The Trustee reviewed its three MND's terms of appointment as part of its continual governance process. This is to ensure your Scheme continues to be managed appropriately and effectively by the Trustee. All three terms of appointments were due to expire within the next eight months.

The next few years will be busy for the Trustee. Having considered the current Trustee Board's experience and expertise, and duties carefully, the Trustee has agreed not to make multiple changes to the MNDs' appointmentments at this time. Therefore, the Trustee has agreed to postpone the end of term dates for the existing MNDs to the following:

• Phill Burrell - 31 December 2027
• Karena Caskie - 31 December 2027
• Richard Bowen - 30 June 2028

I'm pleased to say that all three MNDs have agreed to remain on the Trustee Board until their revised end of term dates. Extending the existing term of appointment will allow the Trustee to maintain a strong and experienced Board to ensure the Scheme continues to be run appropriately and effectively.