Issue - decisions

(a)          That the Committee noted the updated funding position (on assumptions consistent with the 2016 valuation) and hedging position for the Fund and the progress being made on the various elements of the Risk Management Framework;

(b)          The Committee noted that the equity protection structure has now been revised to increase the level of protection; and

(c)          That the Committee noted that any currency risk associated with the market value of the synthetic equity portfolio and the developed equity markets which have now been fully hedged.