Pensions Governance

Persimmon Plc Pension & Life Assurance Scheme

The Persimmon Plc Pension & Life Assurance Scheme (the ‘Persimmon Scheme’) is a defined benefit scheme which was closed to new members in 2001. Active members of the Persimmon Scheme accrue benefits on a career average revalued earnings basis. The assets of the Persimmon Scheme are held separately from those of the Group.

Prowting Pension Scheme

The Group also operates the Prowting Pension Scheme (the ‘Prowting Scheme’), a defined benefit scheme. Benefits accrue on a career average revalued earnings basis. The assets of the Prowting Scheme are held separately from those of the Group.

Role of the Trustees

Both the Persimmon Scheme and the Prowting Scheme (jointly ‘the Pension Schemes’) are managed by Trustees who are legally separate from the Company. The Trustees are composed of representatives appointed by both the employer and employees. The Trustees are required by law to act in the interest of all relevant beneficiaries and are responsible in particular for the asset investment policy plus the day-to-day administration of the benefits. They are also responsible for jointly agreeing with the employer the level of contributions due to the Pension Schemes.

Funding requirements

Both Pension Schemes are in a strong funding position and the Group remains committed to the continuity of this position.

The Pension Schemes investment strategy is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the members as they fall due. The Pension Schemes do not invest directly in complex financial instruments, though there may be limited indirect investment through investment funds.

Disclosures required by law

As required by law, the Pension Schemes have made the following documents publically available.

Persimmon Plc Pension and Life Assurance Scheme

Statement of Investment Principles (SIP) 

Engagement Policy Implementation Statement (EPIS) 

Prowting Pension Scheme

Statement of Investment Principles (SIP) 

Engagement Policy Implementation Statement (EPIS) 

Statements of Investment Principles set out a pension scheme’s investment strategy, including the investment objectives and investment policies adopted by a pension scheme.

Engagement Policy Implementation Statements set out the actions undertaken by the trustees of a pension scheme (and a scheme’s service providers, investment advisers and investment managers) to implement the policies set out in a scheme’s Statement of Investment Principles.