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The risks of MPFL unit-linked assets are borne by the policyholders as explained in the","page_number":4,"box":{"x":98,"y":914,"width":804,"height":11}},{"id":"1decec03-bb37-441d-98b3-d1837bee3cf0","block_type":"box","text":"policyholder disclosures. Investment risk is absorbed by the policyholders, since they fully fund the sub-funds and the","page_number":4,"box":{"x":98,"y":930,"width":803,"height":11}},{"id":"9e68994c-5a6f-4f73-927a-eecc77d8360f","block_type":"box","text":"Solvency and Financial Condition Report","page_number":5,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"5c079be2-49ad-47e4-9789-5ac762fa823e","block_type":"box","text":"Managed Pension Funds Limited 5/41","page_number":5,"box":{"x":98,"y":961,"width":425,"height":10}},{"id":"d521db0e-b193-4f9f-aafa-485c44fcb150","block_type":"box","text":"entire return or loss of the sub-funds accrue to the policyholders, less specified fees which compensate the investment","page_number":5,"box":{"x":98,"y":76,"width":804,"height":11}},{"id":"4f9fbf86-7121-415f-81df-2ad582ffa86a","block_type":"box","text":"manager, administrator, securities lending agent and custodian for their services.","page_number":5,"box":{"x":98,"y":92,"width":547,"height":11}},{"id":"e8300579-0a7f-427c-89f6-34193a808ae0","block_type":"box","text":"In running the business and managing its investments, MPFL is exposed to the following risks in the Solvency II Standard","page_number":5,"box":{"x":99,"y":115,"width":802,"height":11}},{"id":"04ebcddd-b26f-4b66-b935-69552b5c6020","block_type":"box","text":"Formula module:","page_number":5,"box":{"x":98,"y":131,"width":113,"height":8}},{"id":"eef12b5f-c2cd-4760-b86c-ecf73e6e3709","block_type":"box","text":"•","page_number":5,"box":{"x":109,"y":156,"width":5,"height":4}},{"id":"15bef715-1245-4974-b1e0-da9446f0bfc9","block_type":"box","text":"Operational Risk;","page_number":5,"box":{"x":118,"y":154,"width":116,"height":11}},{"id":"f6bfb91a-0d69-4fdd-b671-e31669f919b8","block_type":"box","text":"•","page_number":5,"box":{"x":109,"y":178,"width":5,"height":3}},{"id":"a0d8a2d4-e4ca-4c13-82c3-7afa1c740063","block_type":"box","text":"Market Risk (including Interest Rate, Equity, Spread, Currency, and Concentration risk);","page_number":5,"box":{"x":118,"y":175,"width":593,"height":11}},{"id":"f0743a50-696a-4bac-b799-ee52593e2311","block_type":"box","text":"•","page_number":5,"box":{"x":109,"y":199,"width":5,"height":3}},{"id":"644cdff5-e01d-47fb-9758-b75c56df9b55","block_type":"box","text":"Counterparty Default Risk; and","page_number":5,"box":{"x":118,"y":197,"width":208,"height":11}},{"id":"5540e4f8-d9a6-4a10-a275-f3f52c0b6fb1","block_type":"box","text":"•","page_number":5,"box":{"x":109,"y":220,"width":5,"height":4}},{"id":"b76efc6d-2ac6-4d17-afab-6e05a793529c","block_type":"box","text":"Life Underwriting Risk.","page_number":5,"box":{"x":118,"y":218,"width":151,"height":11}},{"id":"9fcc5761-1de9-474f-b6cc-f20a9e148e01","block_type":"box","text":"Underwriting and investment performance","page_number":5,"box":{"x":98,"y":246,"width":307,"height":11}},{"id":"5b19b59d-619b-4026-8ca6-4d7c83fe3694","block_type":"box","text":"As explained above, MPFL writes only unit-linked pension business that offers no guarantees on performance to","page_number":5,"box":{"x":97,"y":268,"width":805,"height":11}},{"id":"5f256e05-9df6-4d64-a131-ce2ce45be771","block_type":"box","text":"policyholders and therefore no traditional underwriting is required. As a result, the unit-linked assets and liabilities are","page_number":5,"box":{"x":98,"y":283,"width":803,"height":11}},{"id":"0cff82dd-25fa-4116-8135-e9e15e5e3b69","block_type":"box","text":"closely matched.","page_number":5,"box":{"x":98,"y":299,"width":112,"height":11}},{"id":"5def4e24-f26a-4fc2-81b0-219821bc199d","block_type":"box","text":"The investment income from shareholder assets in the reporting period 2024 was £383,995 (2023: £329,336).","page_number":5,"box":{"x":97,"y":322,"width":745,"height":11}},{"id":"9097bf92-1f22-4429-aad4-f6c62eca2f77","block_type":"box","text":"The tables below provide analysis of policyholder assets and the technical provisions it matches.","page_number":5,"box":{"x":97,"y":345,"width":654,"height":11}},{"id":"39ced15b-6778-4016-9026-189f65076c7f","block_type":"box","text":"Assets held for unit-linked contracts","page_number":5,"box":{"x":97,"y":374,"width":266,"height":9}},{"id":"0b44894b-9391-4a50-8ee2-c933883e7507","block_type":"box","text":"2024","page_number":5,"box":{"x":575,"y":401,"width":30,"height":8}},{"id":"e9c0ce78-54b7-4a86-9dfb-ac88a6da0d94","block_type":"box","text":"£’000","page_number":5,"box":{"x":571,"y":413,"width":33,"height":8}},{"id":"adf9a4d1-7953-4d20-92f3-c915a0d75dfc","block_type":"box","text":"2023","page_number":5,"box":{"x":689,"y":401,"width":30,"height":8}},{"id":"4ca75579-4a48-4bb4-b7fd-2bfdaee853c5","block_type":"box","text":"£’000","page_number":5,"box":{"x":685,"y":413,"width":34,"height":8}},{"id":"e4519fa7-3f84-48de-9073-ed06e58b6a39","block_type":"box","text":"At 1 January - Assets held for unit-linked contracts 37,244,842 31,713,977","page_number":5,"box":{"x":101,"y":432,"width":639,"height":10}},{"id":"7386a40f-97cd-49ef-bcbd-f39146e63a97","block_type":"box","text":"Premiums written","page_number":5,"box":{"x":103,"y":452,"width":105,"height":7}},{"id":"a16324d4-a833-4bb8-a72c-6add8123dd02","block_type":"box","text":"9,482,269","page_number":5,"box":{"x":549,"y":452,"width":61,"height":9}},{"id":"2387b62a-7960-46ca-8c06-8236ba2f4d4f","block_type":"box","text":"5,029,066","page_number":5,"box":{"x":680,"y":452,"width":60,"height":9}},{"id":"35c0b328-6e1f-43e0-a787-e302295d9940","block_type":"box","text":"Claims incurred (18,622,125) (2,567,007)","page_number":5,"box":{"x":102,"y":472,"width":643,"height":10}},{"id":"0bee18f2-5237-4daa-93aa-f828404b50ff","block_type":"box","text":"Investment return (net of all charges)","page_number":5,"box":{"x":103,"y":492,"width":224,"height":10}},{"id":"a6818889-88ea-4618-ae04-c6905adfb174","block_type":"box","text":"5,429,695","page_number":5,"box":{"x":549,"y":492,"width":61,"height":9}},{"id":"d62ae1c8-d53b-43e1-9e16-9371fce9fed9","block_type":"box","text":"3,068,806","page_number":5,"box":{"x":680,"y":492,"width":60,"height":9}},{"id":"9e99f7c1-d471-4772-965d-2a1d997d8c9c","block_type":"box","text":"At 31 December","page_number":5,"box":{"x":101,"y":511,"width":101,"height":8}},{"id":"fb4a776f-b2bc-4252-8f51-c251d5688cfa","block_type":"box","text":"-","page_number":5,"box":{"x":206,"y":516,"width":4,"height":1}},{"id":"5068c500-4816-44c1-b8d2-b41eb84aa67e","block_type":"box","text":"Assets held for unit","page_number":5,"box":{"x":214,"y":511,"width":118,"height":8}},{"id":"25923aaa-cdbb-4526-9864-a0b9a57b416e","block_type":"box","text":"-","page_number":5,"box":{"x":332,"y":516,"width":4,"height":1}},{"id":"bf6e314d-91bb-4e0c-af93-149e016f5bfd","block_type":"box","text":"linked contracts","page_number":5,"box":{"x":337,"y":511,"width":95,"height":8}},{"id":"07228fcb-9824-4c18-9507-94d70bee0a7c","block_type":"box","text":"33,534,681","page_number":5,"box":{"x":541,"y":511,"width":67,"height":10}},{"id":"812f7586-e853-4550-a0e1-2695363f797c","block_type":"box","text":"37,244,842","page_number":5,"box":{"x":672,"y":511,"width":68,"height":10}},{"id":"9d870449-e232-43df-b43b-2d6b96c7e5c4","block_type":"box","text":"Inflow to policyholder funds was £9.5bn (2023: £5.0bn ) and the level of outflow was £18.6bn (2023: £2.6bn ). The driver","page_number":5,"box":{"x":99,"y":552,"width":803,"height":11}},{"id":"b2473721-21e8-4d03-89db-ca2f9ba9a337","block_type":"box","text":"of net ouflows was a trust-based defined contribution workplace pension scheme investing in passive equity funds. The","page_number":5,"box":{"x":98,"y":567,"width":803,"height":12}},{"id":"2cf89605-3839-4e54-957c-a5957424d3e4","block_type":"box","text":"investment return of £5.4 billion was driven by investing in equity passive funds. This resulted in an equivalent year-on","page_number":5,"box":{"x":98,"y":583,"width":803,"height":11}},{"id":"6b9ad1bf-d1c8-4561-8b9e-557402bbc62e","block_type":"box","text":"year decrease in the value of unit-linked assets held to cover unit-linked liabilities. 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unit-linked pension business that offers no guarantees or otherwise provide any benefits beyond the","page_number":8,"box":{"x":98,"y":108,"width":804,"height":12}},{"id":"b931a54f-522c-4e3e-8a54-4bd642e36cac","block_type":"box","text":"return of assets under management. 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The unit-linked assets and","page_number":8,"box":{"x":98,"y":178,"width":802,"height":12}},{"id":"ceac199f-4268-4a6d-8961-83c216e18911","block_type":"box","text":"liabilities are therefore closely matched. 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In addition, executive incentive compensation plan awards include significant","page_number":12,"box":{"x":152,"y":369,"width":749,"height":11}},{"id":"716cb13d-2d5f-4f61-823a-79feb58a75f4","block_type":"box","text":"levels of deferred remuneration and equity-based remuneration, which are further subject to ex-ante and ex","page_number":12,"box":{"x":153,"y":383,"width":749,"height":12}},{"id":"f1f50fd4-20ec-4145-8162-a8a97fc75a1c","block_type":"box","text":"post adjustments (malus forfeiture and clawback inclusive).","page_number":12,"box":{"x":153,"y":398,"width":399,"height":11}},{"id":"3036e1cd-7730-4012-a0fc-c3c0bee89edf","block_type":"box","text":"In jurisdictions such as the UK where a maximum ratio between fixed and variable remuneration exists, robust","page_number":12,"box":{"x":99,"y":419,"width":803,"height":11}},{"id":"bff5dd4d-0ef5-4eeb-b95c-6494ba0f154e","block_type":"box","text":"governance processes are in place to oversee compliance with such ratios. In the UK, these are the responsibility of the","page_number":12,"box":{"x":98,"y":433,"width":803,"height":11}},{"id":"ab75450d-3e54-489e-8fbe-4e92b1f24a21","block_type":"box","text":"UK RemCo.","page_number":12,"box":{"x":98,"y":447,"width":80,"height":9}},{"id":"5cfd899d-1ac6-4e52-85ab-b20703efb2d2","block_type":"box","text":"Employees of the Group providing the outsourced services are also offered the opportunity to participate in the Group","page_number":12,"box":{"x":98,"y":472,"width":803,"height":11}},{"id":"8e068514-4d0e-4ef3-b8e9-faa0732dfb09","block_type":"box","text":"flexible benefits. Most benefits are generally consistent across all job grades in a market, although sometimes benefits","page_number":12,"box":{"x":97,"y":488,"width":804,"height":11}},{"id":"a6afac3d-42f5-4fcc-8f2f-f321a3be27ac","block_type":"box","text":"may vary by job grade or other factors based on prevailing market practices or applicable regulations. 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The list of Solvency II Staff identified as a result of this process","page_number":12,"box":{"x":98,"y":575,"width":803,"height":11}},{"id":"debda683-3968-40fa-92fa-54409c8c0ad7","block_type":"box","text":"is approved by UK RemCo.","page_number":12,"box":{"x":98,"y":590,"width":184,"height":11}},{"id":"71394410-9194-4fc9-aa85-f6c1707a4bed","block_type":"box","text":"All Solvency II Staff receive a detailed written communication including background information, MPFL’s position and","page_number":12,"box":{"x":97,"y":616,"width":804,"height":11}},{"id":"d158957c-3b72-46d9-b4b2-38b74ce9fa10","block_type":"box","text":"obligations, and the implications of being Solvency II Staff. The communication also outlines the prohibition on employing","page_number":12,"box":{"x":98,"y":632,"width":803,"height":11}},{"id":"e60c4b0c-531d-4044-ab78-c80b3a17877d","block_type":"box","text":"personal hedging strategies to undermine the risk alignment effects embedded in their remuneration arrangements.","page_number":12,"box":{"x":98,"y":647,"width":780,"height":11}},{"id":"ffcc86d7-17ae-4842-a24d-fae904041dc8","block_type":"box","text":"A link is included in the communication to refer individuals to relevant guidance. All Solvency II Staff are required to","page_number":12,"box":{"x":97,"y":673,"width":804,"height":11}},{"id":"4cd99bde-0e36-4e05-8b1c-fdfefb41c81a","block_type":"box","text":"acknowledge the communication and confirm receipt and understanding by completing an attestation.","page_number":12,"box":{"x":98,"y":688,"width":687,"height":11}},{"id":"63bee332-366e-4803-bd55-edb2bf5fdd2b","block_type":"box","text":"Control Functions have reporting lines which are independent from the business units which they supervise and the","page_number":12,"box":{"x":98,"y":714,"width":803,"height":11}},{"id":"89c5852e-c6e7-4f51-aba8-e3e060514922","block_type":"box","text":"global management for control functions is responsible for determining remuneration of control function staff, within","page_number":12,"box":{"x":98,"y":730,"width":803,"height":11}},{"id":"f5502582-c3f1-4477-be12-66a4ba5ec127","block_type":"box","text":"overall Group guidelines. 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As part of these obligations, MPFL is required","page_number":12,"box":{"x":98,"y":888,"width":803,"height":12}},{"id":"99a18733-0d39-4f48-93c1-1b27d7dd3b03","block_type":"box","text":"to have in place a clear organisational structure and segregation of duties. These are set out in MPFL’s Management’s","page_number":12,"box":{"x":97,"y":904,"width":804,"height":11}},{"id":"e6652874-4819-4485-84bc-83fde30feb10","block_type":"box","text":"Responsibilities Matrix, which is owned by the Chief Executive and reviewed quarterly by the Working Group. MPFL","page_number":12,"box":{"x":98,"y":920,"width":803,"height":11}},{"id":"498dc2ab-3acf-47ff-9822-fbec8f0f4163","block_type":"box","text":"Solvency and Financial Condition Report","page_number":13,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"56aab6bf-57fb-496f-a866-8a424cedf3e1","block_type":"box","text":"Managed Pension Funds Limited 13/41","page_number":13,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"57fb7fed-e9cf-4718-829e-163462a2721b","block_type":"box","text":"also has in place permanent Risk Management, Compliance, Internal Audit and Actuarial functions. In addition, it also","page_number":13,"box":{"x":98,"y":76,"width":803,"height":11}},{"id":"8fa99530-1a1e-4396-b595-573221f8885c","block_type":"box","text":"has in place a suite of policies relevant to its activities. These are reviewed at least annually. MPFL continues to review","page_number":13,"box":{"x":98,"y":92,"width":804,"height":11}},{"id":"85877da1-13ae-4267-a0aa-6021f6b47a93","block_type":"box","text":"the adequacy of its systems of governance to ensure it continues to remain appropriate and proportionate to the activities","page_number":13,"box":{"x":97,"y":108,"width":804,"height":11}},{"id":"0d3cadfe-939b-4979-ac39-ebcae21b6569","block_type":"box","text":"of the business.","page_number":13,"box":{"x":98,"y":123,"width":105,"height":9}},{"id":"b58fa986-92b8-4f33-9057-cbe148cede57","block_type":"box","text":"B.2 Fit and proper requirements","page_number":13,"box":{"x":98,"y":158,"width":275,"height":12}},{"id":"b25228a9-591c-4275-abab-85754ec8235e","block_type":"box","text":"Under article 294(2) of the Solvency II Regulation and the PRA’s Senior Managers & Certification Regime in December","page_number":13,"box":{"x":98,"y":182,"width":804,"height":11}},{"id":"7196b877-19d3-42a5-a173-881ae1c36239","block_type":"box","text":"2024, MPFL is obliged to ensure that all persons who run the organisation or have other key functions are fit and proper.","page_number":13,"box":{"x":98,"y":198,"width":803,"height":11}},{"id":"01101330-df3e-4786-a941-ef1ae0544b97","block_type":"box","text":"MPFL has policies and procedures in place to ensure that all persons have both the skills and experience that meet the","page_number":13,"box":{"x":98,"y":213,"width":803,"height":11}},{"id":"d67ce7ae-9a94-4a3e-b8a3-7db430d18cf2","block_type":"box","text":"requirements deemed fit and proper. These assessments are made both prior to MPFL submitting any application for","page_number":13,"box":{"x":98,"y":229,"width":804,"height":11}},{"id":"aa2ee320-1de6-43a5-b719-6cfc2297a589","block_type":"box","text":"regulatory approval to the PRA and on an ongoing basis.","page_number":13,"box":{"x":98,"y":245,"width":384,"height":11}},{"id":"b4a10655-29a4-4302-ae3c-12f5232655c9","block_type":"box","text":"B.3 Risk management system including the Own Risk and Solvency Assessment","page_number":13,"box":{"x":98,"y":279,"width":651,"height":13}},{"id":"c78a4bed-7cd7-4285-bb8c-3776e06e52cd","block_type":"box","text":"Risk management strategy and objectives","page_number":13,"box":{"x":98,"y":310,"width":305,"height":11}},{"id":"67fa0df8-588d-472e-bca2-2f3b9172065b","block_type":"box","text":"The key objectives of MPFL’s risk management strategy are to:","page_number":13,"box":{"x":97,"y":332,"width":428,"height":11}},{"id":"7c00b943-bd3b-4868-91fd-36cfc4eab2b4","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":358,"width":5,"height":3}},{"id":"334ae660-6e70-4daa-a852-92b454d4ee2b","block_type":"box","text":"Fully comply with all applicable laws, regulations and corporate policies;","page_number":13,"box":{"x":137,"y":355,"width":485,"height":11}},{"id":"c8d44de9-190e-426e-9e23-a57c5c43d6fd","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":379,"width":5,"height":3}},{"id":"e79fdec1-fde7-4ba6-8e20-5e4a093628a5","block_type":"box","text":"Ensure MPFL’s financial goals and key business performance metrics are consistent with acceptable levels of risk","page_number":13,"box":{"x":137,"y":376,"width":765,"height":12}},{"id":"a2893050-49c6-4e65-aebd-58b9e3aa3c8d","block_type":"box","text":"as agreed by the MPFL Board and defined in MPFL policies;","page_number":13,"box":{"x":136,"y":391,"width":409,"height":11}},{"id":"7ef81881-a8e8-48f9-a417-b5110a46e043","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":415,"width":5,"height":3}},{"id":"bbc3e640-190c-445c-a10e-5744b483619a","block_type":"box","text":"Foster a culture of risk excellence that extends across MPFL and all of its activities, inclusive of the MPFL business,","page_number":13,"box":{"x":137,"y":412,"width":764,"height":11}},{"id":"29b8d9d9-0dbb-4043-b066-96eb108da4f9","block_type":"box","text":"driving comprehensive risk mitigation techniques and ensuring that identification and escalation of potential risks","page_number":13,"box":{"x":136,"y":426,"width":765,"height":12}},{"id":"7955fdf5-69a2-4c90-93f4-bae8249c076d","block_type":"box","text":"represent a core responsibility at all levels.","page_number":13,"box":{"x":137,"y":441,"width":287,"height":11}},{"id":"1ae5d210-c06c-42ce-8abe-c09ad38b0a37","block_type":"box","text":"MPFL’s approach to risk management is documented in the RMF which includes:","page_number":13,"box":{"x":98,"y":462,"width":550,"height":11}},{"id":"cb935c96-c424-4212-a242-d404be4a13f0","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":487,"width":5,"height":4}},{"id":"e45c635d-0ad9-4553-9b1d-31ca168eb419","block_type":"box","text":"A clearly defined risk management strategy which is consistent with the overall business strategy;","page_number":13,"box":{"x":136,"y":485,"width":661,"height":11}},{"id":"a9def1e9-7cde-4e58-86fc-487ccdbd8902","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":509,"width":5,"height":3}},{"id":"9a1b5232-4b2a-46bb-b1e5-2721f0b220c2","block_type":"box","text":"A clearly defined risk appetite and overall risk tolerance limits;","page_number":13,"box":{"x":136,"y":506,"width":418,"height":11}},{"id":"e247fdb3-3233-4e8a-9133-e9cdaad5dbdc","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":530,"width":5,"height":4}},{"id":"758ac38e-d7c1-4928-8cdf-43447555e35d","block_type":"box","text":"A clearly defined decision-making process;","page_number":13,"box":{"x":136,"y":528,"width":290,"height":11}},{"id":"c8e5bb7b-0c7c-4223-be8b-658e3af2cadc","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":552,"width":5,"height":3}},{"id":"022ed539-2d8f-457b-9d37-791b9a7aaf85","block_type":"box","text":"Written policies that effectively ensure definition and categorisation of material risks by type to which MPFL is","page_number":13,"box":{"x":136,"y":549,"width":765,"height":11}},{"id":"8d3f53d4-663e-4613-b5b0-1e7683aaef5c","block_type":"box","text":"exposed, and the approved risk tolerance limits for each type of risk (i.e. risk appetite statement built into RMF);","page_number":13,"box":{"x":136,"y":563,"width":765,"height":12}},{"id":"5b73d47a-db8b-472a-8ff6-036bb0a05bbc","block_type":"box","text":"and","page_number":13,"box":{"x":136,"y":578,"width":24,"height":8}},{"id":"884a88fe-7a9b-4625-ac1d-de308c18f3a6","block_type":"box","text":"•","page_number":13,"box":{"x":109,"y":602,"width":5,"height":3}},{"id":"0b8a28b3-4aa3-48ef-be20-f0a2e667570e","block_type":"box","text":"Reporting procedures and processes that ensure that material risks are identified, managed, monitored, and","page_number":13,"box":{"x":137,"y":599,"width":764,"height":11}},{"id":"b1b930f3-f4ce-4a0c-b969-3a043ef0bafb","block_type":"box","text":"reported, so as to avoid undue concentration of risk.","page_number":13,"box":{"x":137,"y":613,"width":351,"height":11}},{"id":"64bbced6-a0b9-46b7-bd62-7410329a4a2d","block_type":"box","text":"MPFL is also required to ensure that persons who hold key functions take into account the information reported within","page_number":13,"box":{"x":98,"y":634,"width":803,"height":12}},{"id":"b3116888-34a6-4476-8133-13641acf432c","block_type":"box","text":"the RMF, as part of their decision-making process.","page_number":13,"box":{"x":97,"y":650,"width":342,"height":11}},{"id":"2f132421-375e-41d7-bf9b-171cf0a393bf","block_type":"box","text":"Risk management process","page_number":13,"box":{"x":98,"y":680,"width":193,"height":11}},{"id":"3b8de431-5bdf-4d25-a5bf-3d0bbd80153d","block_type":"box","text":"A key step in the risk management process is the identification of risks.","page_number":13,"box":{"x":97,"y":702,"width":481,"height":11}},{"id":"ba2f8555-9c70-47fe-85fd-ab89f171548a","block_type":"box","text":"Material Risk Identification (“MRI”) is a significant element of MPFL’s risk management framework and plays an","page_number":13,"box":{"x":98,"y":724,"width":803,"height":12}},{"id":"f1b9f65e-3f57-4dfb-88b6-e221f9cc4c59","block_type":"box","text":"important role in establishing a strong risk culture. It provides the information needed for the Company to consider the","page_number":13,"box":{"x":98,"y":740,"width":803,"height":11}},{"id":"2c82054a-1251-44ff-9c6f-295ef11ad2aa","block_type":"box","text":"full scale and scope of its exposures, to analyse how its business activities might evolve as economic and market","page_number":13,"box":{"x":97,"y":756,"width":805,"height":11}},{"id":"e76888be-cada-4c98-9e91-b7e887587b74","block_type":"box","text":"conditions change, and to ensure that the Company is operating within the risk appetite defined by the Board.","page_number":13,"box":{"x":98,"y":772,"width":740,"height":11}},{"id":"2eb719d4-bdae-42dd-8295-cfeebfd5d836","block_type":"box","text":"The MRI process is primary risk identification program and utilises a bottom-up approach to identify the most significant","page_number":13,"box":{"x":97,"y":794,"width":805,"height":12}},{"id":"8a9f0c52-c1e3-4174-9369-b49005d779b3","block_type":"box","text":"risk exposures across all on- and off-balance sheet risk-taking activities, including credit, market, liquidity, interest rate,","page_number":13,"box":{"x":98,"y":810,"width":802,"height":11}},{"id":"2a1a4a31-4ffc-4dc1-8be0-efcedb21ea15","block_type":"box","text":"operational, fiduciary, business, reputation, and regulatory risks. The primary output from the program is a Company","page_number":13,"box":{"x":98,"y":826,"width":803,"height":11}},{"id":"4849feb6-de1b-41bf-ac1b-cbf7a40c26f0","block_type":"box","text":"wide Risk Inventory, which is a comprehensive list of the risks that could significantly impact MPFL, irrespective of their","page_number":13,"box":{"x":97,"y":842,"width":805,"height":11}},{"id":"7f627d45-9392-4383-a82a-410bdffddfed","block_type":"box","text":"likelihood or frequency. The Risk Inventory forms a holistic view of the Company’s risk profile and is used as a","page_number":13,"box":{"x":98,"y":857,"width":804,"height":12}},{"id":"26ffbc66-bb23-4789-9805-f9b172c89be3","block_type":"box","text":"foundational element in risk management and capital planning processes. For MPFL, the RI is undertaken as part of the","page_number":13,"box":{"x":97,"y":873,"width":804,"height":11}},{"id":"4736e627-f056-4f02-848a-3b13f96ecf0f","block_type":"box","text":"annual ORSA cycle.","page_number":13,"box":{"x":98,"y":889,"width":135,"height":11}},{"id":"b8577e24-98d6-4a22-9460-c8cd61bf2747","block_type":"box","text":"Solvency and Financial Condition Report","page_number":14,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"f48bba58-5997-42f9-9ca5-ce510c14263f","block_type":"box","text":"Managed Pension Funds Limited 14/41","page_number":14,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"1046695f-a8d8-4717-be70-293236c39873","block_type":"box","text":"MPFL follows the Group-approved programmes to assess and monitor the material risks of the business:","page_number":14,"box":{"x":98,"y":76,"width":710,"height":11}},{"id":"bcea4e09-063a-427b-b3cf-121812c9b450","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":102,"width":5,"height":3}},{"id":"9a97e882-04d9-467f-a13f-4ff5d8da6655","block_type":"box","text":"Risk and Control Self-Assessment (“RCSA”) - This is a structured workshop-based programme conducted on an","page_number":14,"box":{"x":137,"y":99,"width":764,"height":12}},{"id":"886f3968-bc41-44f1-a0bf-5702fd4dc378","block_type":"box","text":"annual basis. The programme supports a business assessment of risks and controls used within business","page_number":14,"box":{"x":136,"y":114,"width":765,"height":11}},{"id":"bb865cd0-3f19-416c-aa8c-e0da039d7438","block_type":"box","text":"activities;","page_number":14,"box":{"x":136,"y":128,"width":61,"height":10}},{"id":"99008d71-49d0-4632-91e2-b5c190c925c0","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":152,"width":5,"height":3}},{"id":"d0e1561b-5d02-465c-838c-6604bb8d70aa","block_type":"box","text":"Loss Event Management, including collection of internal, and monitoring of external, operational loss data and risk","page_number":14,"box":{"x":137,"y":149,"width":765,"height":11}},{"id":"affe52f3-8d3d-41c9-b8f7-0d5f5c47c0ed","block_type":"box","text":"events. This provides important information to support the effective management and measurement of operational","page_number":14,"box":{"x":136,"y":163,"width":765,"height":12}},{"id":"636e7461-2ef0-4d32-9cd0-0c4a671ffa09","block_type":"box","text":"risk;","page_number":14,"box":{"x":137,"y":178,"width":26,"height":10}},{"id":"93fe3449-35a7-4290-870b-f32da754fd97","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":202,"width":5,"height":3}},{"id":"792d2772-3f0c-423a-bb2f-81d39f08e3ea","block_type":"box","text":"Key Risk Indicators (“KRIs”) - used to monitor the level and trend of the organisation’s risk profile and adherence","page_number":14,"box":{"x":137,"y":199,"width":764,"height":11}},{"id":"9421f608-3ce3-4c2f-9378-82e486a11c80","block_type":"box","text":"to risk appetite on at least a quarterly basis. The objective of KRIs reporting is to serve as an “early warning”","page_number":14,"box":{"x":136,"y":213,"width":765,"height":12}},{"id":"abd0adb7-f048-40e7-999a-bda26719ed0b","block_type":"box","text":"mechanism that allows managers to take proactive action to manage and mitigate risks as exposure changes.","page_number":14,"box":{"x":137,"y":228,"width":763,"height":11}},{"id":"5942de04-3524-49b5-b0a4-5fda8d3f4a3e","block_type":"box","text":"KRIs are a key component of MPFL’s escalation process and communicate material exposures to the Board,","page_number":14,"box":{"x":137,"y":242,"width":764,"height":11}},{"id":"d1866c41-94aa-4e71-9e67-208ea2b5789e","block_type":"box","text":"Working Group and relevant committees; and","page_number":14,"box":{"x":136,"y":256,"width":308,"height":11}},{"id":"634dfca8-128e-4852-ba4d-c26f9d36bca8","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":280,"width":5,"height":4}},{"id":"66e889f1-5650-4a0f-b26a-2113bc796266","block_type":"box","text":"New Business and Product Review and Approval (“NBPRA”). The primary focus of this process is to evaluate the","page_number":14,"box":{"x":137,"y":278,"width":764,"height":11}},{"id":"c32229b3-1c15-4943-8024-385f1a21995c","block_type":"box","text":"risk inherent in new business and product proposals to the sponsoring business unit, other business units and","page_number":14,"box":{"x":137,"y":292,"width":764,"height":11}},{"id":"a8222ac3-78ae-4128-ba52-3d0bb239f961","block_type":"box","text":"Group; and new business or products are considered as part of the formulation of the Business Plan. Additionally","page_number":14,"box":{"x":136,"y":306,"width":766,"height":11}},{"id":"d028244f-7694-474a-a049-40a98bc1d6c2","block_type":"box","text":"any changes in the business profile (e.g. significant new business or products) are considered during the INFRA","page_number":14,"box":{"x":136,"y":320,"width":766,"height":12}},{"id":"15a9f011-6412-45d1-883d-175f414c790b","block_type":"box","text":"process.","page_number":14,"box":{"x":137,"y":337,"width":55,"height":9}},{"id":"89f3f596-771d-4c9e-a1f8-071cc98aa74e","block_type":"box","text":"Implementation and integration","page_number":14,"box":{"x":98,"y":363,"width":227,"height":11}},{"id":"c4458621-7921-47c5-8f2c-dfcd9156d6f8","block_type":"box","text":"Aligned to corporate policies, risks are monitored and challenged through MPFL’s governance and committee structure.","page_number":14,"box":{"x":97,"y":384,"width":804,"height":12}},{"id":"0a7b2fba-f8a2-4283-bcc4-92879f009535","block_type":"box","text":"Responsibilities are allocated as follows:","page_number":14,"box":{"x":98,"y":400,"width":273,"height":11}},{"id":"f2c43c19-fc5d-47d4-ac48-6e509141f664","block_type":"box","text":"The Board","page_number":14,"box":{"x":97,"y":430,"width":75,"height":9}},{"id":"90fcbdb7-69e4-47f4-8ed1-ff43934e70b7","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":454,"width":5,"height":4}},{"id":"3e42e106-8fb0-4327-810f-841f942162bf","block_type":"box","text":"Reviews, challenges and approves the MPFL risk appetite;","page_number":14,"box":{"x":137,"y":452,"width":397,"height":11}},{"id":"2b826ba6-00df-4fd6-8614-fc73bf9f94ed","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":476,"width":5,"height":3}},{"id":"2c688af4-456d-4159-946b-3ce346d71cdd","block_type":"box","text":"Monitors actual risk profile against risk appetite;","page_number":14,"box":{"x":137,"y":473,"width":321,"height":12}},{"id":"5b3574f1-1469-4718-89d2-b73e5458fc8e","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":497,"width":5,"height":4}},{"id":"1566050f-d756-42d8-b4ae-364da4a68942","block_type":"box","text":"Reviews MPFL’s current risk exposures in relation to its stated risk appetite and tolerance, at least quarterly, and","page_number":14,"box":{"x":137,"y":495,"width":764,"height":11}},{"id":"45ceb384-93c6-4607-ba7b-8382c3d0283b","block_type":"box","text":"monitors remedial mitigating actions as appropriate and tracks to resolution; and","page_number":14,"box":{"x":137,"y":509,"width":543,"height":11}},{"id":"009a235e-9fdd-40bf-baf7-30ed29aba1a3","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":533,"width":5,"height":3}},{"id":"d6c8b9ef-4d2f-4eb3-81dd-7be90725b04c","block_type":"box","text":"Aligns with Group strategy and related risk appetite statements.","page_number":14,"box":{"x":136,"y":530,"width":430,"height":12}},{"id":"2c898778-598f-4576-be75-c95a92afa2cc","block_type":"box","text":"The Working Group","page_number":14,"box":{"x":97,"y":558,"width":143,"height":11}},{"id":"21dd3677-0508-49ab-9574-7ff748449acf","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":583,"width":5,"height":3}},{"id":"6ea66c66-ba1a-4ef7-b914-2f7340d12add","block_type":"box","text":"Oversees the production of strategic plans and budgets incorporating MPFL’s overall risk appetite;","page_number":14,"box":{"x":136,"y":580,"width":666,"height":12}},{"id":"1818f36f-693d-467b-a5e1-27163f2fb2c0","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":604,"width":5,"height":4}},{"id":"22466b57-9978-4a3f-a7b7-92ff35c24708","block_type":"box","text":"Drives risk awareness and understanding of risk appetite;","page_number":14,"box":{"x":137,"y":602,"width":388,"height":11}},{"id":"dce36542-9a48-4e17-858f-ee3575de998d","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":626,"width":5,"height":3}},{"id":"f90a94ac-b1e4-4192-a4a5-2fb1da46abd4","block_type":"box","text":"Challenges proposals for metrics, limits and statements;","page_number":14,"box":{"x":136,"y":623,"width":379,"height":11}},{"id":"beaaf1e7-94c4-4000-a5c9-c249bee958a1","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":647,"width":5,"height":3}},{"id":"5383a7af-c364-443a-af19-db37ebbe2a8a","block_type":"box","text":"Monitors business specific Risk Appetite Statement (“RAS”) metrics, risk limits and KRIs on an on-going basis and","page_number":14,"box":{"x":137,"y":645,"width":764,"height":11}},{"id":"aa73d718-8d48-4e75-a16c-f43427a0e8ec","block_type":"box","text":"escalate breaches to risk;","page_number":14,"box":{"x":136,"y":659,"width":173,"height":10}},{"id":"52f5f4f8-0ebf-438b-911e-51b4eafa5c89","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":683,"width":5,"height":3}},{"id":"138c4c74-4c52-4d3a-8b8d-cb84b9bc17a2","block_type":"box","text":"Proactively manages mitigation actions agreed in the event of breaches; and","page_number":14,"box":{"x":137,"y":680,"width":518,"height":11}},{"id":"ddc47d56-413b-467d-9561-3afab1ce165e","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":704,"width":5,"height":3}},{"id":"7daf6459-a4e6-4796-86f4-b8088cc18370","block_type":"box","text":"Ensures risk appetite is considered in the development of new businesses and products.","page_number":14,"box":{"x":137,"y":702,"width":598,"height":11}},{"id":"77f5b2b8-138a-4666-9770-94700869c8b9","block_type":"box","text":"ORSA process","page_number":14,"box":{"x":98,"y":740,"width":106,"height":11}},{"id":"ebd90fd8-fee9-4270-8bea-b03a6cd5705c","block_type":"box","text":"MPFL undertakes an ORSA on at least an annual basis through the following process:","page_number":14,"box":{"x":98,"y":762,"width":584,"height":11}},{"id":"2c67f388-abe0-4511-96ba-33fc53be9b28","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":788,"width":5,"height":3}},{"id":"cea29e2a-a543-49ff-ae9c-004e349e63ca","block_type":"box","text":"Risk identification: Identification of the risks to which the Company is (or will be) exposed, taking into consideration","page_number":14,"box":{"x":137,"y":785,"width":764,"height":11}},{"id":"e73c8591-bedf-46e7-bf2e-8710ee1f4cb9","block_type":"box","text":"its business model and the business environment in which it operates. Risk identification is performed by the Risk","page_number":14,"box":{"x":137,"y":799,"width":765,"height":11}},{"id":"5c312196-86cb-4056-8483-df979b54a522","block_type":"box","text":"Management function according to all risk types included in SSC’s risk taxonomies, and as required by the","page_number":14,"box":{"x":137,"y":814,"width":764,"height":11}},{"id":"197817e9-348b-4440-be57-80dcc73da9d1","block_type":"box","text":"regulators. In performing the risk identification analysis, the Risk Management function is supported by all the","page_number":14,"box":{"x":137,"y":828,"width":764,"height":11}},{"id":"d0a59df4-ad46-456a-9a93-fce2c9681a71","block_type":"box","text":"business, support and governance functions according to their assigned responsibilities and activities;","page_number":14,"box":{"x":137,"y":842,"width":689,"height":11}},{"id":"833fe981-e190-4615-b343-da165e346e34","block_type":"box","text":"•","page_number":14,"box":{"x":109,"y":866,"width":5,"height":3}},{"id":"ed283474-c112-4ee9-81a2-6908a6f54cd2","block_type":"box","text":"Risk Appetite: The risk appetite provides a clear articulation of MPFL’s willingness and capacity to take on risk","page_number":14,"box":{"x":137,"y":863,"width":765,"height":12}},{"id":"d147dee3-0bb3-4854-b5ed-f509e891f05d","block_type":"box","text":"and MPFL’s tolerance for loss or negative events. The definition and quantification of the MPFL’s risk appetite is","page_number":14,"box":{"x":136,"y":878,"width":765,"height":11}},{"id":"31323542-4e03-4f12-ac7e-9cf4dfbb64a6","block_type":"box","text":"the responsibility of the Board; the Risk Management function provides guidance and recommendations. The","page_number":14,"box":{"x":136,"y":892,"width":765,"height":11}},{"id":"fa50442e-8d6d-41ed-b790-d47313cc150c","block_type":"box","text":"Board approves a risk appetite for MPFL incorporating both quantitative aspects relating to minimum capital","page_number":14,"box":{"x":137,"y":906,"width":764,"height":12}},{"id":"5cf68e93-fcd8-4327-adad-db22a02264cf","block_type":"box","text":"Solvency and Financial Condition Report","page_number":15,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"b10e665f-644e-42bb-8f15-d916584637e2","block_type":"box","text":"Managed Pension Funds Limited 15/41","page_number":15,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"bf28c1ca-ccc8-4c2b-8c16-df83e75ca42a","block_type":"box","text":"requirements, and qualitative aspects relating more broadly to compliance with internal and Solvency II","page_number":15,"box":{"x":137,"y":77,"width":763,"height":11}},{"id":"88a9b1a0-6567-4c58-ac62-1fc324c81aac","block_type":"box","text":"requirements;","page_number":15,"box":{"x":137,"y":91,"width":91,"height":11}},{"id":"d53d9094-da88-4d29-97d6-c6c5fdeab475","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":115,"width":5,"height":3}},{"id":"d6bd146b-3d9c-4b7a-80cc-e8c05b4c1e55","block_type":"box","text":"Financial Projections: The purpose of financial projection is to outline the main components of the Statement of","page_number":15,"box":{"x":137,"y":112,"width":766,"height":11}},{"id":"ab2dec59-9603-4aab-b352-347a056466a3","block_type":"box","text":"Financial Position and the Income Statement over the forecast period. Three-year financial projections, based on","page_number":15,"box":{"x":137,"y":127,"width":764,"height":11}},{"id":"1bd86ad3-127f-4a94-924f-4bc1195a501b","block_type":"box","text":"MPFL’s approved Business Plan, are developed and used as the base case for the ORSA;","page_number":15,"box":{"x":137,"y":141,"width":613,"height":11}},{"id":"70929f44-63c1-4ab5-86c9-1d8abb58bbe8","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":165,"width":5,"height":3}},{"id":"f2b1ab6f-4d2b-48ad-9e36-f6d2f2c13273","block_type":"box","text":"Risk Quantification: Quantification of the internal capital for each measurable risk type recognised within the risk","page_number":15,"box":{"x":137,"y":162,"width":765,"height":11}},{"id":"1d96876c-3890-4d56-bcaa-7153d224c3c7","block_type":"box","text":"identification phase. The Standard Formula, as deemed appropriate, is used to define the methodology to quantify","page_number":15,"box":{"x":137,"y":176,"width":765,"height":12}},{"id":"a1afbafa-80f7-4df7-b005-fce34b72064d","block_type":"box","text":"Pillar 2 risk types;","page_number":15,"box":{"x":137,"y":191,"width":118,"height":11}},{"id":"3f170857-f34e-4873-9946-a3310f09a180","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":215,"width":5,"height":3}},{"id":"ef72811b-d21e-4e10-93df-6c458f81a90b","block_type":"box","text":"Stress Testing: The vulnerability of the Company to exceptional but plausible adverse events is assessed. The","page_number":15,"box":{"x":136,"y":212,"width":766,"height":11}},{"id":"31648d34-d592-4109-b78f-5cd6ca511917","block_type":"box","text":"Board owns the definition and parameterisation of the stress scenarios, in consideration with applicable Solvency","page_number":15,"box":{"x":137,"y":226,"width":765,"height":12}},{"id":"bdd20ad8-ea96-4a32-b788-c1a90947f9e7","block_type":"box","text":"II requirements. The base case financial model is stressed using a range of severe single and combined stress","page_number":15,"box":{"x":137,"y":241,"width":764,"height":11}},{"id":"e9543561-de84-449b-8a64-d7e6a6e125a9","block_type":"box","text":"scenarios to determine the profit and capital impact on MPFL, and to inform the quantification of Pillar 2","page_number":15,"box":{"x":136,"y":255,"width":765,"height":11}},{"id":"8a84bf48-1b4a-473a-a60a-3f3990be882b","block_type":"box","text":"requirements;","page_number":15,"box":{"x":137,"y":269,"width":91,"height":11}},{"id":"89eda912-374f-47eb-ba8b-e4d3f22e64ae","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":293,"width":5,"height":3}},{"id":"bc782bab-629b-4918-938a-c8ab111c6c3d","block_type":"box","text":"Aggregation of Capital Requirements: Capital requirements across the risk universe are aggregated to inform the","page_number":15,"box":{"x":136,"y":290,"width":765,"height":12}},{"id":"4945c769-f15b-4063-beae-d51cbaaddaeb","block_type":"box","text":"capital adequacy assessment under the Standard Formula approach, where allowance for diversification benefits","page_number":15,"box":{"x":136,"y":305,"width":765,"height":11}},{"id":"ae393dab-5177-43a9-b39e-3b512c90dc9e","block_type":"box","text":"have been recognised;","page_number":15,"box":{"x":137,"y":319,"width":153,"height":11}},{"id":"0db70f20-803d-448b-932a-c8a5df2a94ce","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":343,"width":5,"height":3}},{"id":"1deea872-abba-4e8d-8f4f-157b16677a88","block_type":"box","text":"Capital Adequacy: Verification that the Company’s total capital (i.e. its available financial resources) is adequate","page_number":15,"box":{"x":136,"y":340,"width":765,"height":12}},{"id":"794395ba-7ab0-4206-8f8f-e4976925e711","block_type":"box","text":"in terms of size and composition to cover all material risk types to which the Company is exposed. Capital","page_number":15,"box":{"x":137,"y":355,"width":764,"height":11}},{"id":"7ef2b1fb-7314-467d-b0c1-48bc01e16dab","block_type":"box","text":"requirements are compared to available resources to confirm that MPFL has adequate capital resources; and","page_number":15,"box":{"x":137,"y":369,"width":739,"height":11}},{"id":"a30f749c-1c6c-4258-afe6-b642256cbc3b","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":393,"width":5,"height":3}},{"id":"aed589dc-bbca-4a95-8deb-d9f08a7fe471","block_type":"box","text":"Preparation of ORSA Report, which is reviewed and challenged by the Actuarial function, Subject Matter Experts","page_number":15,"box":{"x":137,"y":390,"width":764,"height":12}},{"id":"76be0d02-0b8e-4005-a88c-91b7948bb8ac","block_type":"box","text":"(“SMEs”) and the Working Group and ultimately approved by the Board.","page_number":15,"box":{"x":137,"y":405,"width":485,"height":11}},{"id":"b542c2c9-f709-4e35-9c65-673b09174663","block_type":"box","text":"The ORSA is integrated into MPFL’s risk management framework and decision-making processes as follows:","page_number":15,"box":{"x":97,"y":426,"width":740,"height":11}},{"id":"4df2f779-4b65-4cb7-9e3d-472c293e5c0a","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":451,"width":5,"height":4}},{"id":"03d6507c-1420-4480-8c2a-90c337a3eb71","block_type":"box","text":"The use of stress testing and scenario analysis are also incorporated within the Company’s forecasting of","page_number":15,"box":{"x":136,"y":449,"width":766,"height":11}},{"id":"a8940d19-5679-4de1-a138-a19d16bba4d4","block_type":"box","text":"revenues, costs, expected losses and potential regulatory capital requirements;","page_number":15,"box":{"x":137,"y":463,"width":535,"height":11}},{"id":"12386ce7-eb79-4abf-8d9a-f6bd7544e76c","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":487,"width":5,"height":4}},{"id":"76c28311-3cb2-4228-84e6-d72c727512ff","block_type":"box","text":"Inclusion of ORSA impacts as a standing item on the Working Group and the Board agendas;","page_number":15,"box":{"x":137,"y":485,"width":632,"height":11}},{"id":"7fc4789a-a3bd-461b-a7fc-56b2a57bda27","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":509,"width":5,"height":3}},{"id":"bb081963-0621-4584-85e2-2dcc0a7a85f9","block_type":"box","text":"Integration of an assessment of impacts on the future risk management or solvency of the Company into key","page_number":15,"box":{"x":137,"y":506,"width":765,"height":11}},{"id":"d0687f2d-0b40-4e02-ae95-915ac32b6335","block_type":"box","text":"business decisions such as the launching and seeding of new unit-linked funds;","page_number":15,"box":{"x":137,"y":520,"width":537,"height":12}},{"id":"62d5624b-a7d6-46f2-8e9e-cd321a9993df","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":544,"width":5,"height":3}},{"id":"0ee3a02c-bf78-477d-854d-98af4ffe8d03","block_type":"box","text":"The ORSA workshops serve to engage business managers in the risk management processes and enhance risk","page_number":15,"box":{"x":136,"y":542,"width":766,"height":11}},{"id":"543129c6-07a8-4dfd-94cd-f3ad3648d4c7","block_type":"box","text":"awareness in the Company;","page_number":15,"box":{"x":136,"y":556,"width":189,"height":11}},{"id":"d9a71672-6fad-4a4d-a67c-abc006749d63","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":580,"width":5,"height":3}},{"id":"0c57cc7b-bd0d-4ae9-b618-efd3e796bea7","block_type":"box","text":"The risk identification process has been embedded across the business through manager involvement in the","page_number":15,"box":{"x":136,"y":577,"width":766,"height":11}},{"id":"605c2b20-4c00-4b3b-bbe2-beaf4e48ae23","block_type":"box","text":"process through meetings and workshops;","page_number":15,"box":{"x":137,"y":592,"width":286,"height":11}},{"id":"05a87122-22d1-4dbf-8506-a2f631aec725","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":615,"width":5,"height":4}},{"id":"6f6a3e43-8449-4c56-985e-c05e41700b1a","block_type":"box","text":"The ORSA is used as a core input to the strategic decision making in the Company, in particular in the acquisition","page_number":15,"box":{"x":136,"y":613,"width":765,"height":11}},{"id":"3f1d259e-a522-49f0-8360-cf09a7dcce28","block_type":"box","text":"of new business;","page_number":15,"box":{"x":136,"y":627,"width":113,"height":11}},{"id":"f1aff8d4-cd00-4a90-a20c-8ec84c5dd867","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":651,"width":5,"height":4}},{"id":"ff9ca6ad-da73-409b-92f1-6dbd40592dde","block_type":"box","text":"The existing risk identification methodology associated with NBPRA process, as well as other corporate","page_number":15,"box":{"x":136,"y":649,"width":765,"height":11}},{"id":"fd1c19d9-b51c-489d-a0d9-8918fb9e9413","block_type":"box","text":"procedures, considers the ORSA implication of any new initiative impacting the Company as a core input to the","page_number":15,"box":{"x":137,"y":663,"width":764,"height":11}},{"id":"b4e9f7e9-4883-48a0-8925-70ad6e8adcac","block_type":"box","text":"decision-making process; and","page_number":15,"box":{"x":136,"y":677,"width":202,"height":11}},{"id":"54515d51-146f-4853-9514-aeda106d97e1","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":701,"width":5,"height":3}},{"id":"7197f333-804e-4d59-a390-5b35625e6236","block_type":"box","text":"Regular updates of the quantification of material risks in the ORSA are presented to the Board.","page_number":15,"box":{"x":137,"y":699,"width":641,"height":11}},{"id":"b496c94f-5119-4193-9f99-27b95116cf22","block_type":"box","text":"•","page_number":15,"box":{"x":109,"y":722,"width":5,"height":4}},{"id":"4cfe9314-3abb-4dfd-911a-68be65fdbc07","block_type":"box","text":"All policy documentation associated with this ORSA is reviewed at least annually.","page_number":15,"box":{"x":136,"y":720,"width":550,"height":11}},{"id":"7cfb806a-45d6-4dca-913b-82fe3c3b214d","block_type":"box","text":"ORSA review and approval","page_number":15,"box":{"x":98,"y":748,"width":194,"height":11}},{"id":"b2187fe4-47e9-41d1-ab86-266113701958","block_type":"box","text":"As noted earlier in this section, the draft 2024 ORSA Report, based on Statement of Financial Position as at 31","page_number":15,"box":{"x":97,"y":770,"width":802,"height":11}},{"id":"89b9c061-ba30-476f-bee5-42a3a0e72f18","block_type":"box","text":"December 2023 was reviewed and challenged by the Working Group as an integral part of the ORSA process, and the","page_number":15,"box":{"x":98,"y":785,"width":803,"height":12}},{"id":"c44e6005-a6be-4a97-9b65-02487adadbc9","block_type":"box","text":"final ORSA Report was reviewed and approved by the Board on 25 September 2024.","page_number":15,"box":{"x":97,"y":801,"width":577,"height":11}},{"id":"38ffaf45-3141-4925-bf07-a910ec1b71e9","block_type":"box","text":"Determination of own solvency needs","page_number":15,"box":{"x":98,"y":831,"width":274,"height":11}},{"id":"00926c5b-a8d2-481e-837c-840b17fe335e","block_type":"box","text":"MPFL determines its own solvency needs using the Standard Formula.","page_number":15,"box":{"x":98,"y":853,"width":479,"height":11}},{"id":"d2f19781-f88a-4f5e-847c-3d7616703ade","block_type":"box","text":"Interaction between capital management activities and risk management system","page_number":15,"box":{"x":98,"y":882,"width":584,"height":11}},{"id":"3b08ab9f-3a3e-41bd-a951-b74720001473","block_type":"box","text":"The ORSA forms an integral part of the risk and capital management processes of MPFL. The Board uses the ORSA","page_number":15,"box":{"x":97,"y":904,"width":805,"height":11}},{"id":"7c195634-47f1-42f5-947b-d7cd19a833be","block_type":"box","text":"to maintain an effective link between the Company’s risk profile and its capital, thus ensuring that MPFL has adequate","page_number":15,"box":{"x":97,"y":920,"width":804,"height":11}},{"id":"87a819e9-de59-4495-a917-62c483c2d0a6","block_type":"box","text":"Solvency and Financial Condition Report","page_number":16,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"cda6e32c-51ec-40f2-8c70-f96d11d2ad31","block_type":"box","text":"Managed Pension Funds Limited 16/41","page_number":16,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"27a27242-1314-4ede-8cbc-c09038268711","block_type":"box","text":"capital to cover its risks and operate effectively within its capital framework. In particular, the Board reviews MPFL’s","page_number":16,"box":{"x":98,"y":76,"width":803,"height":11}},{"id":"0b405618-ca0e-4868-a0e7-2d31b63ea629","block_type":"box","text":"capital adequacy as outlined in the ORSA at each Board meeting or more frequently as necessary, following any","page_number":16,"box":{"x":98,"y":92,"width":804,"height":11}},{"id":"c304e415-7cee-40fe-b4e8-87ce3a7ccd19","block_type":"box","text":"significant changes to the business profile and strategy of the Company.","page_number":16,"box":{"x":98,"y":108,"width":488,"height":11}},{"id":"072c52d0-d343-4aeb-bc0b-df05c83df75d","block_type":"box","text":"B.4 Internal control system","page_number":16,"box":{"x":98,"y":142,"width":237,"height":13}},{"id":"9f745fee-f5e0-46b3-9863-05249c5109ec","block_type":"box","text":"Internal Control System","page_number":16,"box":{"x":98,"y":173,"width":171,"height":11}},{"id":"a47ef227-d959-47f3-af79-e927587ee361","block_type":"box","text":"MPFL has internal control procedures and processes in place with clear designated lines of responsibility and reporting","page_number":16,"box":{"x":98,"y":195,"width":803,"height":11}},{"id":"9bf0792c-53f8-44b5-9755-fd155ee620f8","block_type":"box","text":"arrangements. The Company’s internal control system ensures compliance with applicable laws and regulations and","page_number":16,"box":{"x":98,"y":210,"width":803,"height":12}},{"id":"002811df-4591-46cb-bda4-8df3108a120b","block_type":"box","text":"facilitates the identification of non-compliance risk and the assessment of the impact on MPFL of any changes to the","page_number":16,"box":{"x":97,"y":226,"width":805,"height":11}},{"id":"9cc9e16e-6639-4927-83fc-c5d77705afe6","block_type":"box","text":"legal and regulatory environment.","page_number":16,"box":{"x":98,"y":242,"width":226,"height":11}},{"id":"8808cdc9-4776-4e98-9d6b-e29dc94c0bba","block_type":"box","text":"Compliance function","page_number":16,"box":{"x":98,"y":272,"width":150,"height":11}},{"id":"79b0532b-c9df-417f-99ea-ff89e7ff0114","block_type":"box","text":"The Company has an independent Compliance Function that reports to both the Board and the Working Group on","page_number":16,"box":{"x":97,"y":293,"width":804,"height":12}},{"id":"4e063325-fefd-4f19-b54e-fbbdbf77c5dc","block_type":"box","text":"regulatory matters and findings from the execution of the Company’s Compliance Oversight Programme.","page_number":16,"box":{"x":98,"y":309,"width":708,"height":11}},{"id":"003b23a2-0d81-4180-8678-f59cfd0ef5f4","block_type":"box","text":"B.5 Internal audit function","page_number":16,"box":{"x":98,"y":343,"width":228,"height":10}},{"id":"fbcb24a1-06f5-4c40-9330-b66b9589ec3d","block_type":"box","text":"As noted earlier, MPFL has an independent Internal Audit Function provided by State Street Corporation for the provision","page_number":16,"box":{"x":97,"y":368,"width":804,"height":11}},{"id":"34b0ca11-404f-405f-84af-67bf88eaed32","block_type":"box","text":"of internal audit services. Their remit enables them to assess the adequacy and effectiveness of MPFL’s internal control","page_number":16,"box":{"x":98,"y":383,"width":803,"height":12}},{"id":"84e59b33-daf0-43b9-ad5e-9745cfaaa3a6","block_type":"box","text":"system, Information Technology (“IT”) including cyber security robustness and the system of governance that is in place.","page_number":16,"box":{"x":98,"y":399,"width":802,"height":11}},{"id":"ad401a78-ddd1-4845-985d-36e030a0bef3","block_type":"box","text":"Internal Audit attends all MPFL’s Audit Committee meetings and also its Board meetings at such other times as required.","page_number":16,"box":{"x":99,"y":422,"width":802,"height":11}},{"id":"14c0c488-93db-4d8e-8535-d37d10eb02f3","block_type":"box","text":"The Board and the Working Group determine what actions are to be taken with respect to each internal audit finding","page_number":16,"box":{"x":97,"y":438,"width":804,"height":11}},{"id":"8951b9ae-4dce-4cee-9faa-9d8dfbf57fa8","block_type":"box","text":"and recommendation, and ensure those actions are carried out. This function is independent and no conflict of interest","page_number":16,"box":{"x":98,"y":453,"width":803,"height":11}},{"id":"b379eca8-ae46-4402-8301-6e60b3c17024","block_type":"box","text":"arises for the persons carrying out the role.","page_number":16,"box":{"x":98,"y":469,"width":290,"height":11}},{"id":"a6be05dc-0eb4-442d-b018-fef4fee25270","block_type":"box","text":"B.6 Actuarial function","page_number":16,"box":{"x":98,"y":503,"width":196,"height":10}},{"id":"452364d0-6ed1-4a05-b7b9-afe1ffbc15cd","block_type":"box","text":"The services pertaining to Actuarial Function are rendered by WTW under a formal Statement of Work agreed with","page_number":16,"box":{"x":97,"y":528,"width":804,"height":11}},{"id":"97ae4307-baa8-43fd-b690-c28f95540a3b","block_type":"box","text":"MPFL. The SSGA EMEA Chief Finance Officer is the SMF2 role holder who provides the internal oversight of the","page_number":16,"box":{"x":98,"y":543,"width":803,"height":12}},{"id":"921325bb-4163-4010-970d-1fbffcf7eadb","block_type":"box","text":"Actuarial Function.","page_number":16,"box":{"x":97,"y":559,"width":126,"height":9}},{"id":"ac604578-3a54-4472-b36d-7b642661c990","block_type":"box","text":"The responsibilities of the Actuarial Function in MPFL cover:","page_number":16,"box":{"x":97,"y":582,"width":408,"height":11}},{"id":"c950362f-61dc-4abb-9ab3-72e38a42faf4","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":607,"width":5,"height":4}},{"id":"e1c59583-b4cc-4dfe-9b5d-4461849c8928","block_type":"box","text":"Coordination of the technical provisions;","page_number":16,"box":{"x":136,"y":605,"width":271,"height":11}},{"id":"f0ad6263-1ea8-45c9-9228-99b8170d6c13","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":629,"width":5,"height":3}},{"id":"9f048839-4f66-41a9-b64e-4b66a11dacc0","block_type":"box","text":"Data quality;","page_number":16,"box":{"x":137,"y":627,"width":83,"height":11}},{"id":"292e1a5c-e18c-4624-855c-1da060d5bb1e","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":650,"width":5,"height":4}},{"id":"56e0ebab-4411-48ca-8cc2-88666e44fb24","block_type":"box","text":"Monitoring experience;","page_number":16,"box":{"x":137,"y":648,"width":153,"height":11}},{"id":"aaa6ca51-2a82-4b2f-9d96-52531539f97b","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":672,"width":5,"height":3}},{"id":"5d877cd6-6fa2-4636-be1f-e54e6700e5dd","block_type":"box","text":"Underwriting policy and reinsurance arrangements;","page_number":16,"box":{"x":137,"y":669,"width":345,"height":11}},{"id":"3dd7865e-b45c-4608-b654-715933c0a697","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":693,"width":5,"height":3}},{"id":"09fda861-24c5-4535-b68d-dd7ba0737b44","block_type":"box","text":"Internal and external actuarial reporting; and","page_number":16,"box":{"x":137,"y":691,"width":299,"height":11}},{"id":"d771bb53-7d16-4ddd-9117-b9a9e6e1cfc0","block_type":"box","text":"•","page_number":16,"box":{"x":109,"y":715,"width":5,"height":3}},{"id":"1f867310-1855-47a5-a6e8-0613f2f5351e","block_type":"box","text":"Contributing to the risk management system.","page_number":16,"box":{"x":136,"y":712,"width":303,"height":11}},{"id":"fbe9e348-6101-4acf-bcd9-71a0a5e9a897","block_type":"box","text":"Additionally, the Actuarial Function provides advice and an actuarial opinion on asset-liability valuation and matching,","page_number":16,"box":{"x":97,"y":733,"width":803,"height":11}},{"id":"56df29ef-80fd-4444-8c89-c89922ec5ab5","block_type":"box","text":"the current and prospective solvency position, stress and scenario tests for technical provisions and asset-liability","page_number":16,"box":{"x":97,"y":749,"width":805,"height":11}},{"id":"61803076-8693-4697-958b-c08c0d9fda18","block_type":"box","text":"management, and other forms of risk transfer or risk mitigation techniques for insurance risks.","page_number":16,"box":{"x":98,"y":765,"width":633,"height":11}},{"id":"5abd1076-7040-4502-bcd3-3e2bfc9def2d","block_type":"box","text":"The requirement to coordinate the calculation of the technical provisions can be summarised as the requirement for the","page_number":16,"box":{"x":97,"y":787,"width":804,"height":12}},{"id":"a9d353be-3b12-4973-a55e-53cc01b00b60","block_type":"box","text":"Actuarial Function to provide an opinion on whether the technical provisions have been calculated in accordance with","page_number":16,"box":{"x":97,"y":803,"width":804,"height":11}},{"id":"e0723c4b-2482-4e40-a5cd-9ac6d43dd008","block_type":"box","text":"the Technical Provision and Technical Provisions - Further Requirements parts of the PRA Rulebook, and to ensure","page_number":16,"box":{"x":97,"y":819,"width":804,"height":11}},{"id":"35e10e9e-19a9-4d25-9513-12f4b31c06aa","block_type":"box","text":"any approximations and/or limitations have been addressed appropriately. The Actuarial Function is directly responsible","page_number":16,"box":{"x":98,"y":835,"width":803,"height":11}},{"id":"99beaec6-c41c-425a-90fa-86b556da80f5","block_type":"box","text":"for ensuring that the assumptions and methodologies used to value the unit-linked business are appropriate. The","page_number":16,"box":{"x":97,"y":850,"width":804,"height":12}},{"id":"fd5cfa05-10dc-4ec2-8f6d-46444af13538","block_type":"box","text":"Actuarial Function is also responsible for reviewing the SCR.","page_number":16,"box":{"x":97,"y":866,"width":411,"height":11}},{"id":"88f6f5be-8aab-43b2-8433-c406b3b63892","block_type":"box","text":"The Actuarial Function assesses the consistency of the data used in the calculation of the technical provisions against","page_number":16,"box":{"x":97,"y":889,"width":805,"height":11}},{"id":"71c573a4-8c3d-4316-923d-ee020df972c7","block_type":"box","text":"the data quality standards as set out in the Technical Provision and Technical Provisions - Further Requirements parts","page_number":16,"box":{"x":97,"y":905,"width":804,"height":11}},{"id":"5074fa0e-1c14-4a28-b099-0955b48244b0","block_type":"box","text":"of the PRA Rulebook, in particular by assessing the adequacy of the data checks carried out by MPFL. The Actuarial","page_number":16,"box":{"x":98,"y":920,"width":803,"height":12}},{"id":"be82aeb8-4b36-4d3e-88ac-df120492155e","block_type":"box","text":"Solvency and Financial Condition Report","page_number":17,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"56a6b472-c177-4b67-b056-60a9cb19a9b2","block_type":"box","text":"Managed Pension Funds Limited 17/41","page_number":17,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"95991c61-2289-4750-8888-a397140e2544","block_type":"box","text":"Function carries out independent high-level checks on the information supplied to the Actuarial Function for consistency","page_number":17,"box":{"x":98,"y":76,"width":804,"height":11}},{"id":"bda68ff0-6167-4940-ab3c-1d20714da739","block_type":"box","text":"with MPFL’s report and financial statements, including checks that the individual asset data supplied reconciles with the","page_number":17,"box":{"x":97,"y":92,"width":804,"height":11}},{"id":"a5084252-72b2-47ea-b4eb-ec0595b64d35","block_type":"box","text":"total non-unit and unit-linked funds and that any movements can be explained.","page_number":17,"box":{"x":97,"y":108,"width":531,"height":11}},{"id":"51fc94e1-eff0-418a-97d9-3e32581dedc6","block_type":"box","text":"The Actuarial Function verifies the best estimate assumptions used in the calculation on the basis of an annual","page_number":17,"box":{"x":97,"y":131,"width":804,"height":11}},{"id":"102e2c64-4d03-465b-b36f-9f3f8c31ad10","block_type":"box","text":"assessment of the expenses and charges on policies, based on actual experience and the information supplied by the","page_number":17,"box":{"x":98,"y":146,"width":803,"height":11}},{"id":"d4f11351-045b-45b1-98c5-e47bcead15f8","block_type":"box","text":"Finance Function. External information on risk-free yields and inflation is expected to be updated on a quarterly basis.","page_number":17,"box":{"x":98,"y":162,"width":800,"height":11}},{"id":"e6a44721-b174-4678-bcbb-7459c3107902","block_type":"box","text":"Underwriting policy includes the terms on which new business is written; the Actuarial Function will advise on the impact","page_number":17,"box":{"x":98,"y":185,"width":804,"height":11}},{"id":"69c8cad9-1756-46b9-9194-a4cbd79b0db6","block_type":"box","text":"on the technical provisions and the SCR of any material changes in the terms on which MPFL writes new business,","page_number":17,"box":{"x":98,"y":201,"width":803,"height":11}},{"id":"88f395cb-dcdc-4490-a4b9-31f82a2b4c03","block_type":"box","text":"including the introduction of any new products.","page_number":17,"box":{"x":98,"y":216,"width":314,"height":12}},{"id":"f5fa1b26-e166-449b-b518-fbe2d3bce663","block_type":"box","text":"The Actuarial Function reports to the Board quarterly and promptly reports to the Working Group any issues arising,","page_number":17,"box":{"x":97,"y":239,"width":803,"height":11}},{"id":"c3633516-0d38-4100-b3c5-f1a3ab704e40","block_type":"box","text":"either from the information provided or through the work undertaken, that may have a material impact on the financial","page_number":17,"box":{"x":98,"y":255,"width":803,"height":11}},{"id":"13a02105-0c9a-45ac-b44c-50fa12efca24","block_type":"box","text":"position of MPFL. The Actuarial Function also provides input to the Risk Management Function on the risks MPFL runs","page_number":17,"box":{"x":98,"y":271,"width":803,"height":11}},{"id":"0049d093-61e0-4f4a-9a9b-e5f452365c52","block_type":"box","text":"in so far as they may have a material impact on MPFL’s ability to meet its liabilities to policyholders and on the capital","page_number":17,"box":{"x":98,"y":286,"width":803,"height":12}},{"id":"1c76f263-66b2-422f-baba-d18383e9373d","block_type":"box","text":"needed to support the business, including regulatory capital requirements.","page_number":17,"box":{"x":98,"y":302,"width":501,"height":11}},{"id":"cd92acd2-c2be-4040-9255-888751d47380","block_type":"box","text":"B.7","page_number":17,"box":{"x":98,"y":328,"width":22,"height":9}},{"id":"8965d4e7-9af9-4e5d-a5aa-7f9f75969dca","block_type":"box","text":"Outsourcing","page_number":17,"box":{"x":153,"y":327,"width":95,"height":13}},{"id":"c856ba67-0bc2-4e16-a1cd-c5ecc4cdd090","block_type":"box","text":"An EMEA Outsourcing Policy exists, that is applicable to all UK businesses, legal entities and UK-based branches, and","page_number":17,"box":{"x":97,"y":350,"width":803,"height":11}},{"id":"a56b52db-b0b9-47e4-9c32-3ec46e1ec022","block_type":"box","text":"as such is inclusive of MPFL.","page_number":17,"box":{"x":98,"y":366,"width":196,"height":8}},{"id":"5ddd457e-9bd9-4148-94c9-60634246f5ee","block_type":"box","text":"MPFL has appointed a UK senior manager who is responsible for oversight of the business lines’ and corporate","page_number":17,"box":{"x":98,"y":388,"width":803,"height":12}},{"id":"e94169f2-5022-4e7e-9584-2b42999e70c5","block_type":"box","text":"functions’ portfolio of outsourced arrangements (the Outsourcing Oversight Manager); and in relation to services","page_number":17,"box":{"x":97,"y":404,"width":804,"height":11}},{"id":"d9edd385-3403-46de-a844-c2c0012d6324","block_type":"box","text":"covered under an outsourcing arrangement, a UK Outsourcing Arrangement Owner for each arrangement who is","page_number":17,"box":{"x":98,"y":420,"width":803,"height":11}},{"id":"f75292ed-1923-4cbf-bf98-8ce82fc8efdc","block_type":"box","text":"responsible for ensuring correct documentation for each arrangement and ongoing oversight of each arrangement.","page_number":17,"box":{"x":98,"y":436,"width":775,"height":11}},{"id":"34fb3bf6-3863-47ca-a0d3-949cece33513","block_type":"box","text":"It has developed and implemented a programme to:","page_number":17,"box":{"x":99,"y":459,"width":349,"height":11}},{"id":"d2a0d202-0e25-4caa-8e1b-a8dc6cc0c2bd","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":484,"width":5,"height":3}},{"id":"c4d34bca-600b-4825-816f-dc34e52c9f20","block_type":"box","text":"Identify all internal and external arrangements that are categorised as material by the FCA;","page_number":17,"box":{"x":137,"y":482,"width":614,"height":11}},{"id":"531e635c-c47e-4242-921d-c3430bc744a0","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":505,"width":5,"height":4}},{"id":"9d321f65-b499-4fd3-b9a8-40d4a1fec44f","block_type":"box","text":"Ensure appropriate contractual agreements are in place;","page_number":17,"box":{"x":137,"y":503,"width":381,"height":11}},{"id":"95a6a07f-aec2-49b8-9899-c6add7eb31c2","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":527,"width":5,"height":3}},{"id":"a0dc2960-4963-40f3-aacc-0fd96e6a2df6","block_type":"box","text":"Ensure efficient oversight of outsourcing arrangements, including KRI metrics and reporting to the Working Group","page_number":17,"box":{"x":137,"y":524,"width":764,"height":12}},{"id":"2fefdb36-69f9-407c-bd21-b2456d807f6a","block_type":"box","text":"and the Board;","page_number":17,"box":{"x":136,"y":539,"width":99,"height":10}},{"id":"244d8dff-d276-496d-b665-eac8932d1478","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":563,"width":5,"height":3}},{"id":"57e55f55-fe1e-481a-a502-cb69cf7788ef","block_type":"box","text":"Undertake annual outsourcing assessments of in-scope arrangements;","page_number":17,"box":{"x":137,"y":560,"width":479,"height":11}},{"id":"6636900d-e015-4a96-98bb-0157dbdaf684","block_type":"box","text":"•","page_number":17,"box":{"x":109,"y":584,"width":5,"height":3}},{"id":"d21f14d2-332c-45b4-8b3a-239ef68353de","block_type":"box","text":"Provide oversight of IT resilience initiatives underway in group entities.","page_number":17,"box":{"x":137,"y":582,"width":476,"height":11}},{"id":"82dc9b53-46dd-4703-b666-0eee83fd4f53","block_type":"box","text":"The oversight of the outsourced operating model is the responsibility of the Board. The Board delegates to the SSGA","page_number":17,"box":{"x":97,"y":603,"width":805,"height":11}},{"id":"08285719-32ce-48b9-98b7-220ec3cf1001","block_type":"box","text":"UK SMC oversight of the Company’s corporate and fund governance, including those matters delegated by the","page_number":17,"box":{"x":98,"y":618,"width":803,"height":12}},{"id":"79bcea25-f8ae-4c5b-ac9c-511712712dc8","block_type":"box","text":"Company to State Street Global Advisors Limited. The Working Group and the SSGA UK SMC escalate significant","page_number":17,"box":{"x":98,"y":634,"width":804,"height":11}},{"id":"92e0f4a8-c094-44e9-ad12-fe1c1c2f6f39","block_type":"box","text":"matters to the Board as necessary, and report to the Board on their actions under this delegation on a regular basis.","page_number":17,"box":{"x":98,"y":650,"width":785,"height":11}},{"id":"c38e9ddf-1529-4531-ad77-2c217d262af0","block_type":"box","text":"B.8 Any other information","page_number":17,"box":{"x":98,"y":684,"width":228,"height":12}},{"id":"13cdea91-932f-4cd6-826a-2db7a955726b","block_type":"box","text":"There is no other material information regarding MPFL’s system of governance to add.","page_number":17,"box":{"x":97,"y":708,"width":585,"height":12}},{"id":"3dce0e8c-059f-43ae-b674-6ff8d9e44ae6","block_type":"box","text":"Solvency and Financial Condition Report","page_number":18,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"0491b9f1-d073-4051-9f23-8de35a9a555c","block_type":"box","text":"Managed Pension Funds Limited 18/41","page_number":18,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"d0f8998e-a89a-4aa2-b0db-03fdf357f7bf","block_type":"box","text":"Section C: Risk Profile","page_number":18,"box":{"x":98,"y":92,"width":194,"height":11}},{"id":"6947d2b1-5594-4372-8ac1-72ea82a454d0","block_type":"box","text":"C.1 Underwriting risk","page_number":18,"box":{"x":98,"y":131,"width":192,"height":12}},{"id":"554e68d1-3180-49e1-8d4f-8db5a81c06c5","block_type":"box","text":"MPFL writes only unit-linked pension business that offers no guarantees or otherwise provide any benefits beyond the","page_number":18,"box":{"x":98,"y":155,"width":804,"height":11}},{"id":"878cd172-4f84-4ac6-a450-fd2b03c6baee","block_type":"box","text":"return of assets under management. The Company is therefore not exposed to traditional underwriting risk; only the life","page_number":18,"box":{"x":98,"y":170,"width":803,"height":12}},{"id":"f05f195d-c2d3-4196-b371-d3bd5806f70f","block_type":"box","text":"expense risk is applicable that stem from administrative expenses incurred by MPFL.","page_number":18,"box":{"x":98,"y":186,"width":575,"height":11}},{"id":"279d44c0-87f8-4572-993f-883bcc643fc6","block_type":"box","text":"The Life Expense Risk for MPFL as at 31 December 2024 was £0.01m (2023: £0.01m).","page_number":18,"box":{"x":97,"y":209,"width":593,"height":11}},{"id":"d49aec8e-38bd-4039-a7f4-5f8fc3756786","block_type":"box","text":"C.2 Market risk","page_number":18,"box":{"x":98,"y":243,"width":144,"height":10}},{"id":"29f11206-dafa-49f4-bedf-3d39669faeb4","block_type":"box","text":"Market risk arising on the unit-linked funds is borne by policyholders, as explained in policyholders’ disclosures. Market","page_number":18,"box":{"x":98,"y":268,"width":803,"height":11}},{"id":"2f6c6c91-c03f-49ae-b309-6ff423bc13b6","block_type":"box","text":"risk for MPFL relates primarily to price fluctuations in the funds where its shareholder assets are placed. As at 31","page_number":18,"box":{"x":98,"y":283,"width":801,"height":11}},{"id":"9b55146d-6776-4ed7-855d-9768200e2415","block_type":"box","text":"December 2024, MPFL has £0.92m (2023: £0.83m ) of seed money invested in various unit-linked funds and £12.00m","page_number":18,"box":{"x":98,"y":299,"width":803,"height":11}},{"id":"b6973a52-4a75-4dcb-8051-65bbfa539458","block_type":"box","text":"(2023: £11.40m ) invested in SSGA Liquidity Fund. The seed money is placed in a range of sub-funds with exposure to,","page_number":18,"box":{"x":98,"y":315,"width":802,"height":11}},{"id":"0b782539-f0b4-4dc1-96b0-94d0b22c7c5d","block_type":"box","text":"for example, equities and liquidity funds. Therefore, MPFL seed capital is exposed to the impact of changes in unit","page_number":18,"box":{"x":97,"y":330,"width":805,"height":12}},{"id":"49783e8d-04b2-44f8-9f40-1c63f0f0fbf6","block_type":"box","text":"values of linked assets invested in equity funds. Seed money is removed from the funds if not required.","page_number":18,"box":{"x":97,"y":346,"width":698,"height":11}},{"id":"a4ee0813-cd5a-4648-86d4-94c4401fe4fd","block_type":"box","text":"The holdings in funds in currencies other than GBP amounted to £0.60m triggering an exposure to currency risk.","page_number":18,"box":{"x":97,"y":369,"width":762,"height":11}},{"id":"23fbff77-3e9a-4602-baef-4ce291462eca","block_type":"box","text":"The Spread and Concentration risk on shareholder assets is driven by £12.00m investment in the SSGA liquidity fund","page_number":18,"box":{"x":97,"y":392,"width":804,"height":11}},{"id":"c1ebdfa2-c988-4f9d-8930-56db19eaad8b","block_type":"box","text":"and £0.32m seed money invested in the SSGA liquidity fund.","page_number":18,"box":{"x":98,"y":408,"width":411,"height":11}},{"id":"99930ecf-863c-4939-afe9-be75bee47b5a","block_type":"box","text":"Interest rate risk is the possibility that changes in interest rates will result in higher or reduced income from MPFL’s","page_number":18,"box":{"x":99,"y":430,"width":802,"height":12}},{"id":"5da15587-40c4-48f0-8890-fa703ecfcd33","block_type":"box","text":"interest bearing financial assets. MPFL does not hold interest bearing liabilities. MPFL’s shareholder assets exposed to","page_number":18,"box":{"x":98,"y":446,"width":804,"height":11}},{"id":"ac73d6ef-50b9-46e3-b6fe-4bee01265fe1","block_type":"box","text":"interest rate risk are part of the SSGA Liquidity Fund. Interest earned or the unrealised gains or losses on valuation of","page_number":18,"box":{"x":98,"y":462,"width":804,"height":11}},{"id":"8fe9e23f-52f4-4b78-82a6-e3a463269958","block_type":"box","text":"this exposure are reported as part of the Investment Income.","page_number":18,"box":{"x":97,"y":478,"width":411,"height":11}},{"id":"f5c12e46-fce8-40b8-8047-a59527fbb657","block_type":"box","text":"The total capital requirement in respect of Market Risk calculated using the Standard Formula, as at 31 December 2024","page_number":18,"box":{"x":97,"y":501,"width":805,"height":11}},{"id":"09358722-9af6-4e1c-9175-5ab5c27df4c8","block_type":"box","text":"was £0.50m (2023: £0.47m ). There were no material changes over the reporting period.","page_number":18,"box":{"x":97,"y":516,"width":599,"height":11}},{"id":"294a10d6-7191-4c3a-963d-fbcb5f6c7d39","block_type":"box","text":"C.3 Credit risk","page_number":18,"box":{"x":98,"y":551,"width":139,"height":9}},{"id":"cfed4af0-c430-4abd-bae5-4f504367c59e","block_type":"box","text":"Credit risk is defined as the risk of financial loss if a counterparty, borrower or obligor, collectively referred to as","page_number":18,"box":{"x":98,"y":575,"width":803,"height":11}},{"id":"95b66d8e-02ac-4cfe-b00a-506d3f5604cf","block_type":"box","text":"counterparty, is either unable or unwilling to repay borrowings or settle a transaction in accordance with underlying","page_number":18,"box":{"x":98,"y":591,"width":803,"height":11}},{"id":"468958b8-9171-4d3e-b3ef-6f9a3ce3a607","block_type":"box","text":"contractual terms.","page_number":18,"box":{"x":98,"y":606,"width":120,"height":9}},{"id":"4bbde9cb-528f-463b-958f-d9f31c9a544d","block_type":"box","text":"Credit risk for MPFL stems from its assets held in the form of cash deposits with a credit institution and other assets","page_number":18,"box":{"x":98,"y":629,"width":803,"height":11}},{"id":"de97ce3b-25f9-4b01-b7b5-b3fdedf517c7","block_type":"box","text":"held within the SSGA Liquidity Fund and policyholder debtors.","page_number":18,"box":{"x":98,"y":645,"width":419,"height":11}},{"id":"a8959aa4-45cf-4d49-ace8-3aaa74f1ecd0","block_type":"box","text":"MPFL’s cash at bank counterparties are limited in number and have acceptable credit ratings, and the risk profile of","page_number":18,"box":{"x":98,"y":668,"width":804,"height":11}},{"id":"3cd1f386-815a-4ba0-a9ce-28697d801679","block_type":"box","text":"these counterparties is aligned with the assumptions underlying the Standard Formula for Type 1 exposures.","page_number":18,"box":{"x":97,"y":683,"width":736,"height":12}},{"id":"2b278804-897b-4a81-8d49-0e22876ad905","block_type":"box","text":"With regards to amounts owed by policyholders, MPFL has the contractual ability to recover any unpaid fees from units","page_number":18,"box":{"x":97,"y":706,"width":804,"height":11}},{"id":"47b780b8-66c1-4853-8c61-45e2a388596e","block_type":"box","text":"allocated to the relevant policy and hence the risk is only on any exposure in excess of the policyholder’s surrender","page_number":18,"box":{"x":98,"y":722,"width":804,"height":11}},{"id":"bf649f60-32dd-4af5-857d-7754dd65d4a6","block_type":"box","text":"value. Given the controls in place, any such situations would be extremely rare and if they were to occur, the fees","page_number":18,"box":{"x":97,"y":738,"width":804,"height":11}},{"id":"f0e3e7e5-f8d5-4dd3-a586-190b39178770","block_type":"box","text":"payable to SSGAL would be reduced rather than MPFL suffer detriment.","page_number":18,"box":{"x":98,"y":753,"width":489,"height":12}},{"id":"529aca99-7f5d-476e-b9af-7b0d8d2cd64b","block_type":"box","text":"The capital requirement for counterparty default risk calculated using the Standard Formula, as at 31 December 2024","page_number":18,"box":{"x":97,"y":776,"width":804,"height":11}},{"id":"e36c0163-3966-4d50-afd5-480496605571","block_type":"box","text":"was £0.21m (2023: £0.16m ). There were no material changes over the reporting period.","page_number":18,"box":{"x":97,"y":792,"width":599,"height":11}},{"id":"b76b063d-b01b-45c7-b899-a63246bef5d4","block_type":"box","text":"C.4 Liquidity risk","page_number":18,"box":{"x":98,"y":826,"width":159,"height":13}},{"id":"08b7a5e1-26f3-408a-8e6b-21f82f5e9c7b","block_type":"box","text":"Any liquidity risk arising on the unit-linked funds is borne by policyholders, as explained in policyholder disclosures. The","page_number":18,"box":{"x":97,"y":851,"width":804,"height":11}},{"id":"fb55ce65-daa4-49e4-9d2f-6fa715fa7f01","block_type":"box","text":"Board and the Working Group monitor the liquidity of all unit-linked funds.","page_number":18,"box":{"x":98,"y":866,"width":496,"height":11}},{"id":"1a7e58b9-ecf6-41e1-9397-6d0be88eabd0","block_type":"box","text":"MPFL has a liquidity requirement, relating to its ongoing operational expenses and tax liabilities. Cashflows are managed","page_number":18,"box":{"x":98,"y":889,"width":803,"height":11}},{"id":"919d7392-71bf-41e3-af37-36b343021f49","block_type":"box","text":"to ensure MPFL’s liabilities can be settled as they fall due. There were no material changes over the reporting period.","page_number":18,"box":{"x":97,"y":905,"width":794,"height":11}},{"id":"e5e6650d-7b6c-4551-a450-2ef5add8c8a1","block_type":"box","text":"Solvency and Financial Condition Report","page_number":19,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"99740f68-4625-46e5-8723-3d9444406f75","block_type":"box","text":"Managed Pension Funds Limited 19/41","page_number":19,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"d4beea1e-c913-4c98-82f1-53b713def8f1","block_type":"box","text":"C.5 Operational risk","page_number":19,"box":{"x":98,"y":111,"width":182,"height":12}},{"id":"5a4f3562-858f-4e96-bc6c-efa67db049df","block_type":"box","text":"This risk is defined as the risk of errors or omissions arising from inadequate or failed internal processes with the","page_number":19,"box":{"x":97,"y":135,"width":804,"height":11}},{"id":"83021f07-e2c8-4dc1-9c5c-1552c8bd1016","block_type":"box","text":"potential for financial, reputational or franchise harm. MPFL recognises that performance of investment servicing and","page_number":19,"box":{"x":98,"y":151,"width":803,"height":11}},{"id":"97a822a6-e042-4985-962d-ae911d389b7a","block_type":"box","text":"investment management activities have intrinsic operational execution risk that cannot be managed to zero.","page_number":19,"box":{"x":98,"y":166,"width":727,"height":11}},{"id":"923882cf-17b3-4cc0-b862-30f2d7c43272","block_type":"box","text":"Outsourcing risk is the risk that engaging external providers (third party outsourcing) or an affiliated entity (intragroup","page_number":19,"box":{"x":98,"y":189,"width":803,"height":11}},{"id":"d9813b10-ac5d-491e-9c97-52370fe49754","block_type":"box","text":"outsourcing) to provide systems or services, which MPFL itself would otherwise perform, could adversely impact","page_number":19,"box":{"x":98,"y":205,"width":804,"height":11}},{"id":"69669b5b-e6cb-4af6-a713-b5a1bde928e0","block_type":"box","text":"performance. Outsourced services are governed by arm’s length agreements which require the service provider to make","page_number":19,"box":{"x":98,"y":220,"width":803,"height":12}},{"id":"40ca8772-a63c-4aee-b973-27366da57658","block_type":"box","text":"good any operational losses on behalf of the MPFL’s client or fund, arising from the negligence of the service provider,","page_number":19,"box":{"x":98,"y":236,"width":802,"height":12}},{"id":"135c8718-df28-4673-8d4e-13e35b68bd26","block_type":"box","text":"willful default or fraud, or in respect of SSGAL, consequential losses.","page_number":19,"box":{"x":97,"y":252,"width":465,"height":11}},{"id":"8031c70f-458f-42c2-8aac-3e9b2fcfd797","block_type":"box","text":"Operational execution risk is addressed by identifying, collecting and analysing operational risk data; utilising the data","page_number":19,"box":{"x":98,"y":275,"width":803,"height":11}},{"id":"a51b03af-ed6a-4aa0-946e-ff17fe3a4471","block_type":"box","text":"to quantify its operational risk exposure and by implementing a comprehensive operational risk management and","page_number":19,"box":{"x":97,"y":290,"width":804,"height":12}},{"id":"14a8e4c9-634f-4f68-8606-b28d5fdbdc9e","block_type":"box","text":"governance structure. The Company seeks to ensure this risk is managed to a level consistent with achieving its","page_number":19,"box":{"x":98,"y":306,"width":803,"height":11}},{"id":"8739ea28-795c-49c7-aa32-5a9ec35c7411","block_type":"box","text":"strategic, financial and operational objectives with the goal of having an effectively designed and well-controlled","page_number":19,"box":{"x":98,"y":322,"width":803,"height":11}},{"id":"b4b1d3a4-8e17-4779-9498-7f83b9102469","block_type":"box","text":"operating environment within its established appetite.","page_number":19,"box":{"x":98,"y":338,"width":359,"height":11}},{"id":"8640824a-03a3-4217-a68d-85f79e100720","block_type":"box","text":"Further, the Group companies provide operational services to MPFL. These services are governed by arm’s length","page_number":19,"box":{"x":98,"y":361,"width":803,"height":11}},{"id":"7623ae74-59a1-43e4-955e-471b6ee2e086","block_type":"box","text":"agreements which require the service provider to make good any operational losses on behalf of an MPFL policyholders","page_number":19,"box":{"x":98,"y":376,"width":803,"height":11}},{"id":"6bbe5b1d-b68a-419c-ae42-6f14280a1a9f","block_type":"box","text":"or an MPFL fund, arising from its negligence of the service provider, willful default, fraud, or in respect of SSGAL,","page_number":19,"box":{"x":98,"y":392,"width":802,"height":11}},{"id":"d081f34f-3dd0-4ffb-9cce-a469e2aff01a","block_type":"box","text":"consequential losses. These services include an IT component which address IT resilience and cyber security. The","page_number":19,"box":{"x":98,"y":408,"width":803,"height":11}},{"id":"7666c957-8a3c-4118-bf42-2e2574cfb90d","block_type":"box","text":"oversight of all outsourced functions is the responsibility of the Board.","page_number":19,"box":{"x":98,"y":423,"width":469,"height":12}},{"id":"c50c6bd9-7247-4b97-9296-66e0795a12d4","block_type":"box","text":"The operational risk capital requirement is determined as 25% of expenses incurred during the year. Fluctuations in the","page_number":19,"box":{"x":97,"y":446,"width":804,"height":12}},{"id":"87d73629-e271-4f61-af4b-629468d511e6","block_type":"box","text":"MPFL AUM impact the SCR calculation in two ways by increases/decreases in:","page_number":19,"box":{"x":98,"y":462,"width":536,"height":11}},{"id":"fcf5861b-59d5-4335-b935-b9603aac715d","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":488,"width":5,"height":3}},{"id":"fe2722dd-878f-41e0-b80f-c77a1a7a1165","block_type":"box","text":"Management fees remitted to SSGAL (fees remitted to SSGAL are considered as “expenses” for MPFL); and","page_number":19,"box":{"x":118,"y":485,"width":738,"height":11}},{"id":"e4fb2d99-538c-48f9-83a6-76bf6cd3583f","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":509,"width":5,"height":3}},{"id":"65a79671-2a68-4116-9a5b-6fab88d65b4b","block_type":"box","text":"Fund Investment expenses.","page_number":19,"box":{"x":118,"y":507,"width":187,"height":11}},{"id":"aa76b315-6b24-4964-9288-2066a41bb811","block_type":"box","text":"The Pillar 1 capital requirement for this risk, calculated using the Standard Formula, as at 31 December 2024 was","page_number":19,"box":{"x":97,"y":528,"width":804,"height":11}},{"id":"46817c59-1103-467c-943e-affec59f7e98","block_type":"box","text":"£4.69m (2023: £3.91m ). There were no material changes over the reporting period.","page_number":19,"box":{"x":97,"y":543,"width":568,"height":12}},{"id":"b769ceef-e412-44f4-b1ac-735dd781a736","block_type":"box","text":"C.6 Other material risks","page_number":19,"box":{"x":98,"y":578,"width":210,"height":10}},{"id":"9d988966-e315-4fa4-ba9a-a75847a3814e","block_type":"box","text":"Group Risk","page_number":19,"box":{"x":98,"y":609,"width":81,"height":11}},{"id":"fa6c3f7b-16f7-4f05-8b38-f95a73c0d278","block_type":"box","text":"Group risk is defined as the risk that the financial position of a Company may be adversely affected by its relationships","page_number":19,"box":{"x":98,"y":630,"width":803,"height":12}},{"id":"7a075a1e-71c6-4dc5-8bac-6653b0471375","block_type":"box","text":"(financial or non-financial) with other entities in the same group or by risks which may affect the financial position of the","page_number":19,"box":{"x":98,"y":646,"width":803,"height":11}},{"id":"8ef56880-7c53-4d8a-8ce8-f3217ed332b6","block_type":"box","text":"whole group, for example reputational contagion.","page_number":19,"box":{"x":97,"y":662,"width":331,"height":11}},{"id":"f6084318-8576-4019-995a-e3a1e637c4db","block_type":"box","text":"MPFL is a subsidiary of SSGA Inc. which sets the global SSGA strategy. As a member of a larger group, MPFL is","page_number":19,"box":{"x":98,"y":685,"width":803,"height":11}},{"id":"fbdeb084-4efa-4e65-8fb1-db53642d5a2d","block_type":"box","text":"exposed to Group risk through the following areas:","page_number":19,"box":{"x":98,"y":701,"width":341,"height":11}},{"id":"2160fa0e-2b4d-4bfe-a453-b3666642e754","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":726,"width":5,"height":4}},{"id":"c26fa746-9815-45ee-abc9-9d9a8145c5ce","block_type":"box","text":"Contagion risk as a result of reputational damage or group financial pressures; and","page_number":19,"box":{"x":136,"y":724,"width":562,"height":11}},{"id":"a6f4ad9f-ba56-43a1-ac73-8b3a9901c8b7","block_type":"box","text":"•","page_number":19,"box":{"x":109,"y":748,"width":5,"height":3}},{"id":"bc5799dd-ae40-4c20-877c-5a5fd80d8b00","block_type":"box","text":"Intra-group exposures with operational dependencies between entities.","page_number":19,"box":{"x":137,"y":745,"width":479,"height":11}},{"id":"68f8ba38-aaa2-4d02-ad5c-4bbda65feb7f","block_type":"box","text":"While it is unlikely that the Parent will fail, if it were to, MPFL would need to evaluate the viability of its business model.","page_number":19,"box":{"x":97,"y":767,"width":802,"height":11}},{"id":"74976701-1f4d-40c6-98dc-fc7d0cd55de9","block_type":"box","text":"ESG and Sustainability risk","page_number":19,"box":{"x":98,"y":794,"width":199,"height":11}},{"id":"e5dc28f8-d25b-4390-bf8f-12d251a1e373","block_type":"box","text":"Sustainability Risk is defined as an environmental, social, or governance (ESG) event or conditions that could result in","page_number":19,"box":{"x":98,"y":816,"width":803,"height":11}},{"id":"01801fc5-a017-4dad-b8a5-94a6f9f450eb","block_type":"box","text":"an actual or a potential material negative impact on the Company. Sustainability risk is inclusive of Climate Risks, and","page_number":19,"box":{"x":98,"y":832,"width":803,"height":11}},{"id":"bf98aa99-6e6e-4191-888b-172616b59c9f","block_type":"box","text":"hereinafter referred to in aggregate as “ESG”.","page_number":19,"box":{"x":98,"y":848,"width":308,"height":11}},{"id":"252f3af1-9ff6-4d96-84e5-6b876b806420","block_type":"box","text":"MPFL recognises that environmental, social, and governance factors can impact a financial institution’s risk profile in","page_number":19,"box":{"x":98,"y":879,"width":803,"height":11}},{"id":"b0c198a1-2e07-4a2b-82c6-5c10f9d5c55e","block_type":"box","text":"multiple ways, including, but not limited to, the following:","page_number":19,"box":{"x":98,"y":895,"width":379,"height":11}},{"id":"8340508b-b86f-4ee5-b462-a6cc584c0023","block_type":"box","text":"Solvency and Financial Condition Report","page_number":20,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"a8ea1beb-34e3-4d5b-a35b-8e6256e7ab7e","block_type":"box","text":"Managed Pension Funds Limited 20/41","page_number":20,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"1c3e0cbd-f023-43f1-975d-56f3984a1b50","block_type":"box","text":"• Environmental risks, such as climate change, pollution, or natural disasters, can affect the value of assets,","page_number":20,"box":{"x":109,"y":76,"width":791,"height":11}},{"id":"014a7878-e330-4189-9a17-e371c7bfce54","block_type":"box","text":"increase insurance costs, and create legal liabilities for a firm. Physical and transition climate related financial","page_number":20,"box":{"x":142,"y":92,"width":759,"height":11}},{"id":"19e094ab-c2c5-428c-b63f-bc4949106f1c","block_type":"box","text":"risks may have an impact on operations, however, risk identification programs indicate that this is primarily","page_number":20,"box":{"x":142,"y":108,"width":760,"height":11}},{"id":"053b1530-5eef-4b4e-a7b0-9936443fb7ed","block_type":"box","text":"expected to be a driver of strategic risk, due to possible changes in client demand for products.","page_number":20,"box":{"x":141,"y":123,"width":643,"height":12}},{"id":"7a0b2cf1-bed8-4de1-a5d4-a72cd2da790c","block_type":"box","text":"• Social risks such as labour practices, human rights violations, or community impacts can harm a firm’s reputation,","page_number":20,"box":{"x":109,"y":147,"width":791,"height":11}},{"id":"d28082d0-291f-4022-93b1-9d916ea8e93c","block_type":"box","text":"lead to regulatory fines, or trigger legal action.","page_number":20,"box":{"x":142,"y":162,"width":309,"height":12}},{"id":"bf79692b-2ab4-405b-abb3-3b5994a58211","block_type":"box","text":"• Governance risks such as broad diversity, executive pay, or bribery and corruption, can affect a firm’s decision","page_number":20,"box":{"x":109,"y":185,"width":792,"height":12}},{"id":"e35831e3-26dc-42b9-9716-73ce27b7d8c7","block_type":"box","text":"making processes, increase the likelihood of unethical behaviour, and damage stakeholder trust.","page_number":20,"box":{"x":142,"y":201,"width":653,"height":12}},{"id":"54fb16a4-374e-4492-9b7e-0f8ece9fb488","block_type":"box","text":"MPFL aims to integrate ESG factors as transversal risks into the overall risk management framework in alignment with","page_number":20,"box":{"x":98,"y":233,"width":803,"height":11}},{"id":"db4940fd-c663-4e2f-b271-fbba6f8c84b0","block_type":"box","text":"guidance from regulators and ESG bodies in its jurisdiction. In doing so, MPFL seeks to ensure ESG considerations are","page_number":20,"box":{"x":98,"y":248,"width":803,"height":12}},{"id":"93b9da6b-7384-41c1-aa3a-cc3a2ee3640c","block_type":"box","text":"taken into account when assessing and managing risks across different areas of its operations, including, but not limited","page_number":20,"box":{"x":97,"y":264,"width":804,"height":11}},{"id":"c172b17f-54a9-459e-9de2-ac7c518c1781","block_type":"box","text":"to investment decision making, corporate governance, and compliance.","page_number":20,"box":{"x":97,"y":280,"width":483,"height":11}},{"id":"596b9bb0-0da3-432c-b6cb-2a6b3ddb3aa5","block_type":"box","text":"Risk mitigation techniques","page_number":20,"box":{"x":98,"y":310,"width":194,"height":11}},{"id":"aee9fdd6-8db2-4dae-b923-b03894aae0d4","block_type":"box","text":"MPFL is run on a risk-averse basis and writes only unit-linked pension business that offers no guarantees on","page_number":20,"box":{"x":98,"y":331,"width":803,"height":12}},{"id":"2618cf0a-21cc-467b-b179-4ec2d7954029","block_type":"box","text":"performance to policyholders. As a result, the risks that remain with MPFL are limited.","page_number":20,"box":{"x":98,"y":347,"width":580,"height":11}},{"id":"2de6d7da-e936-4862-aeae-92f53ca0fc4b","block_type":"box","text":"Reinsurance is not currently used as a risk mitigation technique for MPFL.","page_number":20,"box":{"x":98,"y":370,"width":500,"height":11}},{"id":"0d234eb0-986f-4062-b6ff-0d6cf044b137","block_type":"box","text":"C.7 Any other information","page_number":20,"box":{"x":98,"y":404,"width":228,"height":13}},{"id":"36081c1d-ca85-4724-a455-ee7751db5bd0","block_type":"box","text":"There is no other material information regarding MPFL’s risk profile to add.","page_number":20,"box":{"x":97,"y":428,"width":505,"height":12}},{"id":"b88d03bd-1cac-48d1-a767-e6c7672946db","block_type":"box","text":"Solvency and Financial Condition Report","page_number":21,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"09dcb207-312f-48a4-8e36-3842c267aae5","block_type":"box","text":"Managed Pension Funds Limited 21/41","page_number":21,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"d67c5ada-e534-4b85-9e82-bbb66515c62d","block_type":"box","text":"Section D: Valuation for Solvency Purposes","page_number":21,"box":{"x":98,"y":92,"width":373,"height":13}},{"id":"444c3f1c-9829-41c6-8dc0-1e23508d6934","block_type":"box","text":"For the purpose of regulatory reporting, a comparison of MPFL’s total assets and liabilities reported in the Statutory","page_number":21,"box":{"x":98,"y":119,"width":804,"height":11}},{"id":"8d6d5596-accf-49fd-afa0-50061da19c04","block_type":"box","text":"Financial Statements for the year ended 31 December 2024 with the Solvency II values is summarized below.","page_number":21,"box":{"x":98,"y":135,"width":743,"height":11}},{"id":"1562662f-2770-4d6e-a1da-2f982f4e4117","block_type":"box","text":"2024 Statutory Accounts","page_number":21,"box":{"x":505,"y":157,"width":161,"height":10}},{"id":"969a679c-dc0c-4fd6-bc6b-fea8d39cd3dc","block_type":"box","text":"2024 Solvency II","page_number":21,"box":{"x":745,"y":157,"width":106,"height":10}},{"id":"cf16c2b7-5686-4581-af91-a088957a03d6","block_type":"box","text":"£'000","page_number":21,"box":{"x":633,"y":171,"width":33,"height":8}},{"id":"74b7c5b8-25b6-4312-a6bf-f38bd5e761b2","block_type":"box","text":"£'000","page_number":21,"box":{"x":818,"y":171,"width":33,"height":8}},{"id":"b5484818-5033-40cf-88c3-9b55f310a84c","block_type":"box","text":"Collective Investments Undertakings 12,927 12,927","page_number":21,"box":{"x":114,"y":195,"width":737,"height":10}},{"id":"6541f2aa-36db-46c6-ad0b-c59867dc5104","block_type":"box","text":"Assets held for index-linked and unit-linked contracts","page_number":21,"box":{"x":114,"y":215,"width":322,"height":8}},{"id":"687c6243-9549-400c-9608-3a1156996125","block_type":"box","text":"33,534,681","page_number":21,"box":{"x":598,"y":215,"width":66,"height":9}},{"id":"494c5847-6c85-46b5-9f21-2d5389f2bd14","block_type":"box","text":"33,534,681","page_number":21,"box":{"x":783,"y":215,"width":66,"height":9}},{"id":"76beab38-42a5-46ca-8515-3a1feeba595e","block_type":"box","text":"Insurance and intermediaries receivables 3,266 3,266","page_number":21,"box":{"x":115,"y":235,"width":736,"height":9}},{"id":"541f2b23-2100-4983-a85d-5bdd12c6ab3a","block_type":"box","text":"Receivables (trade, not insurance)","page_number":21,"box":{"x":115,"y":255,"width":209,"height":11}},{"id":"c5fa8afd-bbe1-45dc-96bc-9b04f58d7b14","block_type":"box","text":"21","page_number":21,"box":{"x":652,"y":255,"width":12,"height":8}},{"id":"eeb8840d-2fde-475f-acac-64426cd297fb","block_type":"box","text":"21","page_number":21,"box":{"x":837,"y":255,"width":13,"height":8}},{"id":"a0fdc25d-a60e-491f-ab42-9224ddfc3d9e","block_type":"box","text":"Cash and cash equivalents 9,687 9,687","page_number":21,"box":{"x":114,"y":276,"width":737,"height":10}},{"id":"c5c30d48-ac16-426d-bc48-e8ca6faa4bf2","block_type":"box","text":"Total assets","page_number":21,"box":{"x":114,"y":296,"width":79,"height":8}},{"id":"5ee6ecbf-1402-4843-b8fe-4229226e2d87","block_type":"box","text":"33,560,582","page_number":21,"box":{"x":598,"y":296,"width":68,"height":9}},{"id":"44294a3c-a578-4eb8-850a-4327da7fb761","block_type":"box","text":"33,560,582","page_number":21,"box":{"x":783,"y":296,"width":68,"height":9}},{"id":"15969672-f44c-407a-8ddc-4f1417f31837","block_type":"box","text":"Technical provisions - 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The holdings in SSGA","page_number":21,"box":{"x":97,"y":542,"width":805,"height":11}},{"id":"d87730f5-e107-4c35-a944-8c5ac78fd420","block_type":"box","text":"Liquidity Fund are classified as Level 1 and the holdings in seed investment are classified as Level 2 under the Fair","page_number":21,"box":{"x":98,"y":557,"width":804,"height":11}},{"id":"7daa4326-577f-45c8-9999-9726ff6adb37","block_type":"box","text":"Value Hierarchy. These assets are recognised at either fair market value or nominal value (in the case of cash deposits).","page_number":21,"box":{"x":97,"y":573,"width":803,"height":11}},{"id":"de696f67-91d8-49eb-ab53-d98faa4d53f1","block_type":"box","text":"The fair value of Level 1 investments is determined using observable, unadjusted quoted prices in active markets for","page_number":21,"box":{"x":97,"y":596,"width":805,"height":11}},{"id":"bd5e6195-3088-4495-8b90-b6ee1a2a4793","block_type":"box","text":"identical assets. Active markets are markets in which transactions occur for the item to be fair valued with sufficient","page_number":21,"box":{"x":98,"y":612,"width":804,"height":9}},{"id":"b551cc18-be89-4120-8c85-3b81eec6f82e","block_type":"box","text":"frequency and volume to provide pricing information on an ongoing basis.","page_number":21,"box":{"x":97,"y":627,"width":498,"height":12}},{"id":"c25bc012-460a-40ad-8da0-c9c5e3219274","block_type":"box","text":"The fair value of Level 2 investments is determined using inputs other than quoted prices included within level 1 inputs","page_number":21,"box":{"x":97,"y":650,"width":804,"height":11}},{"id":"6831a231-682a-432d-82e6-af191c28b41c","block_type":"box","text":"that are observable, either directly or indirectly through corroboration with market data.","page_number":21,"box":{"x":97,"y":666,"width":585,"height":11}},{"id":"20b6d00a-37f2-4103-930d-319b8a6c53eb","block_type":"box","text":"Assets held for index-linked and unit-linked contracts","page_number":21,"box":{"x":97,"y":689,"width":391,"height":9}},{"id":"02814d07-855e-4fc2-b5c4-49fc8c25a461","block_type":"box","text":"Unit-linked investment contracts written by MPFL are without fixed terms and their value is dependent on the fair market","page_number":21,"box":{"x":98,"y":712,"width":804,"height":11}},{"id":"b41de077-5882-4fee-a054-b667856ea19b","block_type":"box","text":"value of the underlying financial assets and derivatives.","page_number":21,"box":{"x":97,"y":727,"width":375,"height":12}},{"id":"5963b825-e206-44be-81be-e544f0b02eb3","block_type":"box","text":"The fair values of the underlying financial assets and derivatives are derived In accordance with the valuation hierarchy","page_number":21,"box":{"x":97,"y":750,"width":805,"height":12}},{"id":"95c21764-cbf8-4237-b4c7-e5fb47379c4b","block_type":"box","text":"set out in the Solvency II Regulation Article 10(2)-10(5). Methods used maximise the use of observable market inputs","page_number":21,"box":{"x":98,"y":766,"width":803,"height":11}},{"id":"be1727c8-66ca-497e-9f83-1ae88d14e9a1","block_type":"box","text":"for the same or similar instruments and may be grouped as follows:","page_number":21,"box":{"x":97,"y":782,"width":456,"height":11}},{"id":"b39b853e-5a44-4cb3-b876-8b31a8e0a511","block_type":"box","text":"•","page_number":21,"box":{"x":109,"y":807,"width":5,"height":4}},{"id":"d59f3460-5c94-488e-a496-c6a2a67d462f","block_type":"box","text":"Fair value is determined using observable, unadjusted quoted prices in active markets for identical assets (“Level","page_number":21,"box":{"x":137,"y":805,"width":764,"height":11}},{"id":"f7f99e34-de35-42e7-a5d9-091eb7e2428d","block_type":"box","text":"1”).","page_number":21,"box":{"x":137,"y":819,"width":20,"height":11}},{"id":"c74b0c7c-47ba-4e80-ad1d-bdb99a5e433a","block_type":"box","text":"•","page_number":21,"box":{"x":109,"y":843,"width":5,"height":3}},{"id":"6d0ca021-a5d6-4522-9db2-5d1c71124b72","block_type":"box","text":"Fair value is determined using inputs other than quoted prices included within level 1 inputs that are observable,","page_number":21,"box":{"x":137,"y":841,"width":764,"height":11}},{"id":"103ca03d-5b98-46a7-b815-7e7e8f7d1ea8","block_type":"box","text":"either directly or indirectly through corroboration with market data (“Level 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follows:","page_number":22,"box":{"x":98,"y":92,"width":69,"height":9}},{"id":"5c2d5214-453f-4363-92b4-0162e364ffcd","block_type":"box","text":"2024","page_number":22,"box":{"x":565,"y":120,"width":30,"height":8}},{"id":"08011a57-ed5a-49a8-90bc-be192508bd8c","block_type":"box","text":"£’000","page_number":22,"box":{"x":561,"y":132,"width":34,"height":8}},{"id":"876780d4-3fff-4d8e-8f66-d7fee44c28d6","block_type":"box","text":"2023","page_number":22,"box":{"x":691,"y":120,"width":30,"height":8}},{"id":"e84537f3-e20f-4a77-9a41-66d340a45e24","block_type":"box","text":"£’000","page_number":22,"box":{"x":687,"y":132,"width":34,"height":8}},{"id":"b0f7967b-fb67-4bab-ac60-7c4238bc98fe","block_type":"box","text":"Level 1","page_number":22,"box":{"x":102,"y":172,"width":42,"height":7}},{"id":"c07e73ad-1e76-4d4f-94bd-086c3ab2c23b","block_type":"box","text":"22,873,532","page_number":22,"box":{"x":526,"y":172,"width":69,"height":9}},{"id":"68a5a6a9-fd6d-4210-916c-643569927dbe","block_type":"box","text":"25,715,823","page_number":22,"box":{"x":653,"y":172,"width":68,"height":9}},{"id":"ab936f4e-7f62-4a68-9089-54b5542dcc82","block_type":"box","text":"Level 2 10,567,012 11,357,869","page_number":22,"box":{"x":102,"y":192,"width":619,"height":9}},{"id":"4df18263-e5fc-4b48-94c0-8706638483ae","block_type":"box","text":"Level 3","page_number":22,"box":{"x":102,"y":212,"width":44,"height":8}},{"id":"562065d1-e595-4a27-a196-dbb29c2ddf06","block_type":"box","text":"491","page_number":22,"box":{"x":572,"y":212,"width":21,"height":8}},{"id":"185a7e4f-23c6-4180-b88a-cdac0cdad59d","block_type":"box","text":"754","page_number":22,"box":{"x":699,"y":212,"width":22,"height":8}},{"id":"aae62266-7ff8-4e5e-8780-40987d7a2d12","block_type":"box","text":"Net receivables on unit-linked funds 93,646 170,396","page_number":22,"box":{"x":103,"y":233,"width":618,"height":9}},{"id":"56905b3a-a8ad-406b-bf29-466fa8222c5a","block_type":"box","text":"33,534,681","page_number":22,"box":{"x":526,"y":252,"width":67,"height":9}},{"id":"1d3f6d43-5f59-4929-8813-3dc1c1abd82a","block_type":"box","text":"37,244,842","page_number":22,"box":{"x":653,"y":252,"width":68,"height":9}},{"id":"614851d5-1d04-42eb-85de-328315805af5","block_type":"box","text":"For both 31 December 2024 and 2023, Level 1 valuation applied to listed equities and liquidity funds. Level 2 valuation","page_number":22,"box":{"x":98,"y":292,"width":803,"height":12}},{"id":"dd568d93-d71d-4d12-b857-fd1245d29b19","block_type":"box","text":"applied to bonds, mutual funds and derivatives, and Level 3 valuation applied to equity investments that were suspended","page_number":22,"box":{"x":98,"y":308,"width":803,"height":11}},{"id":"59368e27-ba06-48fb-8185-c2c0b2fc0194","block_type":"box","text":"or unquoted.","page_number":22,"box":{"x":98,"y":324,"width":84,"height":11}},{"id":"5ba1430a-4fc1-41c0-a95d-1405d59be227","block_type":"box","text":"Net receivables amounts are non-derivative financial assets with fixed or determinable payments that originate from","page_number":22,"box":{"x":98,"y":347,"width":803,"height":11}},{"id":"a20dac06-06e4-4659-b701-dcf6110c7926","block_type":"box","text":"contracts and are not quoted in an active market. The value per the financial statements is assessed to be equivalent","page_number":22,"box":{"x":98,"y":362,"width":804,"height":12}},{"id":"586d5243-2487-42ad-9a2d-9ca2af71a852","block_type":"box","text":"to the value required under Solvency II.","page_number":22,"box":{"x":97,"y":378,"width":266,"height":11}},{"id":"e319aa9c-032b-4ee3-92f1-6f9507bd329f","block_type":"box","text":"Insurance and intermediaries receivables","page_number":22,"box":{"x":98,"y":408,"width":300,"height":9}},{"id":"cd5f19e2-877a-498d-a9db-ae3468749513","block_type":"box","text":"Insurance and intermediaries receivables are non-derivative financial assets that are initially measured at fair value and","page_number":22,"box":{"x":99,"y":430,"width":802,"height":11}},{"id":"42669db2-1c75-458a-9acf-9e1f1b679c60","block_type":"box","text":"subsequently measured at amortised cost using the effective interest rate method where applicable and less any","page_number":22,"box":{"x":98,"y":445,"width":804,"height":12}},{"id":"e23341fe-ccee-4ed5-a6f8-d5c4e53bba11","block_type":"box","text":"impairment. This is the valuation method used for the financial statements reporting and the result is assessed to be","page_number":22,"box":{"x":98,"y":461,"width":803,"height":11}},{"id":"29448f89-c313-447b-bdeb-07d68ba34f00","block_type":"box","text":"materially equivalent to the value required under Solvency II.","page_number":22,"box":{"x":98,"y":477,"width":410,"height":11}},{"id":"09ce70c2-6340-461d-b3ce-8a248cd817bf","block_type":"box","text":"Cash and cash equivalent","page_number":22,"box":{"x":98,"y":506,"width":188,"height":11}},{"id":"3b9d0517-1ad1-438b-af17-9c4752309265","block_type":"box","text":"This comprises bank deposits.","page_number":22,"box":{"x":97,"y":528,"width":205,"height":11}},{"id":"bdc5f0bb-e886-4960-9e7c-74369c15b610","block_type":"box","text":"Other disclosures","page_number":22,"box":{"x":98,"y":558,"width":129,"height":9}},{"id":"f8fb71b5-f8c6-4d41-908e-f05adaa2cb11","block_type":"box","text":"MPFL’s Solvency II Balance Sheet does not include these classes of assets:","page_number":22,"box":{"x":98,"y":580,"width":517,"height":11}},{"id":"d617e540-2ff3-4d03-99de-5a2152e24689","block_type":"box","text":"•","page_number":22,"box":{"x":109,"y":605,"width":5,"height":4}},{"id":"0a769656-9cab-4b8a-8d06-32e60a98447b","block_type":"box","text":"Intangible assets","page_number":22,"box":{"x":137,"y":603,"width":113,"height":11}},{"id":"d06d6d88-0f23-48a7-85dc-89c0369cb236","block_type":"box","text":"•","page_number":22,"box":{"x":109,"y":627,"width":5,"height":3}},{"id":"619e4c3f-bf27-4274-91a3-9a66adbf9269","block_type":"box","text":"Net Deferred tax assets","page_number":22,"box":{"x":137,"y":624,"width":159,"height":9}},{"id":"f29b2f64-9f1b-4af2-a03e-18121a9216db","block_type":"box","text":"•","page_number":22,"box":{"x":109,"y":648,"width":5,"height":3}},{"id":"60aafaf7-ba8d-4248-ad70-92e4673955ad","block_type":"box","text":"Financial or operating lease assets","page_number":22,"box":{"x":137,"y":646,"width":235,"height":11}},{"id":"fb9d1621-7f66-407a-871e-ba0a5126d8eb","block_type":"box","text":"Explanation of any material differences in valuation bases","page_number":22,"box":{"x":98,"y":673,"width":422,"height":12}},{"id":"093eaef0-9531-47be-b612-6dd6038daa05","block_type":"box","text":"There are no material differences between the bases, methods and assumptions used for valuation of these assets for","page_number":22,"box":{"x":97,"y":695,"width":805,"height":11}},{"id":"39c5427d-424a-48a8-95f0-851bcaf053b4","block_type":"box","text":"solvency purposes compared to those used in the valuation for the year-end Financial Statements.","page_number":22,"box":{"x":98,"y":711,"width":666,"height":11}},{"id":"c55ba0dc-bf80-4ba1-9d72-5396e7b32230","block_type":"box","text":"Solvency and Financial Condition Report","page_number":23,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"b12ec666-71ec-4757-b9b1-1f09bf57a5d6","block_type":"box","text":"Managed Pension Funds Limited 23/41","page_number":23,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"93cbec6c-a089-4ef9-864f-3972e9f84139","block_type":"box","text":"D.2 Technical provisions","page_number":23,"box":{"x":98,"y":84,"width":220,"height":12}},{"id":"841a6d0a-17fe-431f-b39d-7ee47c7d0d09","block_type":"box","text":"Value of technical provisions","page_number":23,"box":{"x":97,"y":115,"width":212,"height":11}},{"id":"bbc6a342-507e-4d4d-a32f-abd9215d9152","block_type":"box","text":"The technical provisions in respect of this business are summarised in the table below:","page_number":23,"box":{"x":97,"y":137,"width":587,"height":11}},{"id":"e41f4f45-a74a-4572-93d6-a4a1bc2e2872","block_type":"box","text":"2024","page_number":23,"box":{"x":534,"y":165,"width":30,"height":8}},{"id":"095011f1-5eed-42c8-88c4-d5cdfdb9ffe9","block_type":"box","text":"£’000","page_number":23,"box":{"x":530,"y":177,"width":34,"height":8}},{"id":"46f97873-a15f-48ef-8d4c-20426197de69","block_type":"box","text":"2023","page_number":23,"box":{"x":673,"y":165,"width":30,"height":8}},{"id":"6efbd539-55c0-48c7-8ed6-866e03bb3103","block_type":"box","text":"£’000","page_number":23,"box":{"x":669,"y":177,"width":34,"height":8}},{"id":"599aa833-5c9a-40e6-9b81-923cea94aa32","block_type":"box","text":"Direct Business 26,306,836 30,583,880","page_number":23,"box":{"x":103,"y":197,"width":600,"height":9}},{"id":"d4709690-1e3a-479a-ba1d-b21004c14bb2","block_type":"box","text":"Reinsurance Accepted","page_number":23,"box":{"x":103,"y":217,"width":137,"height":10}},{"id":"ac81d7d6-6358-4e65-bb77-7e3e41ec1452","block_type":"box","text":"7,227,845","page_number":23,"box":{"x":504,"y":217,"width":60,"height":9}},{"id":"007e4233-1c36-46cb-aa34-cf0ef822ed7f","block_type":"box","text":"6,660,962","page_number":23,"box":{"x":642,"y":217,"width":61,"height":9}},{"id":"4e7f16d7-3df9-4e5b-a249-1e74fc91fc27","block_type":"box","text":"VIF (113) (118)","page_number":23,"box":{"x":102,"y":237,"width":605,"height":10}},{"id":"30d8e9e1-1ea5-4e25-bc7a-7e753695a76f","block_type":"box","text":"Best Estimate Liabilities","page_number":23,"box":{"x":102,"y":257,"width":145,"height":8}},{"id":"4a0a5fad-5c13-460c-8e85-9b9f9f4d9040","block_type":"box","text":"33,534,568","page_number":23,"box":{"x":496,"y":257,"width":68,"height":10}},{"id":"f82a7a9d-8c91-493f-a274-12ed57f9ea59","block_type":"box","text":"37,244,724","page_number":23,"box":{"x":635,"y":257,"width":68,"height":10}},{"id":"cb47db9a-7ec4-4f66-a429-c6b8ee049c68","block_type":"box","text":"Risk Margin 187 156","page_number":23,"box":{"x":103,"y":278,"width":600,"height":10}},{"id":"8d6d7bf4-b6cc-468b-94f6-ea990a4504dd","block_type":"box","text":"Technical Provisions","page_number":23,"box":{"x":102,"y":298,"width":126,"height":8}},{"id":"4f547bd9-905d-4fdc-ad08-aa5b36441b90","block_type":"box","text":"33,534,755","page_number":23,"box":{"x":496,"y":298,"width":68,"height":9}},{"id":"d24b8e9f-a2ee-48aa-9cac-c32acef4316b","block_type":"box","text":"37,244,880","page_number":23,"box":{"x":635,"y":298,"width":68,"height":9}},{"id":"b9040a2d-c153-400a-8382-14067ea89e88","block_type":"box","text":"For the type of unit-linked contracts written by MPFL, the best estimate liabilities are calculated as:","page_number":23,"box":{"x":98,"y":339,"width":666,"height":11}},{"id":"b7101123-d561-48c6-a6a1-eb48974da9a1","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":365,"width":5,"height":3}},{"id":"14a6d4f8-4dc6-4318-9821-baf31dc4a322","block_type":"box","text":"The value of the units allocated to the policies; less","page_number":23,"box":{"x":136,"y":362,"width":346,"height":11}},{"id":"5c838457-3485-4c89-aa50-d79c7408a16b","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":386,"width":5,"height":4}},{"id":"93c65731-5a8c-49e1-b724-45357cf435e8","block_type":"box","text":"On a best-estimate basis, the present value of retained fee less administrative expenses projected in the three","page_number":23,"box":{"x":136,"y":384,"width":766,"height":11}},{"id":"a26f1b2f-60c4-461a-8073-0c2b883d2611","block_type":"box","text":"year Business Plan (the “Value of In-Force”). The decrease in the Value In Force (“VIF”) amount year on year is","page_number":23,"box":{"x":136,"y":398,"width":765,"height":11}},{"id":"0a801304-2dd6-4b2d-b92f-9f79173cd67d","block_type":"box","text":"due to a small increase in budgeted management expenses for 2025 compared to 2024.","page_number":23,"box":{"x":136,"y":412,"width":598,"height":11}},{"id":"1ab257f5-ca98-45ce-9afc-d93cc7cc9b1e","block_type":"box","text":"Contract boundary","page_number":23,"box":{"x":98,"y":440,"width":136,"height":11}},{"id":"1c2758e3-f0c1-4057-8d66-b0359e335714","block_type":"box","text":"As policyholders cannot be compelled to pay future premiums, the contract boundary is assumed to be immediate and,","page_number":23,"box":{"x":97,"y":462,"width":803,"height":11}},{"id":"6d44dfb2-e271-4180-8e64-6711573f3a7b","block_type":"box","text":"as a consequence, no account is taken of any future premiums that may be paid after the valuation date in determining","page_number":23,"box":{"x":98,"y":478,"width":803,"height":11}},{"id":"633f5a64-105e-4be2-9438-050507ad0b03","block_type":"box","text":"the VIF.","page_number":23,"box":{"x":97,"y":494,"width":52,"height":8}},{"id":"7bc89c75-c43d-4b96-a604-8b5443ecf1c3","block_type":"box","text":"Projection period","page_number":23,"box":{"x":98,"y":523,"width":124,"height":11}},{"id":"da5b80fd-7f63-4de0-8f71-b5457a68ddea","block_type":"box","text":"In accordance Chapter 27 of the Technical Provisions - Further Requirements part of the PRA Rulebook, MPFL uses a","page_number":23,"box":{"x":99,"y":545,"width":802,"height":11}},{"id":"ec3d682e-8549-440e-ae26-db38a377f7f3","block_type":"box","text":"simplified approach with a 4-month projection period to calculate its technical provisions that is proportionate to the","page_number":23,"box":{"x":98,"y":560,"width":803,"height":12}},{"id":"35effa21-253a-44bd-aa19-7b1d64ede7f4","block_type":"box","text":"nature, scale and complexity of the risk underlying its obligations. This reflects the nature of its expense agreements,","page_number":23,"box":{"x":98,"y":576,"width":802,"height":11}},{"id":"bc750621-8522-4526-85ff-06bc60bdb74b","block_type":"box","text":"which mean that changes in the length of the projection term have equal and offsetting effects on the VIF and risk margin","page_number":23,"box":{"x":97,"y":592,"width":804,"height":11}},{"id":"7554d70d-42d3-478a-a7ad-beeb4713b6c1","block_type":"box","text":"such that technical provisions don’t change.","page_number":23,"box":{"x":98,"y":608,"width":295,"height":11}},{"id":"b1e99534-80a5-49ae-b3ac-35a2a63a7b79","block_type":"box","text":"Risk Margin","page_number":23,"box":{"x":98,"y":637,"width":85,"height":11}},{"id":"70447012-a5ba-4db8-9229-6894164473c5","block_type":"box","text":"The risk margin is calculated as a 4% cost of capital charge on the non-market risk components of the SCR, adjusted","page_number":23,"box":{"x":97,"y":659,"width":804,"height":11}},{"id":"4110924d-eb53-4e4f-a0d7-09175425256b","block_type":"box","text":"by a risk-tapering factor which reduces over time. The 4% cost of capital assumption and risk tapering factor of 0.9 are","page_number":23,"box":{"x":98,"y":675,"width":803,"height":11}},{"id":"223e32ce-beb3-45f8-bf1e-cc239527ca47","block_type":"box","text":"prescribed by the regulations. The non-market risk components are, for MPFL, the life underwriting, counterparty and","page_number":23,"box":{"x":98,"y":690,"width":803,"height":12}},{"id":"1f4f2ad8-8d6a-482b-9897-1ff1c971581f","block_type":"box","text":"operational risk components of the SCR. Consistent with the proportionality assessment applied to the Technical","page_number":23,"box":{"x":98,"y":706,"width":803,"height":11}},{"id":"5c5a7f7e-203f-4c3c-8d4e-116863c3dacd","block_type":"box","text":"Provisions, a short projection period is used for the calculation of the risk margin and so the risk tapering factor does","page_number":23,"box":{"x":98,"y":722,"width":803,"height":11}},{"id":"95b23b24-acf5-4bfd-92cf-b28eab0eb511","block_type":"box","text":"not impact the calculation of the risk margin for MPFL. It is assumed there is no change in the non-market risk","page_number":23,"box":{"x":98,"y":738,"width":804,"height":11}},{"id":"e3dd5fba-8ba0-4679-9f17-50d9ef543d75","block_type":"box","text":"components over this period.","page_number":23,"box":{"x":98,"y":753,"width":195,"height":11}},{"id":"95aa2f42-90a1-49af-aad0-170ae1bf6f1e","block_type":"box","text":"VIF","page_number":23,"box":{"x":97,"y":783,"width":23,"height":9}},{"id":"f0ecb968-46c7-44ae-a671-575c7ac78659","block_type":"box","text":"The assumptions used in determining the cash-flows in the calculation of VIF are:","page_number":23,"box":{"x":97,"y":805,"width":552,"height":11}},{"id":"e6fb3ca4-88d3-4840-b0cb-2e93d91eab73","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":830,"width":5,"height":4}},{"id":"bfb90c20-d930-4e9f-84cd-30826582187c","block_type":"box","text":"Retained fee income;","page_number":23,"box":{"x":137,"y":828,"width":143,"height":10}},{"id":"7809ccee-7c1a-4a9f-a8b5-2a748556518e","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":852,"width":5,"height":3}},{"id":"f6cb4c0e-916a-47e2-8763-461cda9f207b","block_type":"box","text":"Expense assumptions; and","page_number":23,"box":{"x":137,"y":850,"width":182,"height":10}},{"id":"eda3758c-6d19-4d47-9f37-8c5ee1012dff","block_type":"box","text":"•","page_number":23,"box":{"x":109,"y":873,"width":5,"height":4}},{"id":"09933ccd-674a-4e34-9918-96b14b534d02","block_type":"box","text":"Expense inflation assumption.","page_number":23,"box":{"x":137,"y":871,"width":201,"height":11}},{"id":"d32d303c-97c3-49b7-b00b-71bf9400e784","block_type":"box","text":"The terms of the investment mandate agreements (and short four-month projection) mean that a surrender assumption","page_number":23,"box":{"x":97,"y":892,"width":804,"height":11}},{"id":"f2e7cae3-0de4-4e33-8c72-11cdac080174","block_type":"box","text":"is not required when calculating the best estimate liabilities as it would not affect the level of the Technical Provisions.","page_number":23,"box":{"x":98,"y":908,"width":795,"height":11}},{"id":"fb98179f-955d-4e04-b6fa-b8708c2f51c1","block_type":"box","text":"Solvency and Financial Condition Report","page_number":24,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"2e2427f3-ba1a-46de-ab03-31d37afc9247","block_type":"box","text":"Managed Pension Funds Limited 24/41","page_number":24,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"8f0d6515-4a49-459b-a760-6f7c91834798","block_type":"box","text":"The fixed expenses are determined using 2025 budget amounts. The budgeted costs allow for expected inflation at a","page_number":24,"box":{"x":97,"y":76,"width":804,"height":11}},{"id":"dc384432-0742-4c97-b938-3f766a1eeecf","block_type":"box","text":"rate of 4% during 2025.","page_number":24,"box":{"x":98,"y":92,"width":157,"height":11}},{"id":"caf4f3c3-e31c-4844-aed2-da864792c4e3","block_type":"box","text":"As required by the regulations, the risk-free curves used to discount the cash-flows are the risk-free curves as at 31","page_number":24,"box":{"x":97,"y":115,"width":802,"height":11}},{"id":"6a3428aa-5582-4cb4-9a2c-75b9b34b8d53","block_type":"box","text":"December 2024 published by the PRA, without the volatility adjustment.","page_number":24,"box":{"x":98,"y":131,"width":485,"height":11}},{"id":"b62f5527-11dc-4abc-9345-7bc55c30e659","block_type":"box","text":"Level of uncertainty associated with the value of technical provisions","page_number":24,"box":{"x":98,"y":160,"width":505,"height":11}},{"id":"3b9339f5-1b44-434d-ba86-3abf39d17f7e","block_type":"box","text":"For the reasons described above, the simplified approach used does not introduce any uncertainty and therefore no","page_number":24,"box":{"x":98,"y":182,"width":803,"height":11}},{"id":"56356dd5-085c-498c-8c7d-209a70e129b7","block_type":"box","text":"material approximations are used in the calculations.","page_number":24,"box":{"x":98,"y":198,"width":356,"height":11}},{"id":"3c35c150-c31c-4861-b195-33ee2f15abdd","block_type":"box","text":"Explanation of any material differences between valuation bases","page_number":24,"box":{"x":98,"y":227,"width":470,"height":11}},{"id":"475b1524-ce11-42eb-b124-bb0b32260dee","block_type":"box","text":"The technical provisions are calculated for solvency purposes as:","page_number":24,"box":{"x":97,"y":249,"width":442,"height":11}},{"id":"392e2949-c90b-49f7-8e94-e05525ea09f1","block_type":"box","text":"•","page_number":24,"box":{"x":109,"y":275,"width":5,"height":3}},{"id":"3c862f8e-9dd1-40ea-aeb6-ab5623e15dbc","block_type":"box","text":"The value of the units allocated to the policies; less","page_number":24,"box":{"x":136,"y":272,"width":346,"height":11}},{"id":"aa611962-27ff-415d-ba95-9322b68940a4","block_type":"box","text":"•","page_number":24,"box":{"x":109,"y":296,"width":5,"height":4}},{"id":"153362f3-a9b7-40a2-8ec0-23f9e485d75f","block_type":"box","text":"On a best-estimate basis, present value of projected retained fee and administrative expenses; plus","page_number":24,"box":{"x":136,"y":294,"width":676,"height":11}},{"id":"e9fe2cf2-6401-421c-82cd-6c4ba9142336","block_type":"box","text":"•","page_number":24,"box":{"x":109,"y":318,"width":5,"height":3}},{"id":"81222bca-e433-4500-88fb-134fd7187b14","block_type":"box","text":"The risk margin, calculated as a 4% cost of capital charge on the non-market risk components of the SCR. The","page_number":24,"box":{"x":136,"y":315,"width":765,"height":11}},{"id":"de54ae6f-9694-4a16-b44c-343d6742f0e5","block_type":"box","text":"non-market risk components are the insurance, counterparty and operational risk components of the SCR.","page_number":24,"box":{"x":137,"y":329,"width":719,"height":12}},{"id":"98f871d7-1108-488d-8bb6-b99a18716ad9","block_type":"box","text":"The latter two elements are excluded from the value of the technical provisions used in the financial statements. Assets","page_number":24,"box":{"x":97,"y":350,"width":804,"height":12}},{"id":"815f78f3-2b1d-4f89-822c-9f058fb189d7","block_type":"box","text":"values are the same in both. A reconciliation of the Statutory Financial Statements and Solvency II technical provisions","page_number":24,"box":{"x":97,"y":366,"width":804,"height":11}},{"id":"be2e63c3-24f1-46f9-b6aa-41de812e00f3","block_type":"box","text":"is shown in the table below:","page_number":24,"box":{"x":98,"y":382,"width":185,"height":9}},{"id":"fcd01ac9-0cc9-44f9-a0ae-7d301f103f7d","block_type":"box","text":"2024","page_number":24,"box":{"x":640,"y":410,"width":30,"height":7}},{"id":"e549683b-a2dc-41b5-a947-109f8c5cadb5","block_type":"box","text":"£’000","page_number":24,"box":{"x":635,"y":422,"width":35,"height":8}},{"id":"5a5b7c45-e57d-4ef8-ba5f-4d21bfb18e04","block_type":"box","text":"2023","page_number":24,"box":{"x":798,"y":410,"width":30,"height":7}},{"id":"8c43c40d-1543-4bd2-86a5-2646f98f9455","block_type":"box","text":"£’000","page_number":24,"box":{"x":794,"y":422,"width":34,"height":8}},{"id":"422bca79-3513-4bab-b406-45a73928df39","block_type":"box","text":"Financial Statements’ technical provisions 33,534,681 37,244,842","page_number":24,"box":{"x":103,"y":443,"width":725,"height":10}},{"id":"e62e5701-7692-4aa3-9405-d348f23e7676","block_type":"box","text":"VIF","page_number":24,"box":{"x":102,"y":466,"width":20,"height":8}},{"id":"365c391d-505f-402a-8843-1f4c01617939","block_type":"box","text":"(113)","page_number":24,"box":{"x":643,"y":466,"width":31,"height":10}},{"id":"f74b8b24-c4a2-42ec-8349-bab715582b0b","block_type":"box","text":"(118)","page_number":24,"box":{"x":802,"y":466,"width":31,"height":10}},{"id":"bb24bf71-1764-4106-ac3a-72a465c1f998","block_type":"box","text":"Risk Margin 187 156","page_number":24,"box":{"x":103,"y":490,"width":725,"height":10}},{"id":"d8232979-8f7d-4aec-a2e6-f5476f2a9149","block_type":"box","text":"Solvency II technical provisions","page_number":24,"box":{"x":102,"y":511,"width":191,"height":11}},{"id":"207e4c4d-3589-47ae-b16a-bc74121bbb4b","block_type":"box","text":"33,534,755","page_number":24,"box":{"x":601,"y":512,"width":69,"height":9}},{"id":"3560de92-e980-4799-bfbd-b5770db37f11","block_type":"box","text":"37,244,880","page_number":24,"box":{"x":760,"y":512,"width":68,"height":9}},{"id":"2ab7d110-f2b4-4a4d-b319-9ad23047fa58","block_type":"box","text":"Use of matching adjustment","page_number":24,"box":{"x":98,"y":542,"width":205,"height":11}},{"id":"0f9f264b-47ab-44ef-9f67-d3e23aa0e8cb","block_type":"box","text":"No matching adjustment has been applied.","page_number":24,"box":{"x":98,"y":564,"width":289,"height":11}},{"id":"cb1dc5de-d91c-43da-a367-413450aa150b","block_type":"box","text":"Use of volatility adjustment","page_number":24,"box":{"x":98,"y":594,"width":199,"height":11}},{"id":"393a37d2-052f-4aff-b363-4932772b1f5e","block_type":"box","text":"The volatility adjustment is not used by MPFL.","page_number":24,"box":{"x":97,"y":616,"width":312,"height":11}},{"id":"09988ac1-7171-4f25-80e1-5814801e0b9c","block_type":"box","text":"Application of the transitional risk-free interest rate-term structure","page_number":24,"box":{"x":97,"y":645,"width":483,"height":11}},{"id":"86f05a1e-cd25-4606-8a88-6073b493982e","block_type":"box","text":"The transitional risk-free interest rate-term structure has not been applied.","page_number":24,"box":{"x":97,"y":667,"width":500,"height":11}},{"id":"1e9ea2fa-c202-40c5-8ee5-c34416160881","block_type":"box","text":"Application of transitional deduction","page_number":24,"box":{"x":97,"y":696,"width":266,"height":11}},{"id":"90feab08-5c89-4ccc-b0d4-ad39b54e51ca","block_type":"box","text":"The transitional deduction has not been applied.","page_number":24,"box":{"x":97,"y":718,"width":326,"height":11}},{"id":"7d663218-ac64-4b4c-862b-c393b0d90a17","block_type":"box","text":"Description of recoverable from reinsurance contracts and special purpose vehicles; and any material","page_number":24,"box":{"x":98,"y":745,"width":796,"height":11}},{"id":"4d2bb624-2492-4237-9707-14b19f4899dc","block_type":"box","text":"changes in the relevant assumptions made in the calculation of technical provisions compared to the previous","page_number":24,"box":{"x":98,"y":758,"width":796,"height":11}},{"id":"a52e109e-cf6f-4f56-8a60-ce1457122885","block_type":"box","text":"reporting period","page_number":24,"box":{"x":98,"y":772,"width":117,"height":11}},{"id":"55abd88b-3f1c-44fe-a1c0-0e76228c5d67","block_type":"box","text":"MPFL has no outward reinsurance arrangements and no recoverable from Special Purpose Vehicles.","page_number":24,"box":{"x":98,"y":793,"width":686,"height":11}},{"id":"02bed9e4-def1-4cc2-b588-068dd4b1846e","block_type":"box","text":"Post balance sheet events","page_number":24,"box":{"x":98,"y":816,"width":190,"height":8}},{"id":"8dc594a1-0f2e-452f-a4e8-15b8b4395f93","block_type":"box","text":"VIF and risk margin have not been impacted by any subsequent events arising in the period to end of March 2025.","page_number":24,"box":{"x":97,"y":838,"width":775,"height":12}},{"id":"fbaee7b4-4adb-44fa-ae8a-d0acd109c408","block_type":"box","text":"Solvency and Financial Condition Report","page_number":25,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"4ba9c295-9d8b-4f85-9f90-e22f6360ff11","block_type":"box","text":"Managed Pension Funds Limited 25/41","page_number":25,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"ffb18408-64c8-410e-aeda-cc86d0007a7a","block_type":"box","text":"D.3 Other liabilities","page_number":25,"box":{"x":98,"y":84,"width":175,"height":10}},{"id":"744c963b-812a-40c5-be54-f98da7c8453c","block_type":"box","text":"Valuation, methodology and assumptions","page_number":25,"box":{"x":97,"y":115,"width":304,"height":11}},{"id":"65147968-7bad-4293-b32e-3c5b458c5275","block_type":"box","text":"In line with","page_number":25,"box":{"x":99,"y":137,"width":70,"height":9}},{"id":"bbacad48-a3d8-4e3d-b3ba-dda232c7677a","block_type":"box","text":"Chapter 3.4A of the Reporting part of the PRA Rulebook and Guideline 10 (Content by material classes of","page_number":25,"box":{"x":179,"y":137,"width":723,"height":11}},{"id":"fb08f8ff-a814-4690-8222-e0c332688f36","block_type":"box","text":"liabilities other than technical provisions), relevant disclosures in relation to other liabilities as per MPFL’s Solvency II","page_number":25,"box":{"x":98,"y":153,"width":803,"height":11}},{"id":"e3359e60-1e87-45e1-8746-da07f7b43d27","block_type":"box","text":"Balance Sheet are as follows:","page_number":25,"box":{"x":98,"y":168,"width":200,"height":9}},{"id":"76001bbf-f441-47ca-a108-5c298b20703c","block_type":"box","text":"Insurance & intermediaries payables","page_number":25,"box":{"x":98,"y":198,"width":266,"height":11}},{"id":"46bdaf6c-2db5-414c-9e70-62aa1763b0a8","block_type":"box","text":"Liabilities falling into this class are initially measured at fair value net of transaction costs. These are subsequently","page_number":25,"box":{"x":98,"y":220,"width":804,"height":11}},{"id":"4828928f-4b93-439d-afb1-0174c799ebe8","block_type":"box","text":"measured at amortised cost using the effective interest rate method where applicable. Therefore, the financial","page_number":25,"box":{"x":98,"y":235,"width":803,"height":12}},{"id":"846cd979-3ce6-4836-aa5a-fd2804485488","block_type":"box","text":"statements are prepared as per above valuation method and, as required in PRA Rulebook Valuation Part Chapter 5,","page_number":25,"box":{"x":98,"y":251,"width":802,"height":11}},{"id":"1ae40d0f-3487-4132-82ce-24ae6b229ee2","block_type":"box","text":"other (non-policyholder) liabilities are valued in accordance with UK-adopted international accounting standards","page_number":25,"box":{"x":98,"y":267,"width":803,"height":11}},{"id":"28f3469a-1a46-43be-9dfe-b3f944ab8bea","block_type":"box","text":"(Financial Reporting Standard 101 “Reduced Disclosure Framework”) and the valuation method adapted is consistent","page_number":25,"box":{"x":98,"y":283,"width":804,"height":11}},{"id":"491a2ec0-6197-4094-a796-ab90cf437c93","block_type":"box","text":"with the approach set out in the in PRA Rulebook Valuation Part Chapter 2, Article 75 of Solvency II Directive.","page_number":25,"box":{"x":97,"y":298,"width":744,"height":12}},{"id":"d4681f48-788c-48d3-80cb-d58b8f5f768c","block_type":"box","text":"Payables (trade, not insurance)","page_number":25,"box":{"x":98,"y":328,"width":226,"height":11}},{"id":"106f00b9-0321-4d86-ba42-72766249b68a","block_type":"box","text":"Similar to Insurance & intermediaries payables, this is initially measured at fair value net of transaction costs. These are","page_number":25,"box":{"x":98,"y":350,"width":804,"height":11}},{"id":"93172e11-94b2-4af9-9cf2-ec24b6a88d67","block_type":"box","text":"subsequently measured at amortised cost using the effective interest rate method where applicable. Again, the result of","page_number":25,"box":{"x":98,"y":365,"width":804,"height":12}},{"id":"32999c7f-d7b7-4c1e-b549-aca1c9e0199e","block_type":"box","text":"this measure is assessed to be materially equivalent to the value required under Solvency II.","page_number":25,"box":{"x":97,"y":381,"width":626,"height":11}},{"id":"2d5f5a4c-42c4-4088-b8dd-36c8829c15fa","block_type":"box","text":"Other disclosures","page_number":25,"box":{"x":98,"y":411,"width":129,"height":9}},{"id":"b3fe54bc-6aa4-44c6-8b81-bdd3e707196e","block_type":"box","text":"There are no additional liabilities to be disclosed on the MPFL’s Solvency II Balance Sheet.","page_number":25,"box":{"x":97,"y":433,"width":617,"height":11}},{"id":"5be17e8a-80a1-4ef0-92ac-6c71d577ab7e","block_type":"box","text":"Reconciliation to financial statements","page_number":25,"box":{"x":98,"y":462,"width":274,"height":9}},{"id":"08443eb7-6f57-4001-a45b-d9abe661e05d","block_type":"box","text":"The bases, methods and assumptions used for valuation of these liabilities for the Financial Statements are assessed","page_number":25,"box":{"x":97,"y":484,"width":804,"height":11}},{"id":"fee1e882-9fbf-44df-8aea-0937102d4be6","block_type":"box","text":"to produce results that are materially equivalent to the values required under Solvency II.","page_number":25,"box":{"x":97,"y":500,"width":601,"height":11}},{"id":"7f68de88-ae4f-46d7-a5ad-6f70e7858153","block_type":"box","text":"D.4 Alternative methods for valuation","page_number":25,"box":{"x":98,"y":534,"width":315,"height":10}},{"id":"c8090939-555c-4474-b254-5e319c25cf14","block_type":"box","text":"Assets categorised as Level 3 in “D.1 Assets” above were fair valued using inputs that are not observable, reflecting","page_number":25,"box":{"x":97,"y":558,"width":804,"height":11}},{"id":"093c8ae5-d3f0-4457-b8a9-ab8305d91cd2","block_type":"box","text":"assumptions that the market participants may use in pricing such assets.","page_number":25,"box":{"x":98,"y":574,"width":492,"height":11}},{"id":"d66e371c-1c2b-420b-b20f-f70a431bf579","block_type":"box","text":"D.5 Any other information","page_number":25,"box":{"x":98,"y":608,"width":228,"height":13}},{"id":"0315ca66-d699-4441-9908-50a4808e76d4","block_type":"box","text":"There is no other material information regarding the valuation of MPFL’s assets and liabilities to add.","page_number":25,"box":{"x":97,"y":633,"width":680,"height":11}},{"id":"37694058-0d69-4c8c-8e65-1aaf02960e92","block_type":"box","text":"Solvency and Financial Condition Report","page_number":26,"box":{"x":539,"y":27,"width":299,"height":12}},{"id":"4e657176-5679-47be-bef2-866f7173ae07","block_type":"box","text":"Managed Pension Funds Limited 26/41","page_number":26,"box":{"x":98,"y":961,"width":429,"height":10}},{"id":"e4f2bf5d-5d37-4042-8134-0e941eb6f776","block_type":"box","text":"Section E: Capital Management","page_number":26,"box":{"x":98,"y":92,"width":268,"height":13}},{"id":"ed1234b1-6228-4490-94ff-c45bd8f8f9b4","block_type":"box","text":"E.1 Own funds","page_number":26,"box":{"x":98,"y":131,"width":143,"height":9}},{"id":"24f04b7f-58f1-4fd5-ad97-dbda18e86689","block_type":"box","text":"MPFL objectives with regard to managing own funds","page_number":26,"box":{"x":98,"y":161,"width":383,"height":12}},{"id":"02682e74-29b0-4efc-9fce-5feede2676cf","block_type":"box","text":"It is the policy of MPFL to maintain capital in excess of the level required by its SCR, and to ensure capital adequacy","page_number":26,"box":{"x":99,"y":183,"width":803,"height":11}},{"id":"3abd1711-d53f-4a4f-8d7f-905e5a30359c","block_type":"box","text":"according to its ORSA. Adequate capital should be held against all key material risks, and should remain adequate not","page_number":26,"box":{"x":98,"y":199,"width":804,"height":11}},{"id":"d7300a17-7201-4a56-92e8-8afbdc5bbe2d","block_type":"box","text":"just at a point in time, but over the business planning period to account for changes in MPFL’s strategic direction,","page_number":26,"box":{"x":96,"y":215,"width":805,"height":11}},{"id":"d440179a-bd4a-489a-a8a0-a6b10aaeaf31","block_type":"box","text":"evolving economic conditions, and financial and market volatility, and their effect on the Company’s risk profile and","page_number":26,"box":{"x":98,"y":230,"width":803,"height":12}},{"id":"afc1b8b0-8d9f-4ddd-85e0-1478079ce73b","block_type":"box","text":"capital needs.","page_number":26,"box":{"x":98,"y":246,"width":92,"height":11}},{"id":"2e08ec71-d664-42c7-8bbf-16c91f33cbc9","block_type":"box","text":"The Company’s planning period is three years and based on the current Plan, there is no anticipated material change","page_number":26,"box":{"x":97,"y":269,"width":804,"height":11}},{"id":"801bcec9-b43e-430b-be64-f34bb1d2cae5","block_type":"box","text":"to the Company’s business model, its product offering or market. Therefore, the risk profile of the Company is not","page_number":26,"box":{"x":97,"y":285,"width":805,"height":11}},{"id":"5d20285e-ba34-402c-8bb4-5a6380cbea2b","block_type":"box","text":"expected to change materially over the planning period.","page_number":26,"box":{"x":98,"y":301,"width":375,"height":11}},{"id":"d42496f5-d79e-4ebd-a5c5-404c7d2def77","block_type":"box","text":"As at 31 December 2024, 81% (2023: 80 %) of assets held to cover basic own funds were investments in SSGA Liquidity","page_number":26,"box":{"x":97,"y":323,"width":805,"height":12}},{"id":"51f7759f-31d3-4159-8390-80ab6e325714","block_type":"box","text":"fund. Over the planning period of the Company, it is anticipated that a significant portion of the assets held to cover","page_number":26,"box":{"x":97,"y":339,"width":805,"height":11}},{"id":"80300dbe-ad51-45be-81b3-82c22fe7e47f","block_type":"box","text":"basic own funds will be held in this highly rated liquidity fund.","page_number":26,"box":{"x":98,"y":355,"width":410,"height":11}},{"id":"1cd61b2c-b4c1-48b5-9221-73f05fb60df4","block_type":"box","text":"MPFL plans to maintain a solvency ratio equal to or above 210% and the strategy to achieve this is by maintaining","page_number":26,"box":{"x":98,"y":378,"width":803,"height":11}},{"id":"92b0804e-56b0-4b33-aec2-ec055d7865a4","block_type":"box","text":"reserves from profits.","page_number":26,"box":{"x":98,"y":393,"width":142,"height":11}},{"id":"01847844-e4db-43cd-ba5f-9919e2055fe3","block_type":"box","text":"Structure, amount and quality of own funds","page_number":26,"box":{"x":98,"y":423,"width":316,"height":11}},{"id":"119b93a4-a6f0-4405-9785-f9e8cc1e3e77","block_type":"box","text":"MPFL currently holds unrestricted Tier 1 Own Funds only as per the below table. Any proposal to change the capital","page_number":26,"box":{"x":98,"y":445,"width":803,"height":11}},{"id":"fe7efb23-cbfa-4db9-9214-0fdcf20fb8c5","block_type":"box","text":"management policy to permit other types of capital instrument would be subject to approval by the Board.","page_number":26,"box":{"x":98,"y":460,"width":712,"height":12}},{"id":"f061f446-7da4-4341-8310-d4b4cd8a0500","block_type":"box","text":"2024","page_number":26,"box":{"x":527,"y":488,"width":30,"height":8}},{"id":"03e240bb-0dfb-4879-9a6d-4b553e1f5539","block_type":"box","text":"£’000","page_number":26,"box":{"x":527,"y":501,"width":34,"height":8}},{"id":"3b0bc270-189e-44b2-a2d3-e29492ab8ce5","block_type":"box","text":"2023","page_number":26,"box":{"x":648,"y":488,"width":30,"height":8}},{"id":"ab5f3d5e-d0e1-4270-a0fc-0c68a5e36f27","block_type":"box","text":"£’000","page_number":26,"box":{"x":647,"y":501,"width":34,"height":8}},{"id":"fbf7d321-67ed-4218-97df-ac418300c8bf","block_type":"box","text":"Ordinary share 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