As part of the contingency planning arrangements for this, RPMI has conducted a Brexit impact analysis, identifying the key risks to the schemes and how these are being mitigated.
 
As a UK pension scheme, subject to English law, the impact of Brexit is not as significant as for other businesses which trade across the EU.
 
In addition, RPMI does not rely directly on any EU passports in the provision of our services, all employees are UK based and we do not carry out business activities in other jurisdictions.
 
From an investment perspective, our portfolio is globally positioned, so would benefit from a fall in sterling in the event of a hard Brexit.
 
However, we are monitoring the sensitivity of our investments to market shocks, and the loss of EU tax treaty benefits is to be quantified.
 
We have carried out work on our suppliers and investments, in terms of their continued ability to provide services, and have noted that there is no material impact.
 
As the UK is still negotiating its Brexit deal, we will continue to closely monitor the situation, until there is some certainty about what has been agreed.