We’re pleased to inform you that the Society and Trustee have recently entered into an arrangement that includes providing the Fund with a substantial contingent asset. The contingent asset allows the Trustee to take control of up to £1.7 billion of additional assets for the Fund in certain circumstances, in particular should the Society become insolvent or unable to pay contributions due to the Fund in the future. Whilst these events are highly unlikely, the Trustee believes the contingent asset provides material additional security for members’ benefits. More information about this will be included in the next funding update, you can read the most recent one in our 2020 Annual Review.