adb167962","block_type":"box","text":"from the Companies Act 2006, permission and supervisory requirements of the Prudential Regulation","page_number":13,"box":{"x":173,"y":185,"width":670,"height":11}},{"id":"ad206639-b566-4ec6-8d3f-227dd153668f","block_type":"box","text":"Authority (PRA) and the Financial Conduct Authority (FCA).","page_number":13,"box":{"x":173,"y":199,"width":378,"height":10}},{"id":"99119d4e-2a1a-44fd-b915-65c567524a0d","block_type":"box","text":"• We designed our audit procedures to ensure the audit team considered whether there were any indications of","page_number":13,"box":{"x":130,"y":219,"width":714,"height":11}},{"id":"4f5af545-f386-476a-b976-5ffdd337ad12","block_type":"box","text":"non-compliance by the Company with those laws and regulations. These procedures included, but were not","page_number":13,"box":{"x":173,"y":233,"width":670,"height":11}},{"id":"07677141-7012-4fe5-a2d7-0bd758a582b8","block_type":"box","text":"limited to: enquiries of management, review of board and audit committee meeting minutes and review of","page_number":13,"box":{"x":173,"y":247,"width":671,"height":10}},{"id":"1be49fa5-9a66-45ca-abb8-a6e72d779766","block_type":"box","text":"relevant legal and regulatory correspondence.","page_number":13,"box":{"x":173,"y":260,"width":278,"height":11}},{"id":"e63c9c08-4cc3-493c-bdaf-f52d019ef5ef","block_type":"box","text":"• We also identified the risks of material misstatement of the financial statements due to fraud. We considered,","page_number":13,"box":{"x":130,"y":281,"width":712,"height":10}},{"id":"006f8b55-eee3-456d-917b-b7a3713a021a","block_type":"box","text":"in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls,","page_number":13,"box":{"x":173,"y":295,"width":669,"height":11}},{"id":"ed5d461e-de89-4cd1-b241-cc1ded56133f","block_type":"box","text":"the potential for management bias in relation to revenue recognition, and our procedures in this respect was","page_number":13,"box":{"x":173,"y":308,"width":669,"height":11}},{"id":"d55172b9-43cf-4de1-8213-fb2b9b27600a","block_type":"box","text":"set out in the key audit matter section above.","page_number":13,"box":{"x":173,"y":322,"width":272,"height":11}},{"id":"440b6e53-6231-48aa-a59a-f2ec468d72b3","block_type":"box","text":"• As in all of our audits, we addressed the risk of fraud arising from management override of controls by","page_number":13,"box":{"x":130,"y":343,"width":712,"height":11}},{"id":"db3d3ed2-1994-4c29-91a6-1a2fa18269e6","block_type":"box","text":"performing audit procedures which included, but were not limited to: the testing of journals; reviewing","page_number":13,"box":{"x":172,"y":356,"width":670,"height":11}},{"id":"bd8aa479-b434-484c-acac-b5bfc1dc7e5e","block_type":"box","text":"accounting estimates for evidence of bias; and","page_number":13,"box":{"x":173,"y":370,"width":281,"height":11}},{"id":"1e1c7aa4-b427-427c-9c8b-21a0cb36a043","block_type":"box","text":"evaluating the business rationale of any significant transactions","page_number":13,"box":{"x":458,"y":370,"width":384,"height":11}},{"id":"1672ee4e-4d3b-4a91-ad32-95289ff22252","block_type":"box","text":"that are unusual or outside the normal course of business.","page_number":13,"box":{"x":173,"y":384,"width":350,"height":8}},{"id":"ce20c691-2b8a-4e29-99ab-fe4606fe3765","block_type":"box","text":"Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those","page_number":13,"box":{"x":129,"y":405,"width":713,"height":10}},{"id":"3749afe3-8a26-4810-8a31-8173c6727c0a","block_type":"box","text":"leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases","page_number":13,"box":{"x":129,"y":418,"width":713,"height":11}},{"id":"27eb9e09-70e3-45f1-9d33-f3e5de5ed69d","block_type":"box","text":"the more that compliance with a law or regulation is removed from the events and transactions reflected in the","page_number":13,"box":{"x":129,"y":432,"width":713,"height":11}},{"id":"32f99e34-1c22-4698-af2c-5d959e9e7ba3","block_type":"box","text":"financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater","page_number":13,"box":{"x":130,"y":445,"width":713,"height":11}},{"id":"754d9ff8-c2f3-4d19-b9db-02c42a125851","block_type":"box","text":"regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery,","page_number":13,"box":{"x":129,"y":459,"width":713,"height":11}},{"id":"6d08b10e-b5a2-4a8d-8a56-8086ca6cfba1","block_type":"box","text":"collusion, omission or misrepresentation.","page_number":13,"box":{"x":129,"y":473,"width":252,"height":11}},{"id":"926a1df9-ec91-4a79-91ae-554c352eea81","block_type":"box","text":"A further description of our responsibilities for the audit of the financial statements is located on the Financial","page_number":13,"box":{"x":129,"y":493,"width":713,"height":11}},{"id":"36a7ecbd-22bf-4e91-ace3-7ea1ec46b25d","block_type":"box","text":"Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s","page_number":13,"box":{"x":129,"y":507,"width":713,"height":11}},{"id":"c47eba5d-f23f-4240-ac86-260f148788ed","block_type":"box","text":"report.","page_number":13,"box":{"x":129,"y":522,"width":39,"height":10}},{"id":"77e7b625-9d9e-4e65-9cf4-79b2f6fa1e79","block_type":"box","text":"Other matters which we are required to address","page_number":13,"box":{"x":130,"y":542,"width":312,"height":10}},{"id":"23482656-9413-490d-a615-0d1ad5a31c69","block_type":"box","text":"We were appointed by the Audit Committee on 13 October 2023 to audit the financial statements for the period ended","page_number":13,"box":{"x":129,"y":562,"width":714,"height":11}},{"id":"ae3c9cd7-3e04-4f47-a30a-391978f9fd98","block_type":"box","text":"31 December 2024 and subsequent financial periods. Our total uninterrupted period of engagement is two years,","page_number":13,"box":{"x":130,"y":576,"width":712,"height":11}},{"id":"044ba12d-2dac-4b11-bc38-0118d5a38e27","block_type":"box","text":"covering the periods ended 31 December 2024 and 31 December 2025.","page_number":13,"box":{"x":129,"y":590,"width":436,"height":11}},{"id":"04a94e1b-e84a-490e-9ebd-5d47a0fbd82d","block_type":"box","text":"The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Company and we remain","page_number":13,"box":{"x":129,"y":610,"width":713,"height":11}},{"id":"73e12b82-1b93-4476-bfae-ac764f576da4","block_type":"box","text":"independent of the Company in conducting our audit.","page_number":13,"box":{"x":129,"y":624,"width":327,"height":11}},{"id":"8256a0b3-31c8-4738-9d4b-6f6b6bc0ef72","block_type":"box","text":"Our audit opinion is consistent with the additional report to the audit committee.","page_number":13,"box":{"x":129,"y":645,"width":492,"height":11}},{"id":"10664aa4-9b86-4813-b615-08888dd50ebf","block_type":"box","text":"Use of our report","page_number":13,"box":{"x":129,"y":666,"width":112,"height":10}},{"id":"c40feda5-c461-4fdc-8386-8370c69651e8","block_type":"box","text":"This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the","page_number":13,"box":{"x":129,"y":686,"width":713,"height":11}},{"id":"d882b1a0-7c3c-4e07-a1ec-1df35f7add81","block_type":"box","text":"Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those","page_number":13,"box":{"x":129,"y":700,"width":713,"height":11}},{"id":"041e4421-4b1a-412c-b51a-9f47ce0eda3b","block_type":"box","text":"matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted","page_number":13,"box":{"x":129,"y":714,"width":714,"height":11}},{"id":"d4022bb5-9cc0-4ad1-9fb5-99d2d68f52e5","block_type":"box","text":"by law, we do not accept or assume responsibility to anyone, other than the Company and the Company's members","page_number":13,"box":{"x":129,"y":727,"width":713,"height":11}},{"id":"bb98132b-1819-45f5-beae-9c3634eb768e","block_type":"box","text":"as a body, for our audit work, for this report, or for the opinions we have formed.","page_number":13,"box":{"x":129,"y":741,"width":496,"height":11}},{"id":"f184b1d7-1569-4c7c-828c-66a7b21faef4","block_type":"box","text":"Managed Pension Funds Limited","page_number":14,"box":{"x":129,"y":45,"width":290,"height":16}},{"id":"90564c7e-7391-4cf0-9d47-34d9a81b9a3b","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANAGED 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The paragraphs of","page_number":19,"box":{"x":182,"y":577,"width":663,"height":11}},{"id":"092c59b1-767c-404b-8238-4785c4ad99f9","block_type":"box","text":"IFRS 15 concerning disclosure requirements, from which FRS 101 reporters can be exempt, include","page_number":19,"box":{"x":182,"y":591,"width":661,"height":11}},{"id":"8fc4cdf7-5203-4d2c-ad9a-abb1e8de946b","block_type":"box","text":"paragraphs 113(a), 114, 115, 118, 119(a)–(c), 120–127 and 129.","page_number":19,"box":{"x":182,"y":604,"width":393,"height":11}},{"id":"7ee70c5e-97c3-4e11-bcbc-6e0c29a22cf8","block_type":"box","text":"(e)","page_number":19,"box":{"x":155,"y":630,"width":16,"height":11}},{"id":"78fe5236-187b-4a39-badb-08842f296036","block_type":"box","text":"The requirements of paragraph 16 of IAS 1.","page_number":19,"box":{"x":183,"y":630,"width":268,"height":11}},{"id":"02f5a374-d303-4528-8eba-b5e24d97f8ab","block_type":"box","text":"In preparing these financial statements the directors have considered the impact of the physical and transition","page_number":19,"box":{"x":151,"y":655,"width":692,"height":11}},{"id":"c523d562-3d8d-4795-addf-67bb767f0b8b","block_type":"box","text":"risks of climate change and identified this as an emerging risk, but have concluded that it does not have a material","page_number":19,"box":{"x":151,"y":669,"width":692,"height":11}},{"id":"706cf630-bfd4-445a-b05c-4c27a7a9e7f6","block_type":"box","text":"impact on the recognition and measurement of the assets and liabilities in these financial statements as at 31","page_number":19,"box":{"x":151,"y":683,"width":690,"height":11}},{"id":"f14fa219-b547-47d7-b15e-4f9b956d7ed7","block_type":"box","text":"December 2025. This is because the assets are reported at fair value under IFRS and as set out in note 10, therefore","page_number":19,"box":{"x":151,"y":696,"width":692,"height":11}},{"id":"9d0b314b-f4b9-42e9-a8ea-1c746d33d350","block_type":"box","text":"utilise market prices at the period end. These market prices will include the current expectations of the impact of","page_number":19,"box":{"x":151,"y":710,"width":694,"height":11}},{"id":"cf564e9e-e907-4c01-81c0-4241f3be98f0","block_type":"box","text":"climate change on these investments. However, we recognise that government and societal responses to climate","page_number":19,"box":{"x":151,"y":724,"width":692,"height":10}},{"id":"b09d4b9f-049e-4c0e-a1f4-c1391e0bcad1","block_type":"box","text":"change risks are still developing and the future impact cannot be predicted. Future valuations of assets may","page_number":19,"box":{"x":151,"y":737,"width":692,"height":11}},{"id":"00291db0-e4c9-4643-b38e-dbe887c4887d","block_type":"box","text":"therefore differ as the market responds to these changing impacts or assesses the impact of current requirements","page_number":19,"box":{"x":151,"y":751,"width":692,"height":11}},{"id":"60374ccd-bfa5-4390-aa52-aeedd7d96a24","block_type":"box","text":"differently.","page_number":19,"box":{"x":151,"y":765,"width":68,"height":10}},{"id":"0c66163d-e716-4775-925b-5c0e999697d5","block_type":"box","text":"Going concern","page_number":19,"box":{"x":152,"y":790,"width":92,"height":11}},{"id":"8d124c50-fc6a-41ff-b008-f6fe364d928b","block_type":"box","text":"In assessing whether the going concern basis is appropriate, the directors have considered the information","page_number":19,"box":{"x":151,"y":808,"width":692,"height":11}},{"id":"de051470-acc8-4ac1-ad47-a3855d1dfc7b","block_type":"box","text":"contained in the financial statements, the Company’s financial position and liquidity, and the latest forecasts (up","page_number":19,"box":{"x":151,"y":822,"width":692,"height":11}},{"id":"9e4a2704-f517-4183-b5de-2f6d25031044","block_type":"box","text":"to December 2028). These forecasts have been subject to sensitivity tests and operational resilience review","page_number":19,"box":{"x":151,"y":836,"width":692,"height":11}},{"id":"c0c1eb0a-dca6-45c1-b9df-d880efefc393","block_type":"box","text":"(including continuity of the operations and client delivery). As a result of this review, the directors believe the","page_number":19,"box":{"x":151,"y":849,"width":692,"height":11}},{"id":"ed9f1802-86dc-4553-98e2-bcff5100d6a5","block_type":"box","text":"Company has adequate resources to continue in operational existence over the going concern period assessed up","page_number":19,"box":{"x":151,"y":863,"width":689,"height":11}},{"id":"78f980ca-b7bc-4276-8ad1-d5a8ea96d2ee","block_type":"box","text":"Managed Pension Funds Limited","page_number":20,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"04a940a2-7ff2-4999-ad1a-fab73c1e572e","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":20,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"0f80785f-97fb-4ff5-9ee0-b28acf1989ff","block_type":"box","text":"at 31 December 2025","page_number":20,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"5705c808-cde9-4b04-af2d-9e6918d393c1","block_type":"box","text":"19","page_number":20,"box":{"x":790,"y":937,"width":13,"height":8}},{"id":"c6bfa0d3-443d-420f-8dc2-5abe15eb1ab5","block_type":"box","text":"2. ACCOUNTING POLICIES (CONTINUED)","page_number":20,"box":{"x":113,"y":135,"width":329,"height":10}},{"id":"ac46d149-a33e-4130-b5c2-b1de4b92c9cc","block_type":"box","text":"Going concern (continued)","page_number":20,"box":{"x":152,"y":156,"width":169,"height":10}},{"id":"bbe01708-82f8-4f5c-baf4-ac49fd9c20c6","block_type":"box","text":"to 31 December 2028. Accordingly, they continue to adopt the going concern basis of accounting in preparing the","page_number":20,"box":{"x":151,"y":174,"width":691,"height":11}},{"id":"7a4a436d-9660-4d90-9cb0-5d359e372581","block_type":"box","text":"annual report and financial statements.","page_number":20,"box":{"x":151,"y":188,"width":236,"height":11}},{"id":"8e4fa663-f31f-456d-8a75-5b72d5f12c57","block_type":"box","text":"Critical accounting estimates and judgements","page_number":20,"box":{"x":152,"y":209,"width":287,"height":10}},{"id":"9e0f053f-ae51-4930-8940-5e1d475fd002","block_type":"box","text":"Our accounting policies by their nature require management to make judgments, involving estimates and","page_number":20,"box":{"x":151,"y":227,"width":692,"height":11}},{"id":"acb34e56-1b66-4280-932f-5dc5b945ba7c","block_type":"box","text":"assumptions. These estimates and assumptions are based on information available as of the date of the financial","page_number":20,"box":{"x":151,"y":241,"width":691,"height":10}},{"id":"98508770-3082-448d-9a5b-973d38bcd425","block_type":"box","text":"statements, and changes in this information over time could materially affect the amounts of assets, liabilities,","page_number":20,"box":{"x":152,"y":254,"width":690,"height":11}},{"id":"23939d8a-6b88-4555-8e31-d1820efd5241","block_type":"box","text":"equity, revenue and expenses reported in subsequent financial statements. The management estimates and","page_number":20,"box":{"x":151,"y":268,"width":692,"height":11}},{"id":"218b8441-05fb-4fcb-8e5f-54ffdb6cd374","block_type":"box","text":"associated assumptions are based on historical experience and various other factors that are believed to be","page_number":20,"box":{"x":151,"y":281,"width":691,"height":11}},{"id":"3b3ce15b-b883-4712-af08-20aca48350e9","block_type":"box","text":"reasonable under the circumstances.","page_number":20,"box":{"x":151,"y":295,"width":220,"height":9}},{"id":"53088105-f1f3-4338-b897-64f739258890","block_type":"box","text":"The financial statements are prepared under the historical cost convention, modified to include financial","page_number":20,"box":{"x":151,"y":316,"width":692,"height":11}},{"id":"9c9bbcd0-eea4-4c5b-95b0-09cdcd52ea7d","block_type":"box","text":"instruments at fair value through profit or loss and in accordance with applicable accounting standards. All","page_number":20,"box":{"x":151,"y":330,"width":691,"height":10}},{"id":"e5a1c583-0171-4187-993f-6eb5b4df21ed","block_type":"box","text":"investment management fees are determined by the value of assets under management and the consideration","page_number":20,"box":{"x":151,"y":343,"width":692,"height":11}},{"id":"89e8321b-e3d9-4ac0-b102-18c1ccd394c4","block_type":"box","text":"specified in contracts with its policyholders. The Company will accrue for unbilled investment management fees","page_number":20,"box":{"x":152,"y":357,"width":690,"height":11}},{"id":"82826dd4-222d-4625-a188-f3b4aef02a72","block_type":"box","text":"by taking the assets under management as of a fixed date and the consideration specified in contracts.","page_number":20,"box":{"x":151,"y":370,"width":622,"height":11}},{"id":"4f9e2181-b81b-4ee9-8e74-cfd76f4281c9","block_type":"box","text":"Financial assets and liabilities","page_number":20,"box":{"x":151,"y":391,"width":192,"height":9}},{"id":"19a13c23-f70b-4aa7-a70c-0b707fd1c056","block_type":"box","text":"Measurement methods","page_number":20,"box":{"x":150,"y":412,"width":144,"height":9}},{"id":"f0c1873b-a480-4316-819e-3b7d71a6009f","block_type":"box","text":"Initial recognition and measurement","page_number":20,"box":{"x":150,"y":433,"width":233,"height":11}},{"id":"8e3d3b50-e206-4257-943b-646175f899a2","block_type":"box","text":"Financial assets and liabilities are recognised when the entity becomes party to the contractual provisions of the","page_number":20,"box":{"x":151,"y":451,"width":691,"height":11}},{"id":"272b199f-a381-49d5-82da-6165a387fa05","block_type":"box","text":"instrument. Regular way purchases and sales of financial assets are recognised on trade date, the date on which","page_number":20,"box":{"x":151,"y":465,"width":692,"height":11}},{"id":"c347c529-921f-4fcd-a3ce-8bfe7c5b5b79","block_type":"box","text":"the Company commits to purchase or sell the asset.","page_number":20,"box":{"x":151,"y":479,"width":314,"height":10}},{"id":"8e0ace2d-f211-4b75-b325-2c3ecabbafe5","block_type":"box","text":"At initial recognition, the Company measures a financial asset or financial liability at its fair value plus or minus","page_number":20,"box":{"x":151,"y":499,"width":691,"height":11}},{"id":"a4674941-1dc5-4be5-a575-b1effd472323","block_type":"box","text":"transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or","page_number":20,"box":{"x":151,"y":513,"width":692,"height":11}},{"id":"452ee145-1223-4e58-b4a4-500abfd4535d","block_type":"box","text":"financial liability. Transaction costs of financial assets and financial liabilities carried at fair value through profit","page_number":20,"box":{"x":151,"y":526,"width":692,"height":11}},{"id":"cba35035-899f-4cca-82a4-81ca23fcf4fd","block_type":"box","text":"or loss are expensed in the income statement. Immediately after recognition, an expected credit loss (“ECL”) is","page_number":20,"box":{"x":151,"y":540,"width":691,"height":11}},{"id":"2a5c1fc5-65a9-4f39-89eb-839e95334440","block_type":"box","text":"recognised in the income statement for financial assets measured at amortised cost and investment securities","page_number":20,"box":{"x":151,"y":554,"width":691,"height":11}},{"id":"132f833d-3c95-4f7b-af69-4398450509b3","block_type":"box","text":"measured at fair value through other comprehensive income, which may result in an accounting loss being","page_number":20,"box":{"x":151,"y":567,"width":691,"height":11}},{"id":"92956d6a-d2ce-4b8a-828e-20e814ab28e5","block_type":"box","text":"recognised when an asset is newly originated.","page_number":20,"box":{"x":151,"y":581,"width":280,"height":11}},{"id":"1166444e-3f0f-4c02-922f-1dd28799fef9","block_type":"box","text":"Financial assets – classification and subsequent measurement","page_number":20,"box":{"x":151,"y":602,"width":393,"height":11}},{"id":"bcb1a9d4-dbbd-47ab-8d6d-3aebe2255b8c","block_type":"box","text":"The Company classifies financial assets in the following measurement categories:","page_number":20,"box":{"x":151,"y":620,"width":501,"height":11}},{"id":"82b0589f-e0ff-4499-a72b-25ae5b7042e2","block_type":"box","text":"• Amortised cost;","page_number":20,"box":{"x":152,"y":641,"width":139,"height":10}},{"id":"5e3cc36d-7154-4a0a-b497-f0e195b22d4d","block_type":"box","text":"• Fair value through other comprehensive income (FVOCI); or","page_number":20,"box":{"x":152,"y":655,"width":418,"height":11}},{"id":"e4043beb-cdbd-41f0-b977-4d459f707351","block_type":"box","text":"• Fair value through profit or loss (FVTPL).","page_number":20,"box":{"x":152,"y":668,"width":302,"height":11}},{"id":"ff549a04-d04c-47ba-aa68-ac398deb80c7","block_type":"box","text":"Investments – Other Financial Investments","page_number":20,"box":{"x":150,"y":696,"width":274,"height":8}},{"id":"77c2dee3-7b8c-432c-b821-9047482e6a90","block_type":"box","text":"Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s","page_number":20,"box":{"x":151,"y":714,"width":691,"height":11}},{"id":"455188b4-d09f-40d0-86c0-63938096d4a5","block_type":"box","text":"perspective, such as loans, bonds and trade receivables. The classification and subsequent measurement of debt","page_number":20,"box":{"x":151,"y":728,"width":692,"height":11}},{"id":"0d42d655-d67b-4b7e-8e0a-3045b525c271","block_type":"box","text":"instruments depend on:","page_number":20,"box":{"x":151,"y":741,"width":142,"height":11}},{"id":"ac60d884-eb6f-4299-b03c-3085d6f4575f","block_type":"box","text":"(i) The Company’s business model for managing the assets","page_number":20,"box":{"x":151,"y":759,"width":388,"height":10}},{"id":"126e0ba2-f3d6-46cc-976a-30e679a114ff","block_type":"box","text":"Factors considered by the Company in determining the business model for a group of assets include past","page_number":20,"box":{"x":151,"y":777,"width":692,"height":11}},{"id":"2721d905-2e4a-4ce9-bac5-7d57cb2ce5f6","block_type":"box","text":"experience of how the cash flows for these assets were collected and how risks are assessed and managed. The","page_number":20,"box":{"x":151,"y":791,"width":691,"height":10}},{"id":"90012ba1-fe1e-42f5-9895-a23679423086","block_type":"box","text":"liquidity portfolio assets are held by the Company as part of liquidity management and are generally classified","page_number":20,"box":{"x":151,"y":804,"width":691,"height":11}},{"id":"a2c2ccc0-208a-43ab-992f-8f4f75264c4d","block_type":"box","text":"within the hold to collect and sale business model; collecting contractual cash flows and sales are integral to","page_number":20,"box":{"x":151,"y":818,"width":691,"height":11}},{"id":"d916875b-6aae-4465-ac52-0c5ad125177c","block_type":"box","text":"achieving the objectives of the business model.","page_number":20,"box":{"x":151,"y":832,"width":288,"height":10}},{"id":"dea560eb-209c-4288-aa52-c6f862e53b0a","block_type":"box","text":"Managed Pension Funds Limited","page_number":21,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"5e1d33bd-fcd7-47d3-918c-47b41621ef9a","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":21,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"044d22a2-3e17-41fe-9e7c-0a88a85039a0","block_type":"box","text":"at 31 December 2025","page_number":21,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"b5f648b4-9b9c-4906-a3fe-aa2295b2abaa","block_type":"box","text":"20","page_number":21,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"21bae104-84d0-48e2-8fc0-db6785fa8e8b","block_type":"box","text":"2. ACCOUNTING POLICIES (CONTINUED)","page_number":21,"box":{"x":113,"y":135,"width":329,"height":10}},{"id":"6e187307-f6f5-4c36-b90f-81daebe3abc9","block_type":"box","text":"Investments – Other Financial Investments (continued)","page_number":21,"box":{"x":150,"y":156,"width":351,"height":10}},{"id":"42fc9e87-7a07-4269-8b51-a8e2cb485308","block_type":"box","text":"(ii) The cash flow characteristic of the assets","page_number":21,"box":{"x":155,"y":174,"width":290,"height":11}},{"id":"8df6ac53-3edb-4ac3-ba47-40f8ea3aead8","block_type":"box","text":"The Company assesses whether the financial instruments’ cash flows represent solely payments of principal and","page_number":21,"box":{"x":151,"y":191,"width":692,"height":11}},{"id":"a81dc252-43dd-4316-9417-a6febaee4134","block_type":"box","text":"interest (“SPPI”). In making this assessment, the Company considers whether the contractual cash flows are","page_number":21,"box":{"x":151,"y":205,"width":663,"height":11}},{"id":"5e567362-6cd5-452a-a32b-3cebf82896ff","block_type":"box","text":"consistent with a basic lending arrangement i.e., interest includes only consideration for the time value of money,","page_number":21,"box":{"x":151,"y":219,"width":691,"height":10}},{"id":"e3ec1f1d-3c23-41b3-93ba-f73bd0334732","block_type":"box","text":"credit risk, other lending risk and a profit margin that is consistent with a basic lending arrangement. Where the","page_number":21,"box":{"x":151,"y":232,"width":684,"height":11}},{"id":"9533c398-09f7-4523-a40b-ff6fb8d01364","block_type":"box","text":"contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement,","page_number":21,"box":{"x":151,"y":246,"width":691,"height":11}},{"id":"97e3e743-235b-4019-93dd-9fcd347e7f77","block_type":"box","text":"the related financial assets are classified and measured at FVTPL.","page_number":21,"box":{"x":151,"y":260,"width":403,"height":8}},{"id":"2b4255f9-42ff-4814-b505-36213a1180ee","block_type":"box","text":"Based on these factors, the Company classifies its debt instruments into one of the following measurement","page_number":21,"box":{"x":151,"y":287,"width":692,"height":11}},{"id":"c1159b66-370c-43fd-9c24-21329c8f2992","block_type":"box","text":"categories.","page_number":21,"box":{"x":151,"y":300,"width":65,"height":11}},{"id":"693f2648-e60c-4bae-ac58-b961c96df384","block_type":"box","text":"• Amortised cost: assets that are hold for collection of contractual cash flows were those cash flows represent","page_number":21,"box":{"x":152,"y":314,"width":691,"height":11}},{"id":"668325f7-f510-4df5-add1-dfbc063b9d22","block_type":"box","text":"SPPI, and that are not designated at FVTPL. The carrying amount of these assets is adjusted by any","page_number":21,"box":{"x":195,"y":328,"width":648,"height":11}},{"id":"56b016ae-4c74-4bf8-913a-d7eb9e0f4f90","block_type":"box","text":"expected credit loss allowance recognised.","page_number":21,"box":{"x":195,"y":341,"width":260,"height":11}},{"id":"9d21dcc8-f979-4c21-aae4-aa10ca7fd211","block_type":"box","text":"• Fair value through other comprehensive income: financial assets that are hold for collection of contractual","page_number":21,"box":{"x":152,"y":355,"width":691,"height":11}},{"id":"f3892967-ac85-436c-9542-e09c245a8ccb","block_type":"box","text":"cash flows and for selling the assets, where the assets’ cash flows represent SPPI and are not designated","page_number":21,"box":{"x":195,"y":369,"width":648,"height":11}},{"id":"efdf3aca-b37b-4260-9f92-151474eb56c6","block_type":"box","text":"as FVTPL. Movements in fair value are taken through other comprehensive income, except for the","page_number":21,"box":{"x":195,"y":382,"width":647,"height":11}},{"id":"7464ddfc-ba65-4d98-a1a4-2ffce227b4cc","block_type":"box","text":"recognition of impairment gains or losses, interest income and foreign exchanges gains and losses on the","page_number":21,"box":{"x":194,"y":396,"width":648,"height":11}},{"id":"7052a31e-688c-4bdb-8db8-ff9aa2e81266","block_type":"box","text":"instrument’s amortised cost which are recognised in profit or loss.","page_number":21,"box":{"x":195,"y":410,"width":404,"height":11}},{"id":"9b797a15-75de-49f0-a56d-4a90fb4d19ea","block_type":"box","text":"• Fair value through profit or loss: assets that do not meet the criteria for amortised cost or FVOCI are","page_number":21,"box":{"x":152,"y":423,"width":690,"height":11}},{"id":"7c735ecf-0d9a-4384-a06a-e82586359d74","block_type":"box","text":"measured at fair value through profit or loss.","page_number":21,"box":{"x":194,"y":437,"width":273,"height":11}},{"id":"80a90940-6167-4ae4-b356-4823d7dc23cd","block_type":"box","text":"Other financial investments are carried at FVTPL. After initial recognition, assets held at amortised cost are","page_number":21,"box":{"x":151,"y":456,"width":661,"height":11}},{"id":"c279a93f-4e28-43af-a24c-96f771588258","block_type":"box","text":"measured using the effective interest rate adjusted for credit losses.","page_number":21,"box":{"x":151,"y":470,"width":410,"height":11}},{"id":"f1db98b6-ed8b-4fb8-ae75-96d66afb47ef","block_type":"box","text":"Cash and cash equivalents","page_number":21,"box":{"x":152,"y":491,"width":163,"height":11}},{"id":"146e7dbb-47e3-48e7-81d7-eae92d21cfb7","block_type":"box","text":"Cash and cash equivalents comprise cash balances and 30 days term deposits that are","page_number":21,"box":{"x":320,"y":491,"width":522,"height":11}},{"id":"2f975873-abdf-4c83-a7ca-4b742bc35869","block_type":"box","text":"repayable on demand.","page_number":21,"box":{"x":151,"y":505,"width":134,"height":11}},{"id":"4e45dfc6-4f2a-40d0-8459-ca0645592f9e","block_type":"box","text":"Valuation of investments and assets held to cover linked liabilities","page_number":21,"box":{"x":153,"y":533,"width":413,"height":11}},{"id":"bc0c6d4c-c31c-4d07-b915-8d466b7d31a5","block_type":"box","text":"Assets held to cover linked liabilities are held at fair value through profit or loss to back the underlying liabilities","page_number":21,"box":{"x":151,"y":547,"width":691,"height":11}},{"id":"433890f7-38d1-43c4-867a-40257c5bd156","block_type":"box","text":"to which these relate. Fair value of quoted investments and holdings in collective investment schemes are based","page_number":21,"box":{"x":151,"y":560,"width":692,"height":11}},{"id":"bba2cb0d-2dd7-4161-be77-951643093165","block_type":"box","text":"on bid price.","page_number":21,"box":{"x":151,"y":574,"width":76,"height":11}},{"id":"4d3b4287-8c6e-4549-8478-04f263657f83","block_type":"box","text":"Derivative contracts are valued at market rates where available, or using independently verified model generated","page_number":21,"box":{"x":151,"y":600,"width":692,"height":10}},{"id":"2c0ab0dd-d4c5-4ce6-9aca-f1d6bf7c1c98","block_type":"box","text":"rates, and the gain or loss on these contracts is brought into the technical account.","page_number":21,"box":{"x":151,"y":613,"width":499,"height":11}},{"id":"2399add9-e9ea-444f-82c0-6e6f921f50bf","block_type":"box","text":"To comply with the requirements of FRS 101, other financial investments, investments held to cover linked","page_number":21,"box":{"x":151,"y":639,"width":692,"height":10}},{"id":"c43b33fe-e723-4505-beef-1d0f52c789e6","block_type":"box","text":"liabilities, and technical provisions for linked liabilities are further analysed in note 10 using a “Fair Value","page_number":21,"box":{"x":151,"y":652,"width":691,"height":11}},{"id":"642b22b8-af24-49f3-a1ae-3db80bcb774e","block_type":"box","text":"Hierarchy”:","page_number":21,"box":{"x":151,"y":666,"width":71,"height":11}},{"id":"b0464ee7-e37e-4dc1-8c73-011f895074f8","block_type":"box","text":"","page_number":21,"box":{"x":152,"y":683,"width":5,"height":5}},{"id":"bf5f9690-1606-4219-9107-eec66df6389c","block_type":"box","text":"Level 1 Investments - These are investments whose fair value is determined using observable, unadjusted","page_number":21,"box":{"x":195,"y":681,"width":648,"height":10}},{"id":"6e832726-ab7e-423e-aaa5-c613b38a0d69","block_type":"box","text":"quoted prices in active markets for identical assets. Active markets are markets in which transactions occur","page_number":21,"box":{"x":195,"y":694,"width":648,"height":11}},{"id":"c9a46572-4d63-482b-a00b-8665e362af4a","block_type":"box","text":"for the item to be fair valued with sufficient frequency and volume to provide pricing information on an","page_number":21,"box":{"x":195,"y":708,"width":648,"height":11}},{"id":"19b38ed1-4684-4299-8721-d8fc740c4fbb","block_type":"box","text":"ongoing basis.","page_number":21,"box":{"x":195,"y":721,"width":87,"height":11}},{"id":"ffaca966-7988-4dce-8319-195a74e33a4f","block_type":"box","text":"","page_number":21,"box":{"x":152,"y":739,"width":5,"height":4}},{"id":"02f281b0-10ed-42fb-b6dd-1db9c892957b","block_type":"box","text":"Level 2 Investments - These are investments whose fair value is determined using inputs other than quoted","page_number":21,"box":{"x":195,"y":736,"width":648,"height":11}},{"id":"b2c5a992-a8a4-4a0b-aefb-06bb16cd8951","block_type":"box","text":"prices included within level 1 inputs that are observable, either directly or indirectly through corroboration","page_number":21,"box":{"x":194,"y":750,"width":649,"height":11}},{"id":"f24eccd5-12de-4599-b03f-71d327c6dd35","block_type":"box","text":"with market data.","page_number":21,"box":{"x":194,"y":763,"width":106,"height":9}},{"id":"b8e8c64d-3c95-4a3c-a5b9-57a62db427cf","block_type":"box","text":"","page_number":21,"box":{"x":152,"y":781,"width":5,"height":4}},{"id":"980aaf6e-abcb-4b73-91ed-3fc26cdd1d1a","block_type":"box","text":"Level 3 Investments - These are investments whose fair value is determined using inputs that are not","page_number":21,"box":{"x":195,"y":778,"width":648,"height":11}},{"id":"8da09fd2-02cb-4d7b-8c98-ed54ec181662","block_type":"box","text":"observable, reflecting assumptions that the market participants may use in pricing an investment.","page_number":21,"box":{"x":195,"y":791,"width":593,"height":11}},{"id":"8f85a861-b9bb-4d75-bed6-8387fd197b50","block_type":"box","text":"Financial liabilities – classification and measurement","page_number":21,"box":{"x":151,"y":819,"width":340,"height":11}},{"id":"7b7187af-f889-49c3-baeb-40d1261f5b00","block_type":"box","text":"Financial liabilities, other than loan commitments and financial guarantees, are measured at amortised cost or at","page_number":21,"box":{"x":151,"y":833,"width":692,"height":11}},{"id":"8d10e4b0-d1de-456c-bc0f-7f60bac65596","block_type":"box","text":"FVTPL when they are held for trading and derivative instruments or the fair value designation is applied. Financial","page_number":21,"box":{"x":151,"y":847,"width":691,"height":10}},{"id":"4408294f-d134-4e98-9874-9090b2452e35","block_type":"box","text":"liabilities are derecognised when they are extinguished.","page_number":21,"box":{"x":151,"y":860,"width":339,"height":11}},{"id":"d2c56aab-7842-4747-8b84-459016ab5d84","block_type":"box","text":"Managed Pension Funds Limited","page_number":22,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"1cf6bc16-4afc-409c-a895-1703fcae01a7","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":22,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"f0c6dfd6-da90-4125-9e05-b27fece7b7a9","block_type":"box","text":"at 31 December 2025","page_number":22,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"783e6155-1577-4b16-829e-8198c5d2b7c7","block_type":"box","text":"21","page_number":22,"box":{"x":789,"y":937,"width":13,"height":8}},{"id":"3f2d904e-68d8-4fb8-8222-d99c71d91e2c","block_type":"box","text":"2. ACCOUNTING POLICIES (CONTINUED)","page_number":22,"box":{"x":151,"y":135,"width":334,"height":10}},{"id":"35fda98d-d1ce-422e-a562-6860ac8103e5","block_type":"box","text":"Impairment of financial assets","page_number":22,"box":{"x":150,"y":163,"width":194,"height":11}},{"id":"5363e249-82ca-4f08-8246-e1a786e25a04","block_type":"box","text":"The Company assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its debt","page_number":22,"box":{"x":151,"y":176,"width":692,"height":11}},{"id":"d9cf9fb3-1c4e-4206-a883-bd50b10e0367","block_type":"box","text":"instrument assets carried at amortised costs and FVOCI and with the exposure arising from loan commitments","page_number":22,"box":{"x":151,"y":190,"width":691,"height":11}},{"id":"b5a1901b-35c3-49e6-b9f4-7f55dd7838aa","block_type":"box","text":"and financial guarantee contracts. The Company recognises a loss allowance for such losses at each reporting","page_number":22,"box":{"x":151,"y":204,"width":691,"height":11}},{"id":"35b38bd7-75ca-467e-a4f7-824a9a8ba7af","block_type":"box","text":"date. The Company measures ECL on each balance sheet date according to a three stage ECL impairment model:","page_number":22,"box":{"x":151,"y":217,"width":691,"height":11}},{"id":"45e9a245-e9ec-47b3-9a95-b655388325fa","block_type":"box","text":"• Stage 1 – from initial recognition of the financial asset to the date on which the asset has experience a","page_number":22,"box":{"x":152,"y":245,"width":691,"height":11}},{"id":"8523bdfb-c4f7-4f38-b31b-56e5730be05e","block_type":"box","text":"significant increase in credit risk relative to its initial recognition, a loss allowance is equal to the credit","page_number":22,"box":{"x":195,"y":258,"width":647,"height":11}},{"id":"951bd1a9-8ea1-4d2f-9a17-6f3cac916303","block_type":"box","text":"loss expected to result from default occurring over 12 months following the reporting date.","page_number":22,"box":{"x":195,"y":272,"width":556,"height":11}},{"id":"11b666df-7c70-4aa3-8929-da20675d60f1","block_type":"box","text":"• Stage 2 – following a significant increase in credit risk relative to the initial recognition of the financial","page_number":22,"box":{"x":152,"y":286,"width":690,"height":10}},{"id":"484693fd-ec47-4b54-a466-c8ceb5b5e008","block_type":"box","text":"asset, a loss allowance is recognised equal to the credit losses expected over the remaining lifetime of the","page_number":22,"box":{"x":195,"y":299,"width":648,"height":11}},{"id":"47965f4c-ae9d-425d-9537-cdd398bfa004","block_type":"box","text":"asset.","page_number":22,"box":{"x":195,"y":314,"width":32,"height":7}},{"id":"b05e51b1-cafe-47ac-bcdc-7937a57a18cd","block_type":"box","text":"• Stage 3 – when the financial asset is considered to be credit impaired, a loss allowance is recognised equal","page_number":22,"box":{"x":152,"y":327,"width":690,"height":10}},{"id":"2b031d65-2e91-4954-8b32-805bd3f2ee6c","block_type":"box","text":"to the credit losses expected over the remaining life of the asset. Interest and revenue is calculated based","page_number":22,"box":{"x":194,"y":340,"width":649,"height":11}},{"id":"d4a99eee-0e2e-429d-aba8-5da1b14f4872","block_type":"box","text":"on the gross carrying amount of the asset, net of the loss allowance.","page_number":22,"box":{"x":195,"y":354,"width":413,"height":11}},{"id":"7d074a92-952c-45f1-97da-10aba5e7120e","block_type":"box","text":"The measurement of the ECL reflects an unbiased and probability-weighted amount that is determined by","page_number":22,"box":{"x":151,"y":381,"width":692,"height":11}},{"id":"b3bb6741-4f85-4256-8ef3-345db86e1393","block_type":"box","text":"evaluating a range of possible outcomes, the time value of money and reasonable and supportable information","page_number":22,"box":{"x":151,"y":395,"width":692,"height":11}},{"id":"cac2c41e-f998-47ec-8b41-8b84de774b57","block_type":"box","text":"that is available without undue cost and effort at the reporting date about past events, current conditions and","page_number":22,"box":{"x":151,"y":408,"width":692,"height":11}},{"id":"f676a46f-d018-4fb4-ac03-dc14e9f641aa","block_type":"box","text":"forecasts of future economic conditions. The Company uses the simplified approach when calculating the ECL.","page_number":22,"box":{"x":151,"y":422,"width":683,"height":11}},{"id":"6969fb18-fb99-46e4-ac92-5684745aa666","block_type":"box","text":"Technical provisions for linked liabilities","page_number":22,"box":{"x":152,"y":443,"width":258,"height":11}},{"id":"a826cf29-8585-45d0-9f2f-f48a113d1526","block_type":"box","text":"Linked liabilities are established by reference to the value of the underlying assets that are held to meet those","page_number":22,"box":{"x":151,"y":456,"width":691,"height":11}},{"id":"05843d5d-763d-4f69-a20f-e84899b42cc6","block_type":"box","text":"liabilities. There is no reinsurance of linked liabilities. Unit-linked contracts are in effect investment contracts","page_number":22,"box":{"x":151,"y":470,"width":691,"height":9}},{"id":"dea0db46-6286-4202-88b9-61432b2c0bcd","block_type":"box","text":"(i.e. do not involve the transfer of significant insurance risk) and are accounted for by using the ‘deposit","page_number":22,"box":{"x":151,"y":484,"width":692,"height":11}},{"id":"6cf3975f-bcf6-4cba-9210-29acec2c548b","block_type":"box","text":"accounting’ basis. 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The Company recognises revenue when a performance obligation is satisfied over time as the services","page_number":22,"box":{"x":151,"y":685,"width":691,"height":11}},{"id":"782a0fa3-e026-418c-b19d-20ffacd20ecb","block_type":"box","text":"are performed or at a point in time depending on the nature of the services provided as further discussed below.","page_number":22,"box":{"x":151,"y":699,"width":690,"height":10}},{"id":"44a656db-e7ae-4516-8a09-41059508bfd2","block_type":"box","text":"Contract durations may vary from short to long term or may be open ended. Termination notice periods are in line","page_number":22,"box":{"x":151,"y":712,"width":691,"height":11}},{"id":"b1931e46-9b0b-4e8e-a0f5-fdb8d2d344a4","block_type":"box","text":"with general market practice and typically do not include termination penalties. Therefore, for substantially all of","page_number":22,"box":{"x":151,"y":726,"width":693,"height":11}},{"id":"b3bf1e7f-98bc-4969-949c-4c938816a5cc","block_type":"box","text":"the Company’s revenues, the duration of the contract and the enforceable rights and obligations do not extend","page_number":22,"box":{"x":151,"y":740,"width":692,"height":11}},{"id":"132a52c1-46fd-49f9-9b10-ab1e4130e31c","block_type":"box","text":"beyond the services that are performed daily or at the transaction level. In instances where there are substantive","page_number":22,"box":{"x":151,"y":753,"width":691,"height":11}},{"id":"ca5eddba-e92f-4eac-896b-a4564d37a794","block_type":"box","text":"termination penalties, the duration of the contract may extend through the date of substantive termination","page_number":22,"box":{"x":151,"y":767,"width":692,"height":11}},{"id":"86d4515e-f834-4038-a9b6-927ca6c666d1","block_type":"box","text":"penalties.","page_number":22,"box":{"x":151,"y":781,"width":57,"height":10}},{"id":"7dbccfdb-877b-4be3-b7dc-712af6e12179","block_type":"box","text":"Investment management revenue from contracts with policyholders related to investment management,","page_number":22,"box":{"x":151,"y":806,"width":691,"height":11}},{"id":"4d1cc24b-5a74-421f-8e55-4c439b47ab42","block_type":"box","text":"investment research and investment advisory services provided is recognised over time as policyholders benefit","page_number":22,"box":{"x":151,"y":820,"width":692,"height":11}},{"id":"c624be2f-8bbc-49ac-8c8f-089cba0e0b4a","block_type":"box","text":"from the services as they are performed. Substantially all of the investment management fees are determined by","page_number":22,"box":{"x":151,"y":833,"width":692,"height":11}},{"id":"58a28cc7-51ae-4a02-974d-aec69ec90848","block_type":"box","text":"the value of assets under management and the investment strategies employed. At contract inception, no revenue","page_number":22,"box":{"x":151,"y":847,"width":691,"height":11}},{"id":"72af9d8c-1cc7-4024-b45d-d3a390b1a337","block_type":"box","text":"is estimated as the fees are dependent on assets under management which are susceptible to market factors outside","page_number":22,"box":{"x":151,"y":861,"width":691,"height":11}},{"id":"e9538e71-4753-4dbc-909c-b84149f7abc5","block_type":"box","text":"of the Company’s control. Payments made to third party service providers, such as payments to others in unitary","page_number":22,"box":{"x":151,"y":874,"width":692,"height":11}},{"id":"4fce93ae-592b-4c53-8c22-5e72a345e57f","block_type":"box","text":"fee arrangements, are generally recognised on a gross basis when the Company controls those services and is","page_number":22,"box":{"x":151,"y":888,"width":691,"height":11}},{"id":"47f8d109-a177-42b8-9e96-e29feebd8fc9","block_type":"box","text":"deemed to be a principal in such transactions.","page_number":22,"box":{"x":151,"y":902,"width":278,"height":10}},{"id":"8a14d0cf-cc0c-4621-b228-645183814ade","block_type":"box","text":"Managed Pension Funds Limited","page_number":23,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"256f13c7-a99f-42b3-8ac3-7a1088a82766","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":23,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"1c69218b-c642-463f-ac62-4214958b4cd7","block_type":"box","text":"at 31 December 2025","page_number":23,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"e66188db-852f-4e32-9aee-5fb9d5a8817a","block_type":"box","text":"22","page_number":23,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"4d36a8d7-d7db-4c63-9a35-372477e7ec24","block_type":"box","text":"2. ACCOUNTING POLICIES (CONTINUED)","page_number":23,"box":{"x":113,"y":135,"width":329,"height":10}},{"id":"9d9e979e-6637-45a0-aaae-9d0edc5d7fa6","block_type":"box","text":"Investment income","page_number":23,"box":{"x":150,"y":163,"width":120,"height":8}},{"id":"09f9ce20-66f8-4eb0-8cac-49f7468cc9df","block_type":"box","text":"Investment income and expenses include dividends, interest, realised gains and losses on investments and related","page_number":23,"box":{"x":151,"y":176,"width":692,"height":11}},{"id":"3a7cc845-514d-4a99-b3b3-caeb8e4e0ce3","block_type":"box","text":"expenses. Dividends are included as investment income on the date that shares become quoted ex-dividend.","page_number":23,"box":{"x":151,"y":190,"width":691,"height":11}},{"id":"2b7d0a05-9501-4085-a716-f4a18601dabf","block_type":"box","text":"Overseas dividends are grossed up with the appropriate rate of withholding tax shown within the tax charge.","page_number":23,"box":{"x":151,"y":204,"width":691,"height":11}},{"id":"532ffd65-7723-4d55-96d4-7a071a568898","block_type":"box","text":"Interest is included on an accruals basis in line with the effective interest rate. Realised gains and losses on","page_number":23,"box":{"x":151,"y":217,"width":692,"height":11}},{"id":"8033239f-5cb4-4e0b-8a51-acc66e2efa80","block_type":"box","text":"investments are calculated as the difference between net sales proceeds and the original cost. Investment income","page_number":23,"box":{"x":151,"y":231,"width":691,"height":11}},{"id":"f55b8c41-ba93-4b43-89e9-147f90178456","block_type":"box","text":"and expenses attributable to long-term business are included in the long-term business technical account. Other","page_number":23,"box":{"x":151,"y":245,"width":692,"height":11}},{"id":"9c799047-11e8-496a-8da6-0ce82cc875ec","block_type":"box","text":"investment income and realised gains are included in the non-technical account.","page_number":23,"box":{"x":151,"y":258,"width":489,"height":11}},{"id":"6c75770e-2fd3-4a9d-9387-762f88acc09c","block_type":"box","text":"Unrealised gains and losses on investments are calculated as the difference between the carrying value of","page_number":23,"box":{"x":151,"y":284,"width":693,"height":11}},{"id":"3533c35f-18e1-4033-bd8a-11bb4f6ef74f","block_type":"box","text":"investments at the balance sheet date and their purchase price, or if these had been earlier fair valued, their","page_number":23,"box":{"x":151,"y":298,"width":692,"height":10}},{"id":"bee016dd-38ab-4a02-bc60-df14b847ee87","block_type":"box","text":"respective opening fair value. Movements in unrealised gains and losses recognised in the year comprise the","page_number":23,"box":{"x":151,"y":311,"width":691,"height":11}},{"id":"2c5d2116-a500-434f-b337-93bfe89d0451","block_type":"box","text":"increase/decrease in the accounting period in the value of investments held at the balance sheet date and the","page_number":23,"box":{"x":151,"y":325,"width":691,"height":11}},{"id":"163c0467-f9d5-49c5-bf2e-cf127b326f07","block_type":"box","text":"reversal of unrealised gains and losses recognised in earlier accounting periods in respect of investment disposals","page_number":23,"box":{"x":151,"y":338,"width":691,"height":11}},{"id":"9e87dfa9-c42d-4bcc-b46e-25f0d98c0483","block_type":"box","text":"in the current period.","page_number":23,"box":{"x":151,"y":352,"width":128,"height":11}},{"id":"035d2421-ce35-4e14-bac4-33589a79e73d","block_type":"box","text":"Other technical income, net of reinsurance","page_number":23,"box":{"x":152,"y":380,"width":270,"height":11}},{"id":"c6223cdd-fd12-4b07-b056-9417eb171fe1","block_type":"box","text":"This represents fees charged to policyholders for investment management services and policy administrations.","page_number":23,"box":{"x":151,"y":394,"width":690,"height":10}},{"id":"4d4d62c5-e624-461d-aeb6-4a8d009818ef","block_type":"box","text":"The fees are recognised net of value added tax and rebates when the related services are provided. Unbilled fees","page_number":23,"box":{"x":151,"y":407,"width":691,"height":11}},{"id":"7080655b-5278-4200-8eda-62bdac63111e","block_type":"box","text":"are accrued for and from history deviations of accruals from the actuals are considered immaterial.","page_number":23,"box":{"x":151,"y":421,"width":604,"height":11}},{"id":"d1ede047-ddbb-4868-b408-e79aca513c8d","block_type":"box","text":"Investment and net operating expenses","page_number":23,"box":{"x":150,"y":449,"width":246,"height":11}},{"id":"f7ebb26e-cdff-4914-bcda-75b110fd8e74","block_type":"box","text":"Investment and net operating expenses are recognised on an accruals basis. These expenses are embedded costs","page_number":23,"box":{"x":151,"y":462,"width":691,"height":11}},{"id":"9c015caa-796d-43bc-a81f-e9e627e9e68a","block_type":"box","text":"and other related expenses that are suffered by policyholders in the unit linked funds. They also include expenses","page_number":23,"box":{"x":151,"y":476,"width":691,"height":11}},{"id":"cb5a0c7d-4c9b-4cfe-9246-9ad1842e8005","block_type":"box","text":"paid to SSGA in relation to the outsourcing of the investment management process. A relatively immaterial","page_number":23,"box":{"x":151,"y":490,"width":692,"height":11}},{"id":"af49c691-e724-47e9-9e1e-37909bf1e40f","block_type":"box","text":"portion of these expenses relates to underlying direct administrative expenses.","page_number":23,"box":{"x":151,"y":503,"width":478,"height":11}},{"id":"ef9506ad-1e65-485f-9afb-c601cd93698f","block_type":"box","text":"Foreign currencies","page_number":23,"box":{"x":151,"y":529,"width":121,"height":11}},{"id":"ed58cc69-b601-4a7c-9714-20e77154b10f","block_type":"box","text":"The Company’s presentational and functional currency is sterling. Transactions denominated in foreign currencies","page_number":23,"box":{"x":151,"y":543,"width":691,"height":10}},{"id":"f96d2539-e626-423a-967e-ef1a6d367f2a","block_type":"box","text":"are initially recorded in the functional currency at the exchange rate ruling at the date of the transactions.","page_number":23,"box":{"x":151,"y":556,"width":691,"height":11}},{"id":"26aa117b-6326-4fd8-aed8-8f65be26d3e2","block_type":"box","text":"Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the","page_number":23,"box":{"x":151,"y":570,"width":691,"height":11}},{"id":"6d8efd1d-7eb8-44fe-92bc-7688fe897b56","block_type":"box","text":"exchange rate ruling on the balance sheet date. Non-monetary items denominated in a foreign currency, measured","page_number":23,"box":{"x":151,"y":583,"width":692,"height":11}},{"id":"78beae51-5a0e-4bed-a3b3-9fb75b3ffd4e","block_type":"box","text":"at fair value, are translated into the functional currency using the exchange rate ruling at the date when the fair","page_number":23,"box":{"x":151,"y":597,"width":692,"height":11}},{"id":"94e58893-87ea-4c75-bbd4-1e92e9925a4b","block_type":"box","text":"value was determined.","page_number":23,"box":{"x":151,"y":611,"width":137,"height":8}},{"id":"aebafe2b-5d04-4a38-9eee-6add752bb3b2","block_type":"box","text":"Current tax","page_number":23,"box":{"x":152,"y":639,"width":72,"height":8}},{"id":"15ede3b8-0e41-42aa-afb2-8fafc96e4750","block_type":"box","text":"The taxation charge in the technical account is based on the method for assessing taxation for long-term funds","page_number":23,"box":{"x":151,"y":652,"width":691,"height":11}},{"id":"48a52689-2c7b-4717-99d5-62cb0be508f9","block_type":"box","text":"applicable in the United Kingdom. The claims to recover tax incurred in respect of overseas dividend income are","page_number":23,"box":{"x":151,"y":666,"width":691,"height":11}},{"id":"8f76016e-cabe-46b1-b47c-0276cccd0618","block_type":"box","text":"considered receivable assets and have been recognised in these financial statements in cases where the outcome","page_number":23,"box":{"x":151,"y":680,"width":691,"height":11}},{"id":"7fbaf780-397f-4170-bbe3-00c935b436ac","block_type":"box","text":"of the claims and the potential recoveries are sufficiently certain. The balance transferred from the long-term","page_number":23,"box":{"x":151,"y":693,"width":692,"height":11}},{"id":"c75edda3-5a5b-4760-8201-25e7b4fddaa6","block_type":"box","text":"business technical account is grossed up by the amounts charged to the long-term business technical account in","page_number":23,"box":{"x":151,"y":707,"width":692,"height":11}},{"id":"c053fbab-5cd8-4387-9500-79a94e075874","block_type":"box","text":"respect of UK corporation tax and deferred tax. The taxation charge in the non-technical account is based on the","page_number":23,"box":{"x":151,"y":721,"width":691,"height":10}},{"id":"b87523b3-055d-44d6-afbc-4816f45d306a","block_type":"box","text":"taxable profits for the year. The tax rates and tax laws used to compute the amount are those that are enacted or","page_number":23,"box":{"x":151,"y":734,"width":692,"height":11}},{"id":"c2ff743d-4310-4a10-ac1a-0059a5efac61","block_type":"box","text":"substantively enacted at the reporting date in the countries where the Company operates and generates taxable","page_number":23,"box":{"x":152,"y":748,"width":690,"height":11}},{"id":"9250edfb-d6cb-4306-a8d8-cb2f57f40c9d","block_type":"box","text":"income.","page_number":23,"box":{"x":151,"y":761,"width":48,"height":9}},{"id":"ec03eca6-9eb1-48e1-8541-fe1693a9521a","block_type":"box","text":"Deferred tax","page_number":23,"box":{"x":150,"y":787,"width":80,"height":11}},{"id":"bca2d884-651e-46ce-b94b-d5c18c5f1f97","block_type":"box","text":"Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the","page_number":23,"box":{"x":151,"y":801,"width":691,"height":11}},{"id":"e68b06da-6a55-459e-b825-a29a072a4584","block_type":"box","text":"balance sheet date and are recognised only to the extent that it is considered more likely than not that there will","page_number":23,"box":{"x":151,"y":814,"width":691,"height":11}},{"id":"5cc250e1-bca7-4748-98e4-de1baa1c8eec","block_type":"box","text":"be suitable taxable profits in the future against which the asset can be offset. Deferred tax is measured on an","page_number":23,"box":{"x":151,"y":828,"width":692,"height":11}},{"id":"766bd477-56ed-40a5-ac05-fdaffd3b9b60","block_type":"box","text":"undiscounted basis at the tax rates that are expected to apply in the periods in which the temporary differences","page_number":23,"box":{"x":151,"y":842,"width":691,"height":10}},{"id":"dcc6e389-6281-440f-9286-bc838518463f","block_type":"box","text":"reverse.","page_number":23,"box":{"x":151,"y":858,"width":47,"height":6}},{"id":"a3f2bedf-c769-47f4-b422-0ea5503b5768","block_type":"box","text":"Managed Pension Funds Limited","page_number":24,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"0047d862-a909-46fe-b6c8-76ce7474297a","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":24,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"69bcdce7-d347-4681-8fae-f735808ff45a","block_type":"box","text":"at 31 December 2025","page_number":24,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"ef37e761-59f9-4939-9a6f-68c8abbf4c73","block_type":"box","text":"23","page_number":24,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"4791f9be-c3c4-442b-9c41-0b6e6df602ef","block_type":"box","text":"2. ACCOUNTING POLICIES (CONTINUED)","page_number":24,"box":{"x":113,"y":135,"width":329,"height":10}},{"id":"6a4d14f1-e5ee-4b76-8b30-dfdac40f33bf","block_type":"box","text":"Amendments to IAS 12 - Income Taxes - International Tax Reform - Pillar Two Model Rules","page_number":24,"box":{"x":150,"y":164,"width":589,"height":10}},{"id":"7bad94ab-115e-4a3e-9abb-64a22b69b355","block_type":"box","text":"In May 2023, the International Accounting Standards Board issued amendments to address Pillar Two income","page_number":24,"box":{"x":151,"y":182,"width":691,"height":11}},{"id":"56137d50-a188-44c1-9439-6743ea8f0a01","block_type":"box","text":"taxes. The amendments provide a mandatory temporary exception from the recognition and disclosure of deferred","page_number":24,"box":{"x":151,"y":195,"width":692,"height":11}},{"id":"8eee5db4-8c57-47ce-b35d-da730e236c7d","block_type":"box","text":"taxes arising from the implementation of the Organisation for Economic Co-operation and Development’s","page_number":24,"box":{"x":151,"y":209,"width":691,"height":11}},{"id":"28213364-3ab1-4bd3-9751-6b2304fec2e9","block_type":"box","text":"(“OECD”) Pillar Two Model Rules and require a new disclosure about the Pillar Two exposure.","page_number":24,"box":{"x":151,"y":223,"width":589,"height":11}},{"id":"93061dad-d0fd-4243-80e7-3d5ee816b4a9","block_type":"box","text":"As required by IAS 12 Income Taxes, Managed Pension Funds Limited applies the exception to recognising and","page_number":24,"box":{"x":151,"y":241,"width":692,"height":11}},{"id":"6e7fae63-e83c-4f32-b9c5-ce32287434a0","block_type":"box","text":"disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.","page_number":24,"box":{"x":151,"y":255,"width":598,"height":11}},{"id":"8d64c141-b3bf-4cac-af97-2ca768f79fb3","block_type":"box","text":"The Company is not expected to have any related current tax expense associated with Pillar Two.","page_number":24,"box":{"x":151,"y":273,"width":596,"height":11}},{"id":"e7a09555-2d0b-4da3-8835-6abe28b2a6da","block_type":"box","text":"The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) addresses the tax challenges","page_number":24,"box":{"x":151,"y":291,"width":691,"height":11}},{"id":"2c697048-3770-4ed3-9a34-9284ad45a9d6","block_type":"box","text":"arising from the digitalisation of the global economy. The Pillar Two Global anti-Base Erosion rules (“GloBE","page_number":24,"box":{"x":151,"y":305,"width":691,"height":11}},{"id":"c86b5147-9595-41f0-89c0-4fd0d26528e1","block_type":"box","text":"Rules”) propose four new taxing mechanisms under which multinational enterprises (“MNEs”) would pay a","page_number":24,"box":{"x":151,"y":319,"width":692,"height":11}},{"id":"affa0105-0902-48b1-ad60-60c9edd4d92d","block_type":"box","text":"minimum level of tax (“Minimum Tax”):","page_number":24,"box":{"x":151,"y":333,"width":252,"height":10}},{"id":"7ad50934-0ae9-45f7-8b37-7bb7e2b39c8e","block_type":"box","text":"• The Income Inclusion Rule (“IIR”);","page_number":24,"box":{"x":152,"y":351,"width":227,"height":11}},{"id":"623ec814-08cb-4b80-a935-3de0190a19cf","block_type":"box","text":"• The Under Taxed Payments Rule (“UTPR”);","page_number":24,"box":{"x":152,"y":369,"width":283,"height":11}},{"id":"cb280982-ddca-4e1c-be1a-4b0eee462a6a","block_type":"box","text":"• The Qualified Domestic Minimum Top-up Tax (“QDMTT”); and","page_number":24,"box":{"x":152,"y":388,"width":411,"height":11}},{"id":"e69a2831-67ae-4c7a-81a5-879582fa380a","block_type":"box","text":"• The Subject to Tax Rule (“STTR”)","page_number":24,"box":{"x":152,"y":406,"width":223,"height":11}},{"id":"c51b6e8f-996c-4da7-95b8-2bfc4eb46e7a","block_type":"box","text":"Collectively, the IIR, UTPR and QDMTT seek to ensure a Minimum Tax of 15% on the income arising in each","page_number":24,"box":{"x":151,"y":425,"width":692,"height":10}},{"id":"1b646be1-1300-489a-bcd3-34774207efa5","block_type":"box","text":"jurisdiction in which an MNE operates. The STTR is a tax treaty-based rule that generally proposes a Minimum","page_number":24,"box":{"x":150,"y":438,"width":693,"height":11}},{"id":"f88d3866-f0c6-463a-a8f7-a194beb7d52d","block_type":"box","text":"Tax on certain cross-border intercompany transactions that otherwise are not subject to a minimum level of tax.","page_number":24,"box":{"x":151,"y":452,"width":691,"height":11}},{"id":"e634477a-d0c9-44a4-8b38-f69c810a0bf2","block_type":"box","text":"Finance (No.2) Act 2023 which contains legislation to implement the GloBE Rules in the UK was substantively","page_number":24,"box":{"x":151,"y":465,"width":691,"height":11}},{"id":"e5337865-8897-4eb8-ae37-98fdba72e646","block_type":"box","text":"enacted on 20 June 2023. The legislation introduces a global minimum effective tax rate of 15% and implements","page_number":24,"box":{"x":151,"y":479,"width":691,"height":11}},{"id":"b726b19c-99cd-485c-ac3d-c41a60d4f754","block_type":"box","text":"a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31","page_number":24,"box":{"x":151,"y":493,"width":690,"height":11}},{"id":"1c1c8f58-2a8d-439d-9593-1c9787b8a59a","block_type":"box","text":"December 2023.","page_number":24,"box":{"x":151,"y":506,"width":100,"height":9}},{"id":"66138439-a876-4689-9482-e8f2739c83b2","block_type":"box","text":"The Group has undertaken an assessment of the impact of the GloBE rules and consider Managed Pension Funds","page_number":24,"box":{"x":151,"y":525,"width":691,"height":11}},{"id":"7b5e0562-ee7b-4733-ba08-95d3d1bc26af","block_type":"box","text":"Limited to be not in scope of multinational top-up tax on the basis the Company is an excluded pension service","page_number":24,"box":{"x":151,"y":538,"width":691,"height":11}},{"id":"56d71e9a-d01d-4184-a4cf-4461d1bf6136","block_type":"box","text":"entity and does not have subsidiaries in foreign jurisdictions.","page_number":24,"box":{"x":151,"y":552,"width":372,"height":11}},{"id":"a0de5647-1feb-4f71-ac41-6e4ba4b8ae40","block_type":"box","text":"Equity","page_number":24,"box":{"x":150,"y":580,"width":42,"height":11}},{"id":"3dd68a5a-b04c-44b3-a894-f4410416a6e8","block_type":"box","text":"Interim dividends on ordinary shares are recognised as a liability and deducted from equity when they are","page_number":24,"box":{"x":151,"y":594,"width":691,"height":10}},{"id":"0b2838c0-3e31-4561-8344-b1ff83cc5f82","block_type":"box","text":"approved by the directors. Final dividends are deducted from equity when they are approved by written resolution","page_number":24,"box":{"x":151,"y":607,"width":692,"height":11}},{"id":"c28e9fd9-25b1-4a1d-a885-93b63cc0c52a","block_type":"box","text":"passed by the shareholders. Equity that is distributable comprises accumulated realised profits and the capital","page_number":24,"box":{"x":151,"y":621,"width":692,"height":11}},{"id":"c52f98e5-12b1-416c-b427-72e3a054d90f","block_type":"box","text":"contribution reserve. Capital contribution is recognised as a non-reciprocal transfer by the parent to the Company.","page_number":24,"box":{"x":151,"y":635,"width":690,"height":10}},{"id":"4eaaa19e-41df-4da4-b21f-31e5e20ae6db","block_type":"box","text":"Called up share capital is authorised, allotted and fully paid for 5,000,000 ordinary shares of £1 each paid by the","page_number":24,"box":{"x":151,"y":648,"width":691,"height":11}},{"id":"52698209-e324-4220-8c3c-0f95bafb26f4","block_type":"box","text":"parent to the Company.","page_number":24,"box":{"x":151,"y":662,"width":143,"height":11}},{"id":"2d59178a-edf2-44d2-9fac-8758054927b3","block_type":"box","text":"Securities lending and collateral accepted","page_number":24,"box":{"x":151,"y":690,"width":264,"height":11}},{"id":"46d51dcd-c4d9-4950-87a3-e8bb5c189992","block_type":"box","text":"The Company is a party to securities lending arrangements under which securities are loaned to third-party","page_number":24,"box":{"x":151,"y":703,"width":692,"height":11}},{"id":"dd3cedb4-ee48-4d86-9806-6f72bce52721","block_type":"box","text":"financial institutions. The loaned securities are not removed from the Company’s Statement of Financial Position","page_number":24,"box":{"x":151,"y":717,"width":691,"height":11}},{"id":"10ce0517-0063-4daa-a5f3-959fa992d1ff","block_type":"box","text":"but continue to be recognised within the assets held to cover linked liabilities. The income from this arrangement","page_number":24,"box":{"x":151,"y":731,"width":692,"height":11}},{"id":"8ef1782a-0440-4fea-b46d-aa37200394f9","block_type":"box","text":"attributable to policyholders are recognised as investment income in the Income Statement. The Company’s policy","page_number":24,"box":{"x":151,"y":744,"width":692,"height":11}},{"id":"ba403d6c-62c7-4108-a9ff-88c947dc42f2","block_type":"box","text":"is that collateral assets of a quality equivalent to FRS 101 Level 1 or 2 are required. These collateral assets are to","page_number":24,"box":{"x":151,"y":758,"width":691,"height":11}},{"id":"dbdb07ab-fb27-4c34-abb0-5b3e161da3cb","block_type":"box","text":"be at least 102% of the fair value of securities loaned and held off balance sheet (note 20).","page_number":24,"box":{"x":151,"y":772,"width":552,"height":10}},{"id":"985f54ae-052e-4457-8a88-4a3ba737ecdd","block_type":"box","text":"Managed Pension Funds Limited","page_number":25,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"f9f1e7fc-caa7-4808-b7a0-1cb598228789","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":25,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"6f862d8c-e729-4451-b57f-6c24452a6ee9","block_type":"box","text":"at 31 December 2025","page_number":25,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"291395c8-f3e0-43e2-af3a-4a9602eb01f0","block_type":"box","text":"24","page_number":25,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"daad0afe-ae2d-462c-8cd8-5945765612ea","block_type":"box","text":"3. RECONCILIATION TO MOVEMENT IN ASSETS HELD TO COVER LINKED LIABILITIES","page_number":25,"box":{"x":113,"y":135,"width":677,"height":8}},{"id":"aa3d1eba-2548-4db8-bcae-801df9a189f8","block_type":"box","text":"4. NET INVESTMENT RETURN","page_number":25,"box":{"x":113,"y":336,"width":245,"height":8}},{"id":"0535cb0b-f021-4d3a-91e4-59e6012be49d","block_type":"box","text":"Current year investment expenses and charges are inclusive of realised losses on investments of £2,412,046,000","page_number":25,"box":{"x":151,"y":607,"width":691,"height":11}},{"id":"64bd50a3-9703-45eb-8209-693abc3d3976","block_type":"box","text":"(2024: £nil) with the remainder relating to other investment expenses and charges of £8,552,000 (2024:","page_number":25,"box":{"x":151,"y":621,"width":691,"height":11}},{"id":"37fc949e-d743-40dd-b380-f61073b4b5bf","block_type":"box","text":"£9,462,000).","page_number":25,"box":{"x":151,"y":635,"width":77,"height":10}},{"id":"d70c31c5-1ce4-4e9c-86f6-6764752cf846","block_type":"box","text":"5. NET OPERATING EXPENSES","page_number":25,"box":{"x":113,"y":660,"width":249,"height":9}},{"id":"2f6147e4-53d0-41aa-9fab-48dd5d3731e6","block_type":"box","text":"Management expenses paid to SSGA comprises fees, exclusive of value added tax, charged to policyholders of","page_number":25,"box":{"x":151,"y":859,"width":693,"height":11}},{"id":"3ab4b897-a4aa-4835-b4e8-9dd47146d8ee","block_type":"box","text":"£8,417,000 (2023: £11,441,000) less fee retention of £750,000 (2024: £750,000). Irrecoverable VAT on the","page_number":25,"box":{"x":151,"y":873,"width":691,"height":10}},{"id":"aea23158-b208-42f9-adec-67aeea9bc480","block_type":"box","text":"expenses charged for the audit of the financial statements is included in Other administrative expenses.","page_number":25,"box":{"x":151,"y":886,"width":631,"height":11}},{"id":"6823e3f8-4293-4a9b-885c-ba32b9563864","block_type":"box","text":"2025","page_number":25,"box":{"x":695,"y":164,"width":31,"height":8}},{"id":"18b927a1-763c-4879-9831-761eafc04021","block_type":"box","text":"2024","page_number":25,"box":{"x":804,"y":164,"width":32,"height":8}},{"id":"3f7e363a-3630-4cf9-ab30-7fcfd4078c71","block_type":"box","text":"£’000","page_number":25,"box":{"x":690,"y":176,"width":36,"height":8}},{"id":"e4adf8d0-4d7a-4e29-a4ba-255699feb6ee","block_type":"box","text":"£’000","page_number":25,"box":{"x":800,"y":176,"width":36,"height":8}},{"id":"c787f21d-3aee-49b9-9754-9cea6a9e0980","block_type":"box","text":"Policyholder inflows","page_number":25,"box":{"x":159,"y":192,"width":125,"height":10}},{"id":"7d375cd6-c8f9-4a6b-9519-36165db1f728","block_type":"box","text":"Contributions 5,579,232 9,482,269","page_number":25,"box":{"x":159,"y":207,"width":675,"height":10}},{"id":"7f4e1937-6326-4baf-9b19-e37d286c3887","block_type":"box","text":"Policyholder outflows","page_number":25,"box":{"x":159,"y":222,"width":132,"height":10}},{"id":"1908badb-b5f2-47e3-b05b-a071514430ab","block_type":"box","text":"Redemptions (20,515,045) (18,622,125)","page_number":25,"box":{"x":158,"y":237,"width":680,"height":10}},{"id":"f11fa72b-2587-40aa-b2a3-f9ac4317fb2a","block_type":"box","text":"Net (outflow)/inflow of policyholder funds (14,935,813) (9,139,856)","page_number":25,"box":{"x":158,"y":261,"width":680,"height":10}},{"id":"e635f129-1cc2-43fd-afca-caf9aed1460c","block_type":"box","text":"Investment return on policyholder funds (net of all charges) 2,977,359 5,429,695","page_number":25,"box":{"x":159,"y":276,"width":674,"height":11}},{"id":"0de722fa-7b1e-47f9-bf67-5698e76c2877","block_type":"box","text":"Changes in the value of assets held to cover linked liabilities (11,958,454) (3,710,161)","page_number":25,"box":{"x":159,"y":300,"width":679,"height":11}},{"id":"dafb683d-5e10-4620-88ce-be78fadf5417","block_type":"box","text":"2025 2024","page_number":25,"box":{"x":691,"y":366,"width":141,"height":8}},{"id":"98aac1e3-4740-4540-a7e7-803612826005","block_type":"box","text":"£’000 £’000","page_number":25,"box":{"x":687,"y":384,"width":145,"height":8}},{"id":"4b6d0f95-912a-4ca1-a494-dba56da7def3","block_type":"box","text":"Technical account","page_number":25,"box":{"x":156,"y":402,"width":116,"height":8}},{"id":"86140786-2c1c-44b9-9739-02ef924a0945","block_type":"box","text":"Other investment income 542,985 1,002,185","page_number":25,"box":{"x":155,"y":420,"width":675,"height":10}},{"id":"9454b80e-8bfc-49ac-9453-97d344b0e79b","block_type":"box","text":"Realised gains on investments - 6,164,018","page_number":25,"box":{"x":155,"y":437,"width":675,"height":11}},{"id":"43bb252d-85d9-4592-9129-89a05b6d0f36","block_type":"box","text":"Investment income 542,985 7,166,203","page_number":25,"box":{"x":155,"y":455,"width":674,"height":10}},{"id":"8debd52e-8357-4192-9c20-44cd5f274b31","block_type":"box","text":"Unrealised gains / (losses) on investments 4,916,630 (1,697,908)","page_number":25,"box":{"x":154,"y":473,"width":680,"height":11}},{"id":"c7b87843-312b-41fe-a1f7-eb681ee4b98e","block_type":"box","text":"Investment expenses and charges","page_number":25,"box":{"x":155,"y":491,"width":205,"height":10}},{"id":"d97ef6cc-0194-4138-b63a-c7127fca658e","block_type":"box","text":"(2,420,598) (9,462)","page_number":25,"box":{"x":661,"y":492,"width":174,"height":10}},{"id":"f2e84cda-7a87-4b79-ab61-f1af78b74c30","block_type":"box","text":"Net investment return","page_number":25,"box":{"x":155,"y":514,"width":137,"height":8}},{"id":"642a5cf4-90dd-47f0-b91b-41452ab80e37","block_type":"box","text":"3,039,017 5,458,833","page_number":25,"box":{"x":658,"y":515,"width":171,"height":10}},{"id":"fe6b6530-d7e1-4e52-8c95-dc1aa609966b","block_type":"box","text":"Non-technical account","page_number":25,"box":{"x":154,"y":541,"width":144,"height":8}},{"id":"234a2c0b-af61-4e6a-a222-a69f117268eb","block_type":"box","text":"Investment income 336 384","page_number":25,"box":{"x":155,"y":559,"width":675,"height":9}},{"id":"430079a8-7d5c-44d8-895d-33041268aede","block_type":"box","text":"Net investment return 336 384","page_number":25,"box":{"x":155,"y":578,"width":674,"height":8}},{"id":"101b78e2-279d-464c-8a83-21e44a5625cf","block_type":"box","text":"2025 2024","page_number":25,"box":{"x":691,"y":692,"width":141,"height":8}},{"id":"8f26e181-aadb-4c14-b404-38639930409e","block_type":"box","text":"£’000 £’000","page_number":25,"box":{"x":687,"y":710,"width":145,"height":8}},{"id":"3aa9a107-0e85-4458-bd4b-02b304584ffc","block_type":"box","text":"Auditors’ remuneration:","page_number":25,"box":{"x":155,"y":727,"width":146,"height":9}},{"id":"8b340ccc-17ba-4b57-a89d-84cd81cb5137","block_type":"box","text":"Audit of the financial statements 95 95","page_number":25,"box":{"x":155,"y":745,"width":675,"height":9}},{"id":"6b8f4a7a-3d66-4141-861d-7f6d9ad97651","block_type":"box","text":"Other administrative expenses 359 312","page_number":25,"box":{"x":155,"y":763,"width":675,"height":11}},{"id":"c23c5fa3-3ff2-468c-9e91-4ba30a5e82e0","block_type":"box","text":"Direct administrative expenses 454 407","page_number":25,"box":{"x":155,"y":781,"width":675,"height":10}},{"id":"bf2ac7ee-f166-43b7-a4ab-2e40be5035f3","block_type":"box","text":"Management expenses paid to SSGA 7,667 10,691","page_number":25,"box":{"x":155,"y":799,"width":674,"height":10}},{"id":"67e65949-590b-4ef6-8f7d-6d5c45cfaf86","block_type":"box","text":"Net operating expenses 8,121 11,098","page_number":25,"box":{"x":155,"y":827,"width":674,"height":10}},{"id":"eaec21c9-5561-4348-bed7-1e89698391fe","block_type":"box","text":"Managed Pension Funds Limited","page_number":26,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"b414df85-2e9a-46fd-8b2b-5944cfc9c52c","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":26,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"64a62fd3-563d-4746-8cdf-ba2faf74bd06","block_type":"box","text":"at 31 December 2025","page_number":26,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"d39b171a-8b1b-4766-81eb-d4c0de2b05aa","block_type":"box","text":"25","page_number":26,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"c76c9099-e8dc-4a86-8b85-868266e21ddb","block_type":"box","text":"6. 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No other director is remunerated for their services as a director of the Company and","page_number":26,"box":{"x":151,"y":178,"width":692,"height":11}},{"id":"4c23c167-114c-4d55-9f4b-5584d6e99323","block_type":"box","text":"no apportionment of remuneration has been made to the Company.","page_number":26,"box":{"x":151,"y":192,"width":410,"height":11}},{"id":"30d8e083-b302-47a9-8f85-0c4dbcc73cb7","block_type":"box","text":"Non-executive directors’ remuneration was as follows:","page_number":26,"box":{"x":151,"y":207,"width":336,"height":8}},{"id":"a173c3b3-c369-459f-b295-b3f9dbc9470c","block_type":"box","text":"7. 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CAPITAL STATEMENT","page_number":29,"box":{"x":113,"y":135,"width":206,"height":8}},{"id":"21ab8cb8-c605-4e92-87bf-275886b1a81d","block_type":"box","text":"(a) Capital management objectives, policies and approach","page_number":29,"box":{"x":152,"y":156,"width":364,"height":10}},{"id":"864f2177-0104-4908-bc2b-ed83c80f21dc","block_type":"box","text":"The Company has established the following capital management objectives, policies and approach to managing","page_number":29,"box":{"x":151,"y":174,"width":692,"height":11}},{"id":"f63a1d14-69a8-461a-bb7c-eeb7f92a97af","block_type":"box","text":"the risks that affect its capital position.","page_number":29,"box":{"x":151,"y":188,"width":236,"height":11}},{"id":"cd57b385-b53b-4f35-ad31-f8e447cfa8d8","block_type":"box","text":"The capital management objectives are:","page_number":29,"box":{"x":151,"y":205,"width":242,"height":11}},{"id":"8136b291-3976-4f7e-9ddf-5c5d96c3b52c","block_type":"box","text":"","page_number":29,"box":{"x":169,"y":229,"width":5,"height":5}},{"id":"ac3ca107-5895-4f66-b972-7a0dadc53d5f","block_type":"box","text":"To maintain the required level of financial stability of the Company thereby providing a degree of security","page_number":29,"box":{"x":196,"y":227,"width":647,"height":10}},{"id":"3f34c81b-c381-41e5-8eb5-432f589f7ca2","block_type":"box","text":"to policyholders;","page_number":29,"box":{"x":195,"y":240,"width":103,"height":11}},{"id":"47575bbc-bf72-418d-9d2f-ba672251a8e6","block_type":"box","text":"","page_number":29,"box":{"x":169,"y":257,"width":5,"height":5}},{"id":"6e75e6c4-7357-45db-968a-eda6135f5b2a","block_type":"box","text":"To allocate capital efficiently and support the development of business by ensuring that returns on capital","page_number":29,"box":{"x":196,"y":255,"width":647,"height":11}},{"id":"592473db-7305-4a9f-8071-20dacc792baa","block_type":"box","text":"employed meet the requirements of its capital providers and shareholders;","page_number":29,"box":{"x":196,"y":268,"width":453,"height":11}},{"id":"f53b8166-afa5-4e3e-8741-0f94ca829466","block_type":"box","text":"","page_number":29,"box":{"x":169,"y":286,"width":5,"height":4}},{"id":"09a91f53-022a-4d7a-8bd9-3cc4dca703a3","block_type":"box","text":"To retain financial flexibility by maintaining strong liquidity; and","page_number":29,"box":{"x":196,"y":283,"width":402,"height":11}},{"id":"b86cbbbf-06ba-4286-a8c8-7bae743d1b1d","block_type":"box","text":"","page_number":29,"box":{"x":169,"y":300,"width":5,"height":4}},{"id":"af7fcb6d-5e11-42c4-82d8-d49a76ce71c0","block_type":"box","text":"To maintain financial strength to support new business growth and to satisfy the requirements of the","page_number":29,"box":{"x":196,"y":297,"width":646,"height":11}},{"id":"1b13a65e-49cf-486f-b4ad-8d1e4bfddb51","block_type":"box","text":"policyholders, regulators and stakeholders.","page_number":29,"box":{"x":195,"y":311,"width":262,"height":11}},{"id":"a22c8545-8796-48b8-9fc9-ec2fbeb007ec","block_type":"box","text":"The operations of the Company are also subject to regulatory requirements within the jurisdictions where it","page_number":29,"box":{"x":151,"y":332,"width":692,"height":11}},{"id":"948b9a60-34da-42f9-92dc-85fef8c7a943","block_type":"box","text":"operates. Such regulations not only prescribe approval and monitoring of activities, but also impose certain","page_number":29,"box":{"x":151,"y":345,"width":691,"height":11}},{"id":"6d010dc1-ba9b-4ef0-8f81-320a8b231e11","block_type":"box","text":"restrictive provisions (e.g. capital adequacy) to minimise the risk of default and inability through insolvency on","page_number":29,"box":{"x":151,"y":359,"width":692,"height":11}},{"id":"5f24b481-495d-4007-a307-a5a6ed47bfca","block_type":"box","text":"the part of insurance companies to meet unforeseen liabilities as these arise.","page_number":29,"box":{"x":151,"y":373,"width":464,"height":11}},{"id":"407d170d-7a21-4485-86c6-90bfd7ddbe15","block_type":"box","text":"In reporting financial strength, both available capital and capital requirements are measured using the rules","page_number":29,"box":{"x":151,"y":394,"width":691,"height":10}},{"id":"d1c4875f-fc09-4f52-9a66-32249ce9c259","block_type":"box","text":"implemented as part of the UK Solvency II regime effective from 31 December 2024, as contained in Prudential","page_number":29,"box":{"x":151,"y":407,"width":692,"height":11}},{"id":"eb6c3ec8-21ae-4f2f-9fcd-6ea01a45f602","block_type":"box","text":"Regulation Authority (“PRA”) Rulebook.","page_number":29,"box":{"x":151,"y":421,"width":252,"height":11}},{"id":"61140a26-6242-4354-a398-154d1c1eecdf","block_type":"box","text":"k.","page_number":29,"box":{"x":403,"y":427,"width":2,"height":2}},{"id":"108d81d8-49db-45f3-bd52-c01e190c0ea7","block_type":"box","text":"The Company’s approach to managing capital involves managing assets, liabilities and risks in a co-ordinated","page_number":29,"box":{"x":151,"y":441,"width":692,"height":11}},{"id":"ad9c1d85-6935-4bdd-b9d6-e65c369cfc8b","block_type":"box","text":"way, assessing differences between reported and required capital levels on a regular basis and taking appropriate","page_number":29,"box":{"x":151,"y":455,"width":691,"height":11}},{"id":"e92f41aa-f7b4-4848-8ec1-3ab1741414a1","block_type":"box","text":"actions to influence the capital position of the Company in the light of changes in economic conditions and risk","page_number":29,"box":{"x":151,"y":469,"width":692,"height":11}},{"id":"ab7988af-8d1f-4c77-90ba-fc1436fca7aa","block_type":"box","text":"characteristics.","page_number":29,"box":{"x":151,"y":483,"width":90,"height":8}},{"id":"bd6aa982-b02b-4ee6-81c2-6d20cd300e8e","block_type":"box","text":"The capital requirements are routinely forecasted on a periodic basis and assessed against the forecast available","page_number":29,"box":{"x":151,"y":503,"width":691,"height":11}},{"id":"427d2240-c2c3-4ecc-908f-f621036891c1","block_type":"box","text":"capital. The process is ultimately subject to approval by the Board.","page_number":29,"box":{"x":151,"y":517,"width":408,"height":11}},{"id":"737db70e-5b1f-47ca-8565-f2b620f3f0da","block_type":"box","text":"The PRA Rulebook sets out the qualitative and quantitative requirements for the calculation of the technical","page_number":29,"box":{"x":151,"y":538,"width":692,"height":11}},{"id":"8de67415-296f-43e1-9283-9a1f796cf8a6","block_type":"box","text":"provisions and SCR using either a standard formula or an internal model developed by an insurance or reinsurance","page_number":29,"box":{"x":151,"y":551,"width":691,"height":11}},{"id":"bd244b36-7ace-4e35-ad9e-b73ef65b2524","block_type":"box","text":"company and approved by the PRA. The Company calculates its SCR using the standard formula. The PRA is","page_number":29,"box":{"x":151,"y":565,"width":691,"height":11}},{"id":"d78e2f3e-7d21-4895-8b16-5d66cf8e4a21","block_type":"box","text":"able to add a capital add-on to the calculated SCR if it considers it necessary. The Company is not currently","page_number":29,"box":{"x":151,"y":579,"width":692,"height":10}},{"id":"db4c5b1d-960a-45b8-bdd9-3d7a271fa9ce","block_type":"box","text":"subject to any such capital add-on.","page_number":29,"box":{"x":152,"y":592,"width":210,"height":11}},{"id":"ff97c5d3-5b09-4368-b232-6ac862d67c10","block_type":"box","text":"The SCR is intended to be the Value-at-Risk of the basic own funds (i.e. the value of assets less liabilities) of an","page_number":29,"box":{"x":151,"y":613,"width":692,"height":11}},{"id":"e1f11a7d-fb9f-4619-a6ae-3b54b0a4ed7c","block_type":"box","text":"insurance or reinsurance undertaking subject to a confidence level of 99.5% over a one-year period. The PRA will","page_number":29,"box":{"x":151,"y":627,"width":691,"height":10}},{"id":"7ed82ff6-0268-4086-afba-367174a110f5","block_type":"box","text":"intervene if a firm fails to cover the SCR.","page_number":29,"box":{"x":151,"y":640,"width":253,"height":9}},{"id":"3525c211-ac98-482f-8e77-e4e40a59de5d","block_type":"box","text":"In addition to the SCR, a Minimum Capital Requirement (“MCR”) must be calculated.","page_number":29,"box":{"x":151,"y":661,"width":532,"height":11}},{"id":"38198278-06a1-48b2-9690-c2450d818633","block_type":"box","text":"The MCR is the Value-at-Risk of the basic own funds of the Company and is intended to represent a confidence","page_number":29,"box":{"x":151,"y":682,"width":691,"height":11}},{"id":"978e0728-9d56-476d-b83c-c298171c8821","block_type":"box","text":"level of 85% over a one-year period. The MCR is a function of the SCR, which produces an MCR between 25%","page_number":29,"box":{"x":151,"y":695,"width":691,"height":11}},{"id":"a3019d94-7c35-4eaf-9f7d-5af66e09a5f2","block_type":"box","text":"and 45% of the SCR including any add-on (per PRA Rulebook Part MCR Chapter 3), but subject to a reviewable","page_number":29,"box":{"x":151,"y":709,"width":691,"height":11}},{"id":"ecf6a455-5e7c-41fc-b881-3fa2133d6f2c","block_type":"box","text":"monetary minimum set by PRA rules.","page_number":29,"box":{"x":151,"y":723,"width":231,"height":11}},{"id":"2c24ad14-c58c-47ec-859c-bbb622c91184","block_type":"box","text":"The SCR must be recalculated at least annually and the MCR at least quarterly and reported to the PRA on a","page_number":29,"box":{"x":151,"y":740,"width":692,"height":11}},{"id":"8718cc21-877a-4cc1-ad51-8de32d387435","block_type":"box","text":"quarterly basis through the Company’s Quantitative Reporting Templates (“QRTs”) submissions.","page_number":29,"box":{"x":151,"y":754,"width":597,"height":11}},{"id":"0f5584a3-62a7-48ca-804a-9655d19c4a65","block_type":"box","text":"The UK Solvency II rules require management to perform a thorough assessment of the quality of governance,","page_number":29,"box":{"x":151,"y":774,"width":691,"height":11}},{"id":"2a19cfa8-8e16-4e65-8eed-98de6d7ba274","block_type":"box","text":"internal controls, and risk management and to produce an ORSA report for the PRA. Management has to assess","page_number":29,"box":{"x":151,"y":788,"width":691,"height":11}},{"id":"b1a9942b-5e17-43a0-a045-a5188b626039","block_type":"box","text":"capital requirement as part of the ORSA process. The Company has developed an ORSA framework under the","page_number":29,"box":{"x":151,"y":802,"width":691,"height":11}},{"id":"be6015ed-3428-46c4-90b1-3a513f4461c7","block_type":"box","text":"UK Solvency II rules to identify the risks and quantify their impact on the economic capital.","page_number":29,"box":{"x":151,"y":815,"width":565,"height":11}},{"id":"57d1e27f-db39-4563-bb4e-bc6ad46d50e0","block_type":"box","text":"The Company uses a simplified approach using a short projection period (being the first point at which the","page_number":29,"box":{"x":151,"y":836,"width":691,"height":11}},{"id":"3d91333b-f574-45a5-9a95-da89bdbc91ff","block_type":"box","text":"Company has the unilateral right to terminate clients’ policies) to calculate its technical provisions for capital","page_number":29,"box":{"x":151,"y":850,"width":692,"height":11}},{"id":"cc1a4593-f67d-437c-98a7-c6881d6a8c9e","block_type":"box","text":"adequacy purposes. The Company considers that the use of a short projection period is appropriate and","page_number":29,"box":{"x":151,"y":863,"width":692,"height":11}},{"id":"7634b791-edda-485a-b4d4-c634806e9734","block_type":"box","text":"proportionate to its circumstances. This approach has been confirmed by the PRA as an acceptable simplification","page_number":29,"box":{"x":151,"y":877,"width":692,"height":11}},{"id":"851a2a99-4135-49c6-a7a5-352ce4d2c095","block_type":"box","text":"for the Company to use provided that the conditions of Chapter 27 of the Technical Provisions - Further","page_number":29,"box":{"x":151,"y":891,"width":692,"height":11}},{"id":"1dccd123-da20-496f-a936-ade4811893bf","block_type":"box","text":"Requirements part of the PRA Rulebook are met.","page_number":29,"box":{"x":151,"y":904,"width":301,"height":11}},{"id":"f7d42b6c-3e38-4d93-9042-ba31ae0de174","block_type":"box","text":"Managed Pension Funds Limited","page_number":30,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"9288bcb9-a3e4-407d-816a-f8596849421a","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":30,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"7e524bb6-43da-425d-96b5-d8e8f2269934","block_type":"box","text":"at 31 December 2025","page_number":30,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"b6003011-a97b-4777-ac72-71b3ff003072","block_type":"box","text":"29","page_number":30,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"c34cffd5-0b78-4ee3-8f11-092e8875a5bb","block_type":"box","text":"15. CAPITAL STATEMENT (CONTINUED)","page_number":30,"box":{"x":113,"y":135,"width":314,"height":11}},{"id":"22db4a20-91c8-420a-b39c-6a7c390b4679","block_type":"box","text":"(a) Capital management objectives, policies and approach (continued)","page_number":30,"box":{"x":152,"y":156,"width":440,"height":10}},{"id":"b82c1a93-7160-48b1-aa5c-cbe5463797f1","block_type":"box","text":"Using a short projection period the cashflows in respect of existing premiums are projected until the point at which","page_number":30,"box":{"x":151,"y":169,"width":692,"height":11}},{"id":"da091ae8-439a-4cbf-85a7-d7e197e89505","block_type":"box","text":"the Company has a unilateral right to terminate clients’ policies as compared to the use of a long projection period.","page_number":30,"box":{"x":151,"y":183,"width":691,"height":11}},{"id":"0d6cbe14-722b-4d61-80d9-415109b5e7cd","block_type":"box","text":"The technical provisions are derived for capital adequacy purposes as the face value of the units less the best","page_number":30,"box":{"x":151,"y":197,"width":692,"height":10}},{"id":"3a8fb441-dead-44c4-98c4-f00562283779","block_type":"box","text":"estimate of the Value-of-In-Force plus a risk margin. The terms of the fee agreement between the Company and","page_number":30,"box":{"x":151,"y":210,"width":692,"height":11}},{"id":"f22f9efb-2b25-4716-898d-0fff1e455ba1","block_type":"box","text":"SSGA are such that the fee retained by the Company would be revised if this was necessary to ensure the Company","page_number":30,"box":{"x":152,"y":224,"width":690,"height":11}},{"id":"7ab54a24-cd4f-424e-a5fd-5200646ef6ff","block_type":"box","text":"“retains sufficient funds to cover its day-to-day operational costs and capital requirements”.","page_number":30,"box":{"x":151,"y":238,"width":561,"height":10}},{"id":"ca0f7a1e-def1-4076-86db-9a219b41ff8d","block_type":"box","text":"The consequence of this is that the increase in risk margin that would result from using a longer projection term","page_number":30,"box":{"x":151,"y":258,"width":692,"height":11}},{"id":"ed0e55d4-1be9-48ef-99e1-4295fe63b88f","block_type":"box","text":"would be offset by a corresponding increase in the Value of In-Force as in these circumstances the Company","page_number":30,"box":{"x":151,"y":272,"width":692,"height":11}},{"id":"872cf7e8-bebf-4303-89fa-1a8bafc1e5c8","block_type":"box","text":"would exercise its right to retain more fees in order to cover its increased capital requirements. As such, use of a","page_number":30,"box":{"x":151,"y":286,"width":691,"height":10}},{"id":"a11c5ef2-6d3e-45b4-90a5-9d3291d991f9","block_type":"box","text":"short projection period is an acceptable simplification in the Company’s circumstances. This approach is reviewed","page_number":30,"box":{"x":152,"y":299,"width":691,"height":11}},{"id":"996e32c5-fb75-4c7b-b020-a6d00a28035e","block_type":"box","text":"and assessed at least annually to ensure the Company continues to meet the requirements of Chapter 27 of the","page_number":30,"box":{"x":151,"y":313,"width":691,"height":11}},{"id":"12eefe46-1d8a-4c65-946f-991795dc1f26","block_type":"box","text":"Technical Provisions - Further Requirements part of the PRA Rulebook.","page_number":30,"box":{"x":151,"y":327,"width":443,"height":10}},{"id":"ba798533-4ef6-46eb-be71-8e96eb04f632","block_type":"box","text":"It is the policy of the Company to hold at least 210% of its last assessed capital requirement under the UK Solvency","page_number":30,"box":{"x":151,"y":347,"width":692,"height":11}},{"id":"0ccd417b-b206-4145-953e-dab810bac426","block_type":"box","text":"II rules.","page_number":30,"box":{"x":151,"y":361,"width":47,"height":9}},{"id":"98e0d922-85db-4874-8987-c165ccca5b4b","block_type":"box","text":"(b) Analysis of regulatory capital resources","page_number":30,"box":{"x":152,"y":382,"width":271,"height":11}},{"id":"d4c95c45-db65-4620-bcea-f156bbeb0687","block_type":"box","text":"The below table shows UK Solvency II capital resource requirements based on year end reports submitted to the","page_number":30,"box":{"x":151,"y":407,"width":691,"height":11}},{"id":"58bfd22b-973f-4ea2-8b2c-5950d52123f6","block_type":"box","text":"PRA.","page_number":30,"box":{"x":151,"y":421,"width":32,"height":8}},{"id":"5b07043b-4544-47e5-9d3f-a03c9ec5a350","block_type":"box","text":"2025 2024","page_number":30,"box":{"x":687,"y":448,"width":141,"height":8}},{"id":"23537ba5-d5bf-4268-ae3f-1dcba3d7b30b","block_type":"box","text":"£’000 £’000","page_number":30,"box":{"x":683,"y":464,"width":145,"height":8}},{"id":"dc19b537-366b-4f4a-82fa-bc31029e4c47","block_type":"box","text":"unaudited unaudited","page_number":30,"box":{"x":655,"y":480,"width":173,"height":8}},{"id":"31ace803-5793-4bf6-bbfb-534017d47461","block_type":"box","text":"Total Assets 21,607,901 33,560,582","page_number":30,"box":{"x":159,"y":501,"width":667,"height":10}},{"id":"530f6266-b4f6-48d3-973d-c987e94d5c7e","block_type":"box","text":"Total Liabilities (21,591,324) (33,545,273)","page_number":30,"box":{"x":159,"y":515,"width":671,"height":11}},{"id":"e0d0e0c4-127c-4bab-bea0-b1ea24877e73","block_type":"box","text":"Capital resource before UK Solvency II adjustments 16,577 15,309","page_number":30,"box":{"x":159,"y":538,"width":666,"height":10}},{"id":"9695d519-cec0-4ff4-85a9-327d4c0caa4c","block_type":"box","text":"Value-in-force 96 112","page_number":30,"box":{"x":158,"y":561,"width":668,"height":8}},{"id":"35d5fbc2-e592-49a3-bd18-f9b6b0e9b07c","block_type":"box","text":"Risk Margin (153) (186)","page_number":30,"box":{"x":158,"y":575,"width":672,"height":10}},{"id":"15b5f386-ac96-41ee-a3b3-7bc0d585272c","block_type":"box","text":"Valuation of other liabilities - -","page_number":30,"box":{"x":158,"y":589,"width":668,"height":8}},{"id":"3907847d-01ef-4bd0-a1b8-e4e342966002","block_type":"box","text":"Capital resource under UK Solvency II","page_number":30,"box":{"x":159,"y":614,"width":239,"height":10}},{"id":"67d5ff02-40a5-44ad-b86d-ded7b620c4eb","block_type":"box","text":"16,520 15,235","page_number":30,"box":{"x":680,"y":613,"width":146,"height":10}},{"id":"526e327d-5518-457a-a3ab-9833cac1e197","block_type":"box","text":"SCR 3,953 4,933","page_number":30,"box":{"x":159,"y":636,"width":666,"height":9}},{"id":"1f9fe652-dc5b-4865-9c04-ffac4d214119","block_type":"box","text":"Surplus capital","page_number":30,"box":{"x":159,"y":659,"width":94,"height":10}},{"id":"a3864376-94ea-4982-927a-a272ba6fb9cc","block_type":"box","text":"12,567 10,302","page_number":30,"box":{"x":674,"y":661,"width":151,"height":10}},{"id":"71a8255d-5f1c-4da1-ba47-c262d03888c3","block_type":"box","text":"MCR","page_number":30,"box":{"x":158,"y":688,"width":33,"height":8}},{"id":"914cc030-58e4-4219-9fdb-1ac36e3df11d","block_type":"box","text":"3,500","page_number":30,"box":{"x":686,"y":688,"width":31,"height":10}},{"id":"d9f67fcb-b480-4103-9a20-5d81fb0b9b77","block_type":"box","text":"3,500","page_number":30,"box":{"x":795,"y":688,"width":31,"height":10}},{"id":"f80ef808-f6e6-4ae5-ac21-45997dc5afd3","block_type":"box","text":"UK Solvency II ratio based on SCR","page_number":30,"box":{"x":158,"y":707,"width":215,"height":10}},{"id":"e8c9619b-d6b8-4f67-a93d-4fabf0c8d921","block_type":"box","text":"418%","page_number":30,"box":{"x":676,"y":707,"width":37,"height":8}},{"id":"cbdccbb5-9a1a-4fa1-96b2-25aa336599f5","block_type":"box","text":"309%","page_number":30,"box":{"x":785,"y":707,"width":38,"height":8}},{"id":"0051868e-175b-4751-840f-fd4a6b0d4ae5","block_type":"box","text":"Managed Pension Funds Limited","page_number":31,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"aae3084f-3ee8-4d18-94d4-3a90b9952388","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":31,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"6ae4ca51-7f55-416a-9459-a12f7038dc22","block_type":"box","text":"at 31 December 2025","page_number":31,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"b776a60c-8ebf-4014-97d9-ac8ac8b9dd16","block_type":"box","text":"30","page_number":31,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"36a89c1c-a4f2-4207-9ea2-f9301f05813f","block_type":"box","text":"16. TECHNICAL PROVISIONS FOR LINKED LIABILITIES","page_number":31,"box":{"x":113,"y":135,"width":428,"height":8}},{"id":"244d8a10-88c8-4396-98d9-435419d7b302","block_type":"box","text":"The movement in technical provisions for linked liabilities during the year was as follows;","page_number":31,"box":{"x":151,"y":156,"width":554,"height":11}},{"id":"c10f0de6-af85-41ec-a899-180987eabcd7","block_type":"box","text":"The fair value hierarchy of the technical provisions for linked liabilities follow those for the unit linked assets as","page_number":31,"box":{"x":151,"y":410,"width":691,"height":11}},{"id":"789a9921-8dbe-4474-9ccf-15622d1971f4","block_type":"box","text":"disclosed in note 10.","page_number":31,"box":{"x":151,"y":424,"width":125,"height":8}},{"id":"7cf041cc-2361-4caf-a798-6f42a833b290","block_type":"box","text":"17. OTHER CREDITORS","page_number":31,"box":{"x":113,"y":450,"width":187,"height":8}},{"id":"c832d3d0-7e6f-43e4-97e5-c483e8752fa8","block_type":"box","text":"18. RELATED PARTY TRANSACTIONS","page_number":31,"box":{"x":113,"y":622,"width":294,"height":8}},{"id":"e9661270-34de-462d-aa51-ffb2fa17495f","block_type":"box","text":"The Company has entered into an agreement with SSGA, a Company registered in England and Wales and also","page_number":31,"box":{"x":151,"y":642,"width":684,"height":11}},{"id":"fc899b77-5527-4215-ac93-4520157ea9bc","block_type":"box","text":"a member of the Group for the provision of investment management, sales, marketing, administration and","page_number":31,"box":{"x":151,"y":656,"width":649,"height":11}},{"id":"1aee3582-0ede-4b8d-8038-21b3e3ab191e","block_type":"box","text":"support services. The cost to the Company for the provision of these services during the year ended 31","page_number":31,"box":{"x":152,"y":670,"width":630,"height":10}},{"id":"769ec8f1-8550-4e1f-99c6-98bd1a5b6763","block_type":"box","text":"December 2025 as disclosed in note 5 was £7.7 million (2024: £10.7 million).","page_number":31,"box":{"x":151,"y":683,"width":478,"height":11}},{"id":"b5f2db8f-beb6-427d-a8c8-2152c8bcaab3","block_type":"box","text":"The amount due to group undertakings at 31 December 2025, included within these financial statements, was as","page_number":31,"box":{"x":151,"y":704,"width":686,"height":11}},{"id":"ef063981-2c55-4126-85f9-31b9e6ca6c4c","block_type":"box","text":"follows:","page_number":31,"box":{"x":151,"y":718,"width":49,"height":8}},{"id":"fddb5eff-1b23-4d32-a51b-79447c59b5e0","block_type":"box","text":"The investments held within SSGA Liquidity Fund as stated in note 9 above form part of related party transactions.","page_number":31,"box":{"x":151,"y":851,"width":690,"height":10}},{"id":"668ba35a-2057-4f30-9dde-efdac480d36b","block_type":"box","text":"SSGA Liquidity Fund is sub-fund of SSGA Liquidity Plc., a fellow Group undertaking of the Company which is","page_number":31,"box":{"x":152,"y":864,"width":690,"height":11}},{"id":"1be34e40-de7a-4222-a2c3-fd722201ba79","block_type":"box","text":"registered under the laws of Ireland as a public limited company. The Company does not have any employees and","page_number":31,"box":{"x":151,"y":878,"width":692,"height":11}},{"id":"ad84065f-6b80-485e-bbe8-dd5515e7c016","block_type":"box","text":"there are no key management personnel.","page_number":31,"box":{"x":151,"y":892,"width":247,"height":10}},{"id":"b5e154ff-26e4-4d64-b825-a2ef131e18d6","block_type":"box","text":"2025 2024","page_number":31,"box":{"x":694,"y":184,"width":142,"height":8}},{"id":"14b45fd4-b41d-4ee8-8b95-e85294658b05","block_type":"box","text":"£’000 £’000","page_number":31,"box":{"x":690,"y":201,"width":146,"height":8}},{"id":"85a88409-5e89-4fa4-b6b8-2e7d34a10b70","block_type":"box","text":"At 1 January","page_number":31,"box":{"x":155,"y":237,"width":81,"height":10}},{"id":"ef7a02e4-48d5-4f29-bfed-f1055f55411e","block_type":"box","text":"33,534,681 37,244,842","page_number":31,"box":{"x":663,"y":237,"width":171,"height":10}},{"id":"94aa2d02-156f-4c64-aeca-50bb07e39eb0","block_type":"box","text":"Contributions 5,579,232 9,482,269","page_number":31,"box":{"x":155,"y":255,"width":679,"height":10}},{"id":"95643cf6-67ee-4d76-8134-9ff8437ea65e","block_type":"box","text":"Redemptions (20,515,045) (18,622,125)","page_number":31,"box":{"x":155,"y":272,"width":683,"height":11}},{"id":"c52cb2c8-a589-4770-933d-755fec12f7be","block_type":"box","text":"Investment income 541,920 7,165,543","page_number":31,"box":{"x":155,"y":290,"width":678,"height":10}},{"id":"ad6498f1-c6e8-41da-a8d6-cb01fd17f70a","block_type":"box","text":"Unrealised gains / (losses) on investments 4,916,630 (1,697,908)","page_number":31,"box":{"x":154,"y":308,"width":684,"height":10}},{"id":"97f4142a-dc0e-40cc-b272-2cd8ead949a7","block_type":"box","text":"Investment expenses (2,420,598) (9,462)","page_number":31,"box":{"x":155,"y":326,"width":683,"height":10}},{"id":"2edfca6b-7fc4-4117-9d8b-15b253d305ba","block_type":"box","text":"Overseas taxes (60,593) (28,478)","page_number":31,"box":{"x":155,"y":343,"width":683,"height":11}},{"id":"3abf9b60-9f5c-4182-a10e-e8e02dd4e560","block_type":"box","text":"At 31 December 21,576,227 33,534,681","page_number":31,"box":{"x":155,"y":376,"width":677,"height":10}},{"id":"99ccb1b6-e0c2-49a4-8e6a-ac234f3c7d91","block_type":"box","text":"2025 2024","page_number":31,"box":{"x":694,"y":479,"width":142,"height":8}},{"id":"cf3d1229-0c53-430f-b615-e243f63cfc98","block_type":"box","text":"£’000 £’000","page_number":31,"box":{"x":690,"y":495,"width":146,"height":8}},{"id":"6e523949-d88a-408f-9022-c3e2301fefac","block_type":"box","text":"Amounts owed to other group undertakings 3,738 3,621","page_number":31,"box":{"x":155,"y":518,"width":678,"height":11}},{"id":"975ea8c4-1e46-4c00-a768-fa9f94ddab15","block_type":"box","text":"Amounts due to policyholders 11,132 6,601","page_number":31,"box":{"x":155,"y":533,"width":678,"height":11}},{"id":"f8874d06-a465-486c-a7b7-b7123a59428d","block_type":"box","text":"Trade creditors - 13","page_number":31,"box":{"x":155,"y":548,"width":678,"height":9}},{"id":"10cd6c8b-f4ff-4a5e-af6a-070e713b93d6","block_type":"box","text":"Corporation Tax 49 188","page_number":31,"box":{"x":155,"y":564,"width":679,"height":10}},{"id":"458497a8-bef6-4fd8-83ab-b0615555083e","block_type":"box","text":"Other Creditors 14,919 10,423","page_number":31,"box":{"x":155,"y":590,"width":677,"height":10}},{"id":"c384438d-bffa-4459-90a4-ddd7c644fb57","block_type":"box","text":"2025 2024","page_number":31,"box":{"x":694,"y":733,"width":142,"height":8}},{"id":"14c5ab86-101e-4a52-b2b9-5da50b536804","block_type":"box","text":"£’000 £’000","page_number":31,"box":{"x":690,"y":749,"width":146,"height":8}},{"id":"5892af4d-ab7a-4b15-be74-d5fc4831de26","block_type":"box","text":"Amounts owed to other group undertakings (see Note 17) 3,738 3,621","page_number":31,"box":{"x":155,"y":771,"width":678,"height":10}},{"id":"eb508992-6adf-4fb5-8e5c-bd7a45f02bc8","block_type":"box","text":"Amounts included within assets held to cover","page_number":31,"box":{"x":155,"y":786,"width":282,"height":8}},{"id":"23afdae9-793e-41b9-a845-b21bec6ba6f5","block_type":"box","text":"unit-linked liabilities 419 858","page_number":31,"box":{"x":154,"y":801,"width":680,"height":8}},{"id":"21b73fb7-46a8-4f47-ad89-709b5c0b7a2c","block_type":"box","text":"4,157 4,479","page_number":31,"box":{"x":689,"y":829,"width":144,"height":10}},{"id":"7c138773-8841-4fa8-b560-195e819ae1d6","block_type":"box","text":"Managed Pension Funds Limited","page_number":32,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"732e57e8-6adf-4a30-8e20-3d0d44e3ba36","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":32,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"1adf30fd-7afd-4a04-8b80-c0b51e01836f","block_type":"box","text":"at 31 December 2025","page_number":32,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"acb28e7a-9377-4bce-9d6b-6caff2b870cb","block_type":"box","text":"31","page_number":32,"box":{"x":789,"y":937,"width":13,"height":8}},{"id":"17d6d051-d124-4f8b-96e2-3986fcb5331e","block_type":"box","text":"19. PARENT AND ULTIMATE PARENT UNDERTAKING","page_number":32,"box":{"x":113,"y":135,"width":413,"height":8}},{"id":"6b03ad81-7970-438f-b6b8-77976b5ff4e0","block_type":"box","text":"Since 8 June 2017, the immediate holding company of the Company is SSGA Inc. The ultimate Parent company","page_number":32,"box":{"x":152,"y":156,"width":691,"height":10}},{"id":"0ed57556-b226-484b-8b10-c05e69c6db05","block_type":"box","text":"remains State Street Corporation (“SSC”), a company incorporated in the Commonwealth of Massachusetts, in","page_number":32,"box":{"x":151,"y":169,"width":692,"height":11}},{"id":"363e9f57-b4ea-4b84-bc0b-bee7e171abab","block_type":"box","text":"the United States of America. Copies of the SSC consolidated financial statements can be obtained from 1 Lincoln","page_number":32,"box":{"x":151,"y":183,"width":692,"height":11}},{"id":"4752788d-0a5a-4efa-9c46-62e117d0c45b","block_type":"box","text":"Street, Boston, Commonwealth of Massachusetts, United States of America.","page_number":32,"box":{"x":152,"y":197,"width":467,"height":10}},{"id":"9df2b086-9e02-4ae1-8256-86cf6803e730","block_type":"box","text":"20. RISK MANAGEMENT","page_number":32,"box":{"x":113,"y":222,"width":194,"height":9}},{"id":"e76db25a-52ee-4b9f-945c-7077f888d5cc","block_type":"box","text":"(a) Governance framework","page_number":32,"box":{"x":152,"y":243,"width":170,"height":11}},{"id":"95481b9f-3fdb-4f92-8029-78ef71a87271","block_type":"box","text":"The Board members are responsible for overseeing the prudent and sound management of the Company and","page_number":32,"box":{"x":151,"y":264,"width":692,"height":10}},{"id":"605cf310-5dc1-4cd2-89da-1402ca4ae8a4","block_type":"box","text":"exercising their business judgment in what they believe to be in the best interests of the Company, its shareholders","page_number":32,"box":{"x":151,"y":277,"width":691,"height":11}},{"id":"a767b4f8-d83f-4bd8-a35a-67f8ac92dddd","block_type":"box","text":"and policyholders. They are responsible for complying with their statutory and fiduciary duties in the interests of","page_number":32,"box":{"x":151,"y":291,"width":693,"height":11}},{"id":"5f54a89c-3e1c-4342-8615-db3be1be5869","block_type":"box","text":"the Company and ensuring that the business affairs of the Company are adequately monitored and controlled. The","page_number":32,"box":{"x":151,"y":305,"width":691,"height":11}},{"id":"e1749fa9-b6d0-473d-b4d5-063c2d46f68b","block_type":"box","text":"Board’s role and responsibilities are defined within the Board’s Terms of Reference. Specific responsibilities are","page_number":32,"box":{"x":151,"y":318,"width":691,"height":11}},{"id":"655457eb-b090-4c04-a731-57d67e5f580f","block_type":"box","text":"allocated by the Chairman amongst the Board members in accordance with the senior management arrangements,","page_number":32,"box":{"x":151,"y":332,"width":691,"height":11}},{"id":"767bbe26-9449-428f-9fcd-56e5e6e8d472","block_type":"box","text":"systems and controls (“SYSC”) policy statement applicable to Group entities operating and regulated in the UK.","page_number":32,"box":{"x":152,"y":346,"width":689,"height":10}},{"id":"d50cb101-5ef1-4141-99d4-64a20fef4a98","block_type":"box","text":"Members of senior management and the Board may also have additional reporting lines to senior management of","page_number":32,"box":{"x":151,"y":359,"width":693,"height":11}},{"id":"f36945e8-2ce9-4d1f-9bcb-82a500e20997","block_type":"box","text":"State Street Bank & Trust Company (“SSBTC”) or SSC.","page_number":32,"box":{"x":152,"y":373,"width":346,"height":11}},{"id":"ea67749a-79e6-4a72-bf7d-1793e2c7f20b","block_type":"box","text":"During the year, the Board comprised of senior management from across the main business functions and two","page_number":32,"box":{"x":151,"y":398,"width":691,"height":11}},{"id":"1a66a485-a628-4b5e-a719-be5a76fd2c0c","block_type":"box","text":"independent non-executive directors, including the Chair. Post the year end, the Board composition has changed","page_number":32,"box":{"x":151,"y":412,"width":692,"height":11}},{"id":"909635d6-3c31-4c35-aecf-9b8c2f1e353c","block_type":"box","text":"to comprise of senior management from the main business function and four independent non-executive directors,","page_number":32,"box":{"x":151,"y":426,"width":691,"height":11}},{"id":"c2148902-17ae-4769-a96a-838349dba0ce","block_type":"box","text":"including the Chair. The Board serves to ensure that appropriate strategies, policies and guidelines are","page_number":32,"box":{"x":151,"y":439,"width":691,"height":11}},{"id":"1f12efa7-d8d9-467c-90be-706d5037b51d","block_type":"box","text":"implemented across the business. The Board holds regular meetings to facilitate and ensure that a common","page_number":32,"box":{"x":151,"y":453,"width":692,"height":11}},{"id":"48866247-284f-4655-9e38-72d3bd23270a","block_type":"box","text":"communication platform is in place; to enable regular reporting of company-specific information and updates to","page_number":32,"box":{"x":151,"y":467,"width":691,"height":10}},{"id":"bd00e516-5a2f-49f0-bdaf-728b184bff4e","block_type":"box","text":"the Board; and thereby allowing appropriate Board challenge and oversight. Board meetings are also attended by","page_number":32,"box":{"x":151,"y":480,"width":692,"height":11}},{"id":"b5293b36-797a-45b6-a8d0-a3148f754cef","block_type":"box","text":"individuals from Finance, Compliance, Legal and Risk to present updates and be challenged by the Board.","page_number":32,"box":{"x":151,"y":494,"width":652,"height":11}},{"id":"277a72f8-0e34-4272-8b3b-b3871dd7a196","block_type":"box","text":"The Board delegates some of its responsibilities to the Working Group. The Board Terms of Reference recognises","page_number":32,"box":{"x":151,"y":519,"width":691,"height":11}},{"id":"76ddaa10-a7f3-47a3-ac89-7a8be95b3f98","block_type":"box","text":"that the Working Group is designed to “assist and support the Board in key strategic matters, review business","page_number":32,"box":{"x":151,"y":533,"width":691,"height":11}},{"id":"391aa696-6d26-4c7d-bb9f-7efef335e574","block_type":"box","text":"activities and risks and provide support in certain matters”. In turn, the Working Group delegates day to day","page_number":32,"box":{"x":151,"y":547,"width":692,"height":11}},{"id":"12c4bd37-d745-460a-8ad6-470a02e071a5","block_type":"box","text":"management responsibilities to business line managers and governance committees within SSGA.","page_number":32,"box":{"x":151,"y":560,"width":600,"height":11}},{"id":"f2f6e5e5-cd1b-4e0a-a431-bdb6b2191652","block_type":"box","text":"The Board also delegates certain responsibilities to the MPFL Audit Committee. The key responsibilities are the","page_number":32,"box":{"x":151,"y":586,"width":691,"height":11}},{"id":"2a6fdf91-e873-4396-8219-75ecb77625da","block_type":"box","text":"reviewing of the annual report and financial statements and the annual regulatory reports and the related Actuary’s","page_number":32,"box":{"x":151,"y":600,"width":691,"height":10}},{"id":"6c3fca7d-905b-4e69-9ede-697b547228a9","block_type":"box","text":"and Auditor’s reports and the Company’s solvency position and recommending the appointment of the Company’s","page_number":32,"box":{"x":151,"y":613,"width":691,"height":11}},{"id":"a5ecae7a-7f18-47cb-ba12-4a8f3850da87","block_type":"box","text":"Auditor and Actuary.","page_number":32,"box":{"x":151,"y":627,"width":130,"height":11}},{"id":"115369f1-c13d-4600-8b69-66cbd8b1a68b","block_type":"box","text":"The Company maintains a clearly defined governance structure to ensure that issues are escalated in accordance","page_number":32,"box":{"x":151,"y":652,"width":691,"height":11}},{"id":"fc69d745-b693-40a1-b2cf-1c764abd0e2e","block_type":"box","text":"with materiality to the appropriate level of decision making. Members of senior management provide reports on","page_number":32,"box":{"x":151,"y":666,"width":692,"height":11}},{"id":"159a2af6-dc6b-49aa-b12e-4767efc568fd","block_type":"box","text":"the activities conducted within the Company to the Working Group through business line management reporting","page_number":32,"box":{"x":151,"y":680,"width":692,"height":11}},{"id":"85e64675-0864-4571-a2c6-7dbbe8bf3b1b","block_type":"box","text":"and to the Board.","page_number":32,"box":{"x":151,"y":693,"width":105,"height":9}},{"id":"2d77eaba-430a-4e81-9cb6-92c752010175","block_type":"box","text":"The Company engages with WTW who provides an outsourced actuarial service to the Company that includes","page_number":32,"box":{"x":151,"y":719,"width":691,"height":11}},{"id":"bb1f6619-e5cb-4715-99a1-3c61b520305a","block_type":"box","text":"on-going support including inputs and reviews of the UK Solvency II reporting, advice to the Board on any","page_number":32,"box":{"x":151,"y":733,"width":692,"height":10}},{"id":"3ca2e0cb-8cf1-47a9-ba23-dc9e4dd68489","block_type":"box","text":"relevant emerging risks that might impact the Company’s ability to meet policyholder liabilities as they fall due.","page_number":32,"box":{"x":151,"y":746,"width":690,"height":11}},{"id":"f8625dfa-6c64-4235-a623-020776429a08","block_type":"box","text":"WTW monitors those risks via management information provided by the Company, attendance at Board meetings","page_number":32,"box":{"x":151,"y":760,"width":691,"height":11}},{"id":"0848ae93-06f7-45e0-a202-a852eb3f7c30","block_type":"box","text":"and discussions with key personnel. As part of the SSC Group, the Company is subject to adherence with Group","page_number":32,"box":{"x":151,"y":773,"width":691,"height":11}},{"id":"03d4b70d-cfc9-4caf-9f06-5adc197e2277","block_type":"box","text":"risk management policies and procedures. The Company and its business functions are also subject to internal","page_number":32,"box":{"x":151,"y":787,"width":692,"height":11}},{"id":"daedcbef-2b2b-4526-9d0a-fe32865f5e6b","block_type":"box","text":"audit as part of the Group Audit programme as well as examination by the PRA, and other regulatory authorities.","page_number":32,"box":{"x":151,"y":801,"width":691,"height":11}},{"id":"540dc794-d130-47a0-9e56-51d6e96c6f1f","block_type":"box","text":"Group Internal Audit function independently examines and reports to the Audit Committee, on the adequacy of","page_number":32,"box":{"x":151,"y":814,"width":693,"height":11}},{"id":"1a93c6b4-a599-48d9-b1f5-24e1c9316696","block_type":"box","text":"the Company’s risk management and governance and the effectiveness of its internal controls processes.","page_number":32,"box":{"x":151,"y":828,"width":640,"height":11}},{"id":"788aead0-0cec-4ca3-bcfc-9dbb320cc914","block_type":"box","text":"Managed Pension Funds Limited","page_number":33,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"220af066-3bfa-4c87-8aeb-85fb46a42734","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":33,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"0aa88c26-02ea-4c42-b9da-bc67aa16fcd9","block_type":"box","text":"at 31 December 2025","page_number":33,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"9e383220-288b-4e02-9686-3febd53c5332","block_type":"box","text":"32","page_number":33,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"35ce0908-d74b-4068-b57a-3f3dda0d8135","block_type":"box","text":"20. RISK MANAGEMENT (CONTINUED)","page_number":33,"box":{"x":113,"y":135,"width":302,"height":10}},{"id":"37642be6-4baf-4cfa-acf3-98f457b57b80","block_type":"box","text":"(b) Risk assessment","page_number":33,"box":{"x":152,"y":156,"width":123,"height":10}},{"id":"bed68d3c-2772-4a08-a6f6-69089a342d88","block_type":"box","text":"The Company is exposed to a range of risks through its business activities.","page_number":33,"box":{"x":151,"y":181,"width":457,"height":11}},{"id":"2dc46c1e-9f4e-4057-8123-f056ee0f5d1a","block_type":"box","text":"(1) Insurance risk","page_number":33,"box":{"x":152,"y":207,"width":113,"height":10}},{"id":"a8e26571-401c-4954-9a6d-381aa5af0eba","block_type":"box","text":"Insurance risk refers to the inherent uncertainties as to the occurrence, amount and timing of insurance liabilities.","page_number":33,"box":{"x":151,"y":232,"width":690,"height":11}},{"id":"0379350f-b6a8-4c5c-8499-d7a97fc3c251","block_type":"box","text":"Although the policy contracts sold by the Company do not insure against any traditional insurance risks, the","page_number":33,"box":{"x":151,"y":246,"width":692,"height":11}},{"id":"b51d2939-a994-4765-85de-0c256ec9aca9","block_type":"box","text":"contracts do include an option for the policyholder to take out an annuity on non-guaranteed terms. In practice the","page_number":33,"box":{"x":151,"y":260,"width":691,"height":10}},{"id":"cf9b8165-33a5-4e9e-b241-07fc46695716","block_type":"box","text":"Company does not market the availability of annuity products, and any annuities actually offered would be un","page_number":33,"box":{"x":151,"y":273,"width":691,"height":11}},{"id":"0a4449a1-9a58-497f-a50a-da085924c83e","block_type":"box","text":"competitively priced (and if a policyholder insisted on taking out an annuity, the Company would reinsure the","page_number":33,"box":{"x":151,"y":287,"width":691,"height":11}},{"id":"e3530533-c28a-470c-9409-e7246ecffa4d","block_type":"box","text":"risk).","page_number":33,"box":{"x":151,"y":301,"width":31,"height":10}},{"id":"8485aa00-a65d-40c4-a806-76ecb740f292","block_type":"box","text":"In connection with the development of the Company’s retirement income products there is an assumption that no","page_number":33,"box":{"x":151,"y":326,"width":691,"height":11}},{"id":"b52d95ef-2873-4775-a95f-d73d3c27de67","block_type":"box","text":"annuities will be held within the unit-linked funds. Certain defined contribution linked funds would hold some","page_number":33,"box":{"x":151,"y":340,"width":691,"height":8}},{"id":"7696488c-1fac-4eca-b741-d44d0240a4cc","block_type":"box","text":"investments (mainly bonds) expected to match the pricing of annuities and, at retirement, the units reflecting those","page_number":33,"box":{"x":151,"y":353,"width":691,"height":11}},{"id":"1c65664c-4c0f-4356-ba7e-02b1a6b9a8a7","block_type":"box","text":"investments can be sold by the policyholder and the proceeds used to purchase an annuity held in the","page_number":33,"box":{"x":151,"y":367,"width":691,"height":11}},{"id":"0b7d467c-d74a-4d38-8bc9-801d8e39337e","block_type":"box","text":"policyholder’s name.","page_number":33,"box":{"x":151,"y":381,"width":129,"height":10}},{"id":"939bf0ce-08e3-460a-aa52-6a3d71abdf74","block_type":"box","text":"Each policyholder enters into a policy with the Company that states that should they elect an annuity, the Company","page_number":33,"box":{"x":151,"y":406,"width":692,"height":11}},{"id":"dffce6e4-d12c-42cb-8b63-24459c84e8b2","block_type":"box","text":"would, in practice, find another insurance company to provide such investment option to the client, and any","page_number":33,"box":{"x":151,"y":420,"width":692,"height":11}},{"id":"194d97a4-c08f-419a-8ee6-e8451ba59e44","block_type":"box","text":"transfer of amount payable would be actioned as soon as possible.","page_number":33,"box":{"x":151,"y":433,"width":404,"height":11}},{"id":"eb5bd1c6-0609-46bc-a71c-6e425ae02f01","block_type":"box","text":"(2) Expense risk","page_number":33,"box":{"x":152,"y":459,"width":102,"height":11}},{"id":"16d9a59e-00b5-4abf-a722-0e6195e363f0","block_type":"box","text":"There is a risk that, for varying reasons, the direct administrative expenses of the Company increase from the","page_number":33,"box":{"x":151,"y":484,"width":691,"height":11}},{"id":"534004b2-5b93-49ad-93fe-b18d1256bcea","block_type":"box","text":"current expected level of approximately £454,000 per annum. However, in accordance with the IMA, the retained","page_number":33,"box":{"x":151,"y":498,"width":692,"height":11}},{"id":"7dcdfafb-dc9a-4692-ab57-1cf98d798514","block_type":"box","text":"fee income of £750,000 per annum can be increased with SSGA, and therefore the expense risk has been assessed","page_number":33,"box":{"x":151,"y":512,"width":691,"height":11}},{"id":"86bf40dd-411f-46bb-b695-309ab0796618","block_type":"box","text":"as zero. Historical practice has shown that the retained fee income can be increased within a short time frame and","page_number":33,"box":{"x":151,"y":525,"width":692,"height":11}},{"id":"f34f4027-b93d-4dee-8892-8d942b80a668","block_type":"box","text":"quickly agreed within the Company via ad-hoc Board meetings.","page_number":33,"box":{"x":151,"y":539,"width":391,"height":11}},{"id":"edcbf090-7282-4bea-8786-7aeab25ee2fc","block_type":"box","text":"(3) Financial risk","page_number":33,"box":{"x":152,"y":565,"width":111,"height":10}},{"id":"7c3e812d-140a-4f12-a02d-4b71fc8eaaed","block_type":"box","text":"The Company assumes a variety of financial risks in conducting its business activities. The nature of the unit","page_number":33,"box":{"x":151,"y":590,"width":691,"height":11}},{"id":"06e67e9c-0d1c-4af4-9872-0c2dd7520418","block_type":"box","text":"linked policy contracts passes all such risks assumed in respect of the Company’s unit-linked funds to the","page_number":33,"box":{"x":151,"y":604,"width":691,"height":11}},{"id":"36651ff3-bbe0-4633-805c-bc296754dbe8","block_type":"box","text":"policyholder. The exception to this occurs when the Company deviates from the agreed investment policy. The","page_number":33,"box":{"x":151,"y":617,"width":691,"height":11}},{"id":"ab550e94-0524-450a-96ce-1ad797894f09","block_type":"box","text":"risk of such deviation is assessed as part of operational risk borne by other Group entities.","page_number":33,"box":{"x":151,"y":631,"width":550,"height":11}},{"id":"b1d41618-51a2-4224-87af-b130a4fae58f","block_type":"box","text":"The financial risks that remain with the Company relate to its investments or assets that are not classified as unit","page_number":33,"box":{"x":151,"y":656,"width":692,"height":11}},{"id":"7319227c-58b6-48ed-9b24-6388cfd91dbe","block_type":"box","text":"linked. The Company institutes various measures and policies to ensure these risks are at an acceptable level.","page_number":33,"box":{"x":151,"y":670,"width":669,"height":11}},{"id":"29a6b3a0-dcef-4f7f-a34c-f3b854a2bfcb","block_type":"box","text":"(i) Credit risk","page_number":33,"box":{"x":152,"y":696,"width":84,"height":10}},{"id":"6a8a29d0-03f0-439b-934c-5d8580aadd94","block_type":"box","text":"Credit risk is the current or prospective risk to earnings and capital arising from an obligor’s failure to meet the","page_number":33,"box":{"x":151,"y":721,"width":691,"height":11}},{"id":"b4b6a870-b5eb-419e-af40-dae49a5eea6e","block_type":"box","text":"terms of any contract with the Company relating to assets held.","page_number":33,"box":{"x":151,"y":735,"width":386,"height":11}},{"id":"25f5e193-66a2-4577-bad1-8ad0bdb07988","block_type":"box","text":"The Company is exposed to credit risk on the following non-linked assets held on the balance sheet:","page_number":33,"box":{"x":151,"y":760,"width":613,"height":11}},{"id":"2a2884cc-9f96-434e-9fd9-e711cb85cf0a","block_type":"box","text":"Managed Pension Funds Limited","page_number":34,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"622da149-0647-4bf7-bfc4-1aabcc65aada","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":34,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"224149a3-49d4-4ab5-90b2-aedcc1218b53","block_type":"box","text":"at 31 December 2025","page_number":34,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"8fe6c977-7e0b-4091-a5ee-319926f97485","block_type":"box","text":"33","page_number":34,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"116de468-2fa4-4966-bf16-3c359f7ff15f","block_type":"box","text":"20. RISK MANAGEMENT (CONTINUED)","page_number":34,"box":{"x":113,"y":135,"width":302,"height":10}},{"id":"767280b3-4490-43f2-9a85-033aaf6b5aa3","block_type":"box","text":"(i) Credit risk (continued)","page_number":34,"box":{"x":152,"y":156,"width":160,"height":10}},{"id":"865024ed-b193-4aa3-a7b5-d7679bd2e9f2","block_type":"box","text":"The majority of the Company’s other financial investments are holdings in SSGA Liquidity Fund. This fund is a","page_number":34,"box":{"x":151,"y":346,"width":691,"height":11}},{"id":"ab82308d-24d6-4719-b8c7-12b760a70d9b","block_type":"box","text":"highly liquid fund with AAA Standard & Poor’s credit ratings; therefore, the risk of default is considered to be","page_number":34,"box":{"x":151,"y":360,"width":691,"height":11}},{"id":"181fba2a-a917-4560-b300-4edced8d739f","block_type":"box","text":"minimal. The risk of default on the policyholder receivables is mitigated due to the ability to compulsorily redeem","page_number":34,"box":{"x":151,"y":373,"width":692,"height":11}},{"id":"94c3188c-8e8d-40da-881c-dd0e3f0b7c88","block_type":"box","text":"policyholder units to recover the fees (although such redemption would require senior management’s approval).","page_number":34,"box":{"x":151,"y":387,"width":690,"height":11}},{"id":"6ba27044-23f1-4839-b7b4-05287606233b","block_type":"box","text":"In the event of any fee premiums being irrecoverable in this manner, under the terms of the investment","page_number":34,"box":{"x":151,"y":401,"width":692,"height":11}},{"id":"b22598aa-5c2f-4410-b1ce-86afcad1af76","block_type":"box","text":"management agreement with SSGA, the equivalent amounts due to SSGA would be cancelled. To enhance the","page_number":34,"box":{"x":151,"y":415,"width":691,"height":10}},{"id":"6cc258b5-a265-4cac-a4ed-0469de0097a5","block_type":"box","text":"risk mitigation, a process has been put in place that will retain fee income ultimately payable to SSGA in respect","page_number":34,"box":{"x":151,"y":428,"width":692,"height":11}},{"id":"aac90b85-00e0-40ed-8ae3-d782ad1cff57","block_type":"box","text":"of any amounts owed, so this risk falls on SSGA.","page_number":34,"box":{"x":151,"y":442,"width":301,"height":10}},{"id":"6919e81e-27b5-43d9-b80f-f34f2ecce76d","block_type":"box","text":"The table below provides analysis of non-linked assets exposed to credit risk by credit ratings (Standard & Poor’s","page_number":34,"box":{"x":151,"y":470,"width":691,"height":10}},{"id":"f18f4c35-495b-41f6-b70c-840c39867f60","block_type":"box","text":"ratings used).","page_number":34,"box":{"x":151,"y":483,"width":82,"height":11}},{"id":"c47b0b2c-9ef6-454f-97f9-bae67f723cc5","block_type":"box","text":"At both year ends, the Company had seed capital invested in MPFL Timewise Target Retirement Sub-Fund. This","page_number":34,"box":{"x":151,"y":685,"width":691,"height":11}},{"id":"59b1add5-4e95-4268-bdd8-fd36797a0bde","block_type":"box","text":"seed investment is currently not rated by Standard & Poor’s. The debtor amounts are also disclosed as not rated.","page_number":34,"box":{"x":152,"y":699,"width":686,"height":10}},{"id":"3c6f322f-5afb-4c28-995b-741c980c971e","block_type":"box","text":"(ii) Market risk (including interest rate risk, price risk and foreign currency risk)","page_number":34,"box":{"x":152,"y":724,"width":508,"height":11}},{"id":"5a718b62-8545-4a97-8966-9bbc18f4a3e5","block_type":"box","text":"Market risk can be defined as the current or prospective risk to earnings or capital arising from changes in interest","page_number":34,"box":{"x":151,"y":745,"width":692,"height":11}},{"id":"556daf6b-7295-4dae-ab89-c95e75119a1e","block_type":"box","text":"rates, foreign exchange rates and commodity prices or security prices.","page_number":34,"box":{"x":151,"y":759,"width":428,"height":10}},{"id":"f89e8763-ba88-4dc9-a9b3-4e68fa665a90","block_type":"box","text":"Interest rate risk","page_number":34,"box":{"x":150,"y":784,"width":106,"height":9}},{"id":"015a20ef-eec4-430a-80ea-0543f26d20b6","block_type":"box","text":"Interest rate risk is the possibility that changes in interest rates will result in higher or reduced income from the","page_number":34,"box":{"x":151,"y":810,"width":691,"height":10}},{"id":"04fd42fa-1541-43f9-8e97-d5602eb68237","block_type":"box","text":"Company’s interest-bearing financial assets. The Company does not hold interest bearing liabilities. Interest rate","page_number":34,"box":{"x":151,"y":823,"width":691,"height":11}},{"id":"63e7f59d-f9bd-418f-ad6b-ff327515ddee","block_type":"box","text":"risk on investments held in respect of linked liabilities to policyholders under investment contracts are borne by","page_number":34,"box":{"x":151,"y":837,"width":692,"height":11}},{"id":"754cbaed-81c6-4e98-9515-f6ec9f482aa9","block_type":"box","text":"the policyholders. The Company’s non-linked portfolio as analysed below is subject to interest rate risk. The","page_number":34,"box":{"x":151,"y":851,"width":691,"height":10}},{"id":"875719a1-4695-44e1-8d8e-815c640f9984","block_type":"box","text":"change may impact the interest earned or the unrealised gains or losses on valuation that are reported as part of","page_number":34,"box":{"x":151,"y":864,"width":693,"height":11}},{"id":"daeb47a9-609b-441a-b1a5-15d49a4adecc","block_type":"box","text":"the investment income.","page_number":34,"box":{"x":151,"y":878,"width":142,"height":8}},{"id":"9b044b9d-5a80-4ac9-a359-ed57c9b99068","block_type":"box","text":"2025 2024","page_number":34,"box":{"x":694,"y":183,"width":142,"height":8}},{"id":"9187f29c-49ea-4b9b-bf09-ad98251ab74e","block_type":"box","text":"£’000 £’000","page_number":34,"box":{"x":690,"y":199,"width":146,"height":8}},{"id":"de18ab95-0ce9-421b-b1b6-c8b0f7c27fad","block_type":"box","text":"Other financial investments 13,513 12,927","page_number":34,"box":{"x":155,"y":230,"width":679,"height":10}},{"id":"d9633903-b380-4e00-bcfc-3a8cb11ac87a","block_type":"box","text":"Debtors arising out of direct insurance operations - policyholders 2,265 3,266","page_number":34,"box":{"x":155,"y":246,"width":679,"height":11}},{"id":"f826c38b-9ff2-4f70-b8de-56b223576c45","block_type":"box","text":"Other debtors - 21","page_number":34,"box":{"x":155,"y":262,"width":678,"height":9}},{"id":"4c63d9f3-1e45-4c8d-bdf2-2f730c116678","block_type":"box","text":"Cash at bank and in hand 15,896 9,687","page_number":34,"box":{"x":155,"y":278,"width":679,"height":10}},{"id":"bdc5e43b-64bb-440a-aa81-1cb7b065e393","block_type":"box","text":"Total","page_number":34,"box":{"x":155,"y":301,"width":31,"height":8}},{"id":"8c2f0090-b07c-4b49-bc1e-c711ea05114d","block_type":"box","text":"31,674 25,901","page_number":34,"box":{"x":681,"y":304,"width":151,"height":10}},{"id":"98cfa1ef-e16d-453a-8e64-2232be2938b1","block_type":"box","text":"2025 2024","page_number":34,"box":{"x":694,"y":513,"width":142,"height":8}},{"id":"a34bf792-2fd7-4903-bcd2-01c384419c07","block_type":"box","text":"£’000 £’000","page_number":34,"box":{"x":690,"y":529,"width":146,"height":9}},{"id":"a269ea2f-7efb-437e-8aac-f0c103bf5ffd","block_type":"box","text":"AAA 12,818 12,325","page_number":34,"box":{"x":155,"y":561,"width":678,"height":9}},{"id":"2ff24fa9-bef8-4a2e-8a0c-9d90b27a236a","block_type":"box","text":"A-1+ 10,961 6,671","page_number":34,"box":{"x":155,"y":576,"width":678,"height":10}},{"id":"1b3d9584-0868-417e-bebe-d89c0dd15115","block_type":"box","text":"A-1 4,763 3,036","page_number":34,"box":{"x":155,"y":591,"width":679,"height":10}},{"id":"1a7dfa14-d6e8-4d7c-a341-46e6c7c52bdb","block_type":"box","text":"Not rated 3,132 3,869","page_number":34,"box":{"x":154,"y":606,"width":680,"height":10}},{"id":"133cbd39-9f33-4959-ab03-c93e98dfa3ca","block_type":"box","text":"Total","page_number":34,"box":{"x":155,"y":633,"width":31,"height":8}},{"id":"a710e7d2-13fa-4c5c-a2cb-e53a9466758a","block_type":"box","text":"31,674 25,901","page_number":34,"box":{"x":681,"y":635,"width":151,"height":10}},{"id":"99bcaa64-e793-42f5-b162-872dd9d11179","block_type":"box","text":"Managed Pension Funds Limited","page_number":35,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"d8b17500-da05-40bc-9074-bb7cf640f72e","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":35,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"a388b431-0cd3-4f87-ab6a-944cc7fe80bc","block_type":"box","text":"at 31 December 2025","page_number":35,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"c28dea96-db38-42ed-ab46-ffce7db53dbb","block_type":"box","text":"34","page_number":35,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"a4058226-0f5a-46e1-a014-51bdb4a4db06","block_type":"box","text":"20. 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However, unless the fall in asset values was extreme","page_number":35,"box":{"x":151,"y":335,"width":691,"height":10}},{"id":"381be1c2-6c89-465e-9af0-aa85d01d8239","block_type":"box","text":"(around 90%), this would have no direct impact on the financial position of the Company as the level of retained","page_number":35,"box":{"x":151,"y":348,"width":692,"height":11}},{"id":"1d383aa0-1f9d-4860-a3f2-e041f36d4c3c","block_type":"box","text":"fee income would be unchanged, and expenses not defined by reference to fee income would be unaffected.","page_number":35,"box":{"x":151,"y":362,"width":660,"height":11}},{"id":"7d95d7b8-dd5e-4e07-88c4-8745ae9d1c21","block_type":"box","text":"Foreign currency risk","page_number":35,"box":{"x":151,"y":388,"width":139,"height":11}},{"id":"1e3b7840-7bcc-4ebc-971c-5ad3befb6675","block_type":"box","text":"Currency risk within the unit-linked funds is borne by policyholders. The Company manages its risk by setting","page_number":35,"box":{"x":151,"y":408,"width":692,"height":11}},{"id":"95f79454-ba12-4893-a876-3369a0daf47d","block_type":"box","text":"investment guidelines to ensure currency risk is within tolerable limits for each unit-linked fund. The risk is","page_number":35,"box":{"x":151,"y":422,"width":691,"height":11}},{"id":"21702a87-00f7-4746-92a8-d5f4e9dc7961","block_type":"box","text":"considered to be immaterial in relation to the non-linked business which has very limited exposure to foreign","page_number":35,"box":{"x":151,"y":436,"width":692,"height":11}},{"id":"11e43624-690d-41c7-8003-3bebd693a1c8","block_type":"box","text":"currency arising from debtor balances. Although the exposure in the debtor balances is very limited, gains or","page_number":35,"box":{"x":151,"y":449,"width":692,"height":11}},{"id":"3f78e4b7-d706-4612-8f12-630b687018a2","block_type":"box","text":"losses will be offset by change in the amount due to SSGA.","page_number":35,"box":{"x":151,"y":463,"width":364,"height":11}},{"id":"91f8efcd-339b-4201-993d-a117506cfd70","block_type":"box","text":"(iii) Liquidity risk","page_number":35,"box":{"x":152,"y":489,"width":111,"height":10}},{"id":"04a40261-bfa3-4563-8f45-7b0bfd13cd8c","block_type":"box","text":"Any liquidity risk arising on the unit-linked funds is borne by policyholders. The Company has minimal liquidity","page_number":35,"box":{"x":151,"y":509,"width":691,"height":11}},{"id":"2cf7cb63-d9ab-49ef-995f-0ffeca1ac2f6","block_type":"box","text":"requirements, primarily relating to its ongoing operational expenses and tax liabilities. Cashflows are actively","page_number":35,"box":{"x":151,"y":523,"width":692,"height":11}},{"id":"bd374b15-573a-4bb6-b492-ab32bbb3f8c8","block_type":"box","text":"managed with surplus cash held in highly liquid and regulated SSGA Liquidity Fund to ensure the Company’s","page_number":35,"box":{"x":151,"y":537,"width":691,"height":10}},{"id":"c95285f9-87a1-45ac-a40f-832f5010f888","block_type":"box","text":"liabilities can be settled as they fall due.","page_number":35,"box":{"x":151,"y":550,"width":244,"height":11}},{"id":"d599ba3d-686c-49c1-8dfc-1965d4a7ea50","block_type":"box","text":"Contractual maturity of non-linked investments","page_number":35,"box":{"x":151,"y":576,"width":313,"height":11}},{"id":"99f029ad-f03e-43bd-913e-661f88603379","block_type":"box","text":"Should any liquidity shortfall arise by the Company as part of its normal business and liquidity management","page_number":35,"box":{"x":152,"y":713,"width":691,"height":11}},{"id":"eeeef185-2232-4868-8a19-0bf9d432e620","block_type":"box","text":"process, this shortfall is promptly actioned and provided by SSBTC or SSC as the ultimate Parent of the Company.","page_number":35,"box":{"x":151,"y":726,"width":690,"height":11}},{"id":"32bf06cb-a427-4e5b-8d54-8f8a30282f77","block_type":"box","text":"Securities lending and collateral accepted","page_number":35,"box":{"x":152,"y":752,"width":270,"height":11}},{"id":"969b5517-d2ac-416b-9e1d-96949a22cc4f","block_type":"box","text":"The Company’s unit-linked funds participate in the State Street securities lending programme, which covers","page_number":35,"box":{"x":151,"y":773,"width":691,"height":11}},{"id":"96d344a9-366c-4617-90cd-388f878e3265","block_type":"box","text":"equity and fixed income assets around the world, providing the potential to generate incremental returns for","page_number":35,"box":{"x":151,"y":786,"width":692,"height":11}},{"id":"e5a41d09-c63c-47a7-9e6f-0d535bf23e9a","block_type":"box","text":"investors in a risk-controlled manner. The lending to which State Street acts as a lending agent for the Company","page_number":35,"box":{"x":151,"y":800,"width":692,"height":11}},{"id":"eeb0f505-f26a-48f1-86b4-208af1d582d6","block_type":"box","text":"is collateralised by non-cash collateral, which provides coverage of 102%-110%. It is marked to market on a daily","page_number":35,"box":{"x":151,"y":814,"width":691,"height":11}},{"id":"83d6e1d5-6fb4-4e35-bef9-05ec972ae8ab","block_type":"box","text":"basis. Collateral types and collateralisation levels are under continual review based on prevailing market","page_number":35,"box":{"x":151,"y":827,"width":692,"height":11}},{"id":"54ed925b-90ce-43e4-b21f-5760e69f9071","block_type":"box","text":"conditions.","page_number":35,"box":{"x":151,"y":841,"width":67,"height":9}},{"id":"97cd660d-eb70-496b-a4d2-741b66980c03","block_type":"box","text":"The Company benefits from a counterparty default indemnity from SSBTC pursuant to its Securities Lending","page_number":35,"box":{"x":151,"y":866,"width":691,"height":11}},{"id":"7fbe3eeb-ab25-4745-82f6-a97cb29a55bc","block_type":"box","text":"Authorisation Agreement.","page_number":35,"box":{"x":151,"y":880,"width":159,"height":11}},{"id":"424e554b-0a46-47f8-97c7-66ec4d134181","block_type":"box","text":"Other financial investment","page_number":35,"box":{"x":155,"y":178,"width":168,"height":8}},{"id":"e3cb91b4-ba1c-42f9-bc44-246ca1d188fe","block_type":"box","text":"2025 2024","page_number":35,"box":{"x":694,"y":178,"width":142,"height":8}},{"id":"bf37f7a9-f3b8-451a-9ba8-d74166b8081e","block_type":"box","text":"£'000 £'000","page_number":35,"box":{"x":690,"y":194,"width":146,"height":8}},{"id":"7e780719-a482-4042-a0b1-af119b581e68","block_type":"box","text":"Investment type","page_number":35,"box":{"x":155,"y":207,"width":99,"height":11}},{"id":"c495ef55-6547-498b-af8a-f1715b20546f","block_type":"box","text":"Cash Liquidity 12,818 12,325","page_number":35,"box":{"x":155,"y":222,"width":678,"height":11}},{"id":"da4316df-323a-4788-8e03-82cf4d9676ca","block_type":"box","text":"Equity 695 602","page_number":35,"box":{"x":155,"y":237,"width":679,"height":11}},{"id":"35918d8d-40b7-465f-bf26-ec78ab1f9965","block_type":"box","text":"13,513 12,927","page_number":35,"box":{"x":682,"y":267,"width":151,"height":10}},{"id":"d282bff9-f2ec-4dde-969a-4c29358f1314","block_type":"box","text":"2025 2024","page_number":35,"box":{"x":695,"y":603,"width":141,"height":8}},{"id":"2ee99998-7766-406a-8dd2-119bd7fad1e5","block_type":"box","text":"£’000 £’000","page_number":35,"box":{"x":691,"y":619,"width":145,"height":8}},{"id":"36491e75-db2b-4517-98e7-e3c3fc212719","block_type":"box","text":"Other financial investments","page_number":35,"box":{"x":155,"y":634,"width":171,"height":11}},{"id":"9ad6bae4-3ca0-4080-b070-24c50d626847","block_type":"box","text":"On demand 13,513 12,927","page_number":35,"box":{"x":155,"y":650,"width":679,"height":10}},{"id":"dfc86ac4-829b-4d98-84f2-897d8db8167e","block_type":"box","text":"Total","page_number":35,"box":{"x":155,"y":677,"width":31,"height":7}},{"id":"560313bf-cdb9-462c-8dad-a347022d9b9a","block_type":"box","text":"13,513 12,927","page_number":35,"box":{"x":682,"y":679,"width":151,"height":10}},{"id":"6debf099-743d-465a-bbde-e187572e03d6","block_type":"box","text":"Managed Pension Funds Limited","page_number":36,"box":{"x":151,"y":34,"width":290,"height":15}},{"id":"3953b39a-65c4-490b-a0b0-6194ac80eee7","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (continued)","page_number":36,"box":{"x":151,"y":64,"width":451,"height":13}},{"id":"c8c299c8-9adf-400a-9a9f-63f8025af7e9","block_type":"box","text":"at 31 December 2025","page_number":36,"box":{"x":151,"y":80,"width":149,"height":10}},{"id":"dba11e0b-ac8d-46cf-b489-046b187804e4","block_type":"box","text":"35","page_number":36,"box":{"x":789,"y":937,"width":14,"height":8}},{"id":"403bae93-1e40-463e-aa25-6c4921162a66","block_type":"box","text":"20. RISK MANAGEMENT (CONTINUED)","page_number":36,"box":{"x":113,"y":135,"width":302,"height":10}},{"id":"54162552-3200-414d-a706-dcbc0d733013","block_type":"box","text":"(iii) Liquidity risk (continued)","page_number":36,"box":{"x":152,"y":156,"width":187,"height":11}},{"id":"eaa3ee8e-9d65-4618-b12e-17b845355a7b","block_type":"box","text":"As of 31 December 2025 balance sheet securities on loan totalled £0.82bn (2024: £1.85bn) with related collateral","page_number":36,"box":{"x":151,"y":176,"width":692,"height":11}},{"id":"45bba189-35af-418c-a37d-55c88dac4fe0","block_type":"box","text":"of £0.88bn (2024: £1.98bn).","page_number":36,"box":{"x":151,"y":190,"width":172,"height":11}},{"id":"161e3aa0-ea27-4ea2-8b23-96da323d127b","block_type":"box","text":"(4) Policyholders’ investment risk","page_number":36,"box":{"x":152,"y":216,"width":212,"height":10}},{"id":"b0bcdd3a-4065-4955-925f-9ad48fe4093e","block_type":"box","text":"With the exception of operational errors and fraud, all investment risk arising on unit-linked funds is borne by","page_number":36,"box":{"x":151,"y":236,"width":692,"height":11}},{"id":"61c0c749-97f2-49b9-aeb9-6ecaaa4ded22","block_type":"box","text":"policyholders. Inherent risks associated with the unit-linked funds are also explained in the policyholder","page_number":36,"box":{"x":151,"y":250,"width":692,"height":11}},{"id":"9569b59a-36f1-48f7-a0ac-e5ee4c486b8d","block_type":"box","text":"disclosures. The Company through its outsourced service providers has key processes and controls in place, in","page_number":36,"box":{"x":151,"y":264,"width":691,"height":10}},{"id":"9035504a-8fd5-41b1-97d0-e9ef95333a7b","block_type":"box","text":"addition to the governance structure described earlier to minimise this risk. The outsourced service providers","page_number":36,"box":{"x":151,"y":277,"width":691,"height":11}},{"id":"d210daf1-cd76-41fa-8f9a-9ddcdde09604","block_type":"box","text":"within the Group adopt SSC’s global remuneration policy. The policy is designed to discourage excessive risk","page_number":36,"box":{"x":151,"y":291,"width":691,"height":11}},{"id":"a3f9f577-56bd-4cb7-a654-fb57bd7a2b07","block_type":"box","text":"taking and incorporates measures aimed at avoiding conflicts of interest.","page_number":36,"box":{"x":151,"y":305,"width":444,"height":11}},{"id":"47abad8d-405b-498d-98c7-b30c5b87190a","block_type":"box","text":"The Company also requires that all investments are made in accordance with the relevant investment guidelines","page_number":36,"box":{"x":151,"y":325,"width":691,"height":11}},{"id":"7a5d03a5-0544-4dcf-9ea6-fb545add2450","block_type":"box","text":"and the Permitted Links rules contained within Chapter 21 of the Conduct for Business Sourcebook of the FCA","page_number":36,"box":{"x":151,"y":339,"width":691,"height":11}},{"id":"7d2db13f-3df3-42ae-8bbf-6b52490257f7","block_type":"box","text":"Handbook. These requirements are strengthened by the ‘Prudent Person Principle’ introduced by UK Solvency","page_number":36,"box":{"x":151,"y":353,"width":692,"height":11}},{"id":"3990c3a7-7f84-43f8-bc82-1211b09abaed","block_type":"box","text":"II, and the Company requires persons responsible for the investment of assets or holding other Key Functions","page_number":36,"box":{"x":151,"y":366,"width":691,"height":11}},{"id":"4100c87f-2367-4470-a525-6762a6b9144b","block_type":"box","text":"within the Company, to be familiar with and abide by this principle at all times.","page_number":36,"box":{"x":151,"y":380,"width":487,"height":11}},{"id":"0f30f6b1-fcd9-4d43-a9ea-26fd4e1e1c4a","block_type":"box","text":"(5) Counterparty risk","page_number":36,"box":{"x":152,"y":401,"width":133,"height":11}},{"id":"18f3a9af-0b35-4231-9aeb-05352ae10153","block_type":"box","text":"The SSGA Counterparty Risk Policy is executed by SSGA’s Counterparty Risk Management (“CRM”) team. The","page_number":36,"box":{"x":151,"y":421,"width":691,"height":11}},{"id":"c1d8ff21-35ed-49a8-a98b-9f21f15418db","block_type":"box","text":"CRM team provides independent oversight and analysis of trading counterparties. The goal is to mitigate credit","page_number":36,"box":{"x":151,"y":435,"width":692,"height":11}},{"id":"7155fe7f-bc22-47b4-aa48-02faf4ae53c7","block_type":"box","text":"risk and protect against potential loss arising from trading and business relationships with financial institutions.","page_number":36,"box":{"x":151,"y":449,"width":690,"height":11}},{"id":"1b44c4d6-771b-4541-8e5e-99b41d5417a1","block_type":"box","text":"Loss could arise from uncollateralised mark-to-market exposure or replacement of an unsettled trade upon a","page_number":36,"box":{"x":151,"y":462,"width":692,"height":11}},{"id":"9a9897e2-e8f6-468e-9775-d71da757e608","block_type":"box","text":"counterparty failure. The CRM team is also responsible for timely and comprehensive exposure reporting for all","page_number":36,"box":{"x":151,"y":476,"width":691,"height":11}},{"id":"6667e812-fd19-45e8-a72f-d40c39baaa43","block_type":"box","text":"counterparties and instruments traded globally, inclusive of the Company’s business. As part of its core duties,","page_number":36,"box":{"x":151,"y":490,"width":691,"height":11}},{"id":"76422559-a110-4239-873c-d61c0ae91037","block_type":"box","text":"the CRM team engages with various SSGA teams, including portfolio managers, traders, Legal, Compliance, IT,","page_number":36,"box":{"x":151,"y":503,"width":691,"height":11}},{"id":"f03f9425-59c7-4182-a97f-30ce52269814","block_type":"box","text":"and other risk teams.","page_number":36,"box":{"x":151,"y":517,"width":127,"height":9}},{"id":"1410f33f-2193-403f-9911-1b2f99e053f3","block_type":"box","text":"21. EVENTS AFTER THE BALANCE SHEET DATE","page_number":36,"box":{"x":113,"y":538,"width":371,"height":8}},{"id":"7f421d0a-a406-456c-bd65-f9e310e2c0f5","block_type":"box","text":"Since 28 February 2026, the United States, Israel, and Iran have been engaged in an escalating military conflict,","page_number":36,"box":{"x":152,"y":559,"width":690,"height":10}},{"id":"8d9b2011-b31d-4593-95f4-1a6c22047554","block_type":"box","text":"leading to significant impacts on global energy markets, supply chains, and broader economic conditions. On 31","page_number":36,"box":{"x":151,"y":572,"width":690,"height":11}},{"id":"ef2c2729-112f-4197-95ab-0e935e200e05","block_type":"box","text":"December 2025, the Company had Middle East exposure of £270.5 million, or 1.3% of the value of assets held to","page_number":36,"box":{"x":151,"y":586,"width":691,"height":11}},{"id":"c7f9f78a-870a-462b-b174-963289b7b149","block_type":"box","text":"cover unit-linked liabilities. The Company continues to value these assets at fair value and monitor the wider","page_number":36,"box":{"x":151,"y":600,"width":692,"height":10}},{"id":"c991ce9a-48ca-4fae-9075-b1530224b116","block_type":"box","text":"impacts of the conflict.","page_number":36,"box":{"x":151,"y":613,"width":140,"height":11}}],"unit":"per_mille","page_width":612,"page_height":792,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":36}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"240587ec-03dd-477c-a8f3-fa652ac26f55"},"user_id":1000002,"date_created":"2026-10-05T20:46:53.732000Z","date_modified":"2026-10-05T20:46:53.732000Z","private":false}