Introduction
Beechwood Trusteeship & Administration Ltd is the sole trustee of the Preci-Spark Limited (1984) Retirement Security Plan.
The Plan is ‘fully insured’ with Phoenix Life Ltd. They undertake all the investment and administration functions. The Plan was established in 1984.
All members in the Plan are deferred members.
This Chair’s Statement applies to the year ending 31st December 2025.

Statement of Investment Principles
A Statement of Investment Principles is not appropriate for the reason explained in the paragraph below.

Default Investment
There is no investment choice for either the trustee or member within the Plan. The only investment is in the form of ‘traditional’ with-profits. This means that each member has a guaranteed fund at Normal Retirement Date based on their historic contributions, to which annual and possibly a terminal bonus may be added.

Return on Investments
The annual bonus declared for the year ending 31st December 2025 was 0.05%.

Core Financial Transactions
There are no active members in the scheme, so no ongoing contributions to monitor.

The administration of the settlement of member benefits by Phoenix Life Ltd is not particularly impressive but is adequate.

Charges
The administration costs of the Plan are incorporated within the with-profits contract. This can vary slightly depending on age, but on average is approximately 0.60% pa for the year ending 31/12/2025. This is effectively deducted before any annual bonus is declared by Phoenix Life Ltd. Specific details are contained in each members’ annual benefit statement. 

The cost of the trustee is paid by Preci-Spark Ltd.

Value for Money Assessment

The Plan charges are not considered excessively high. The declared investment return is again 0.05%. This should also be considered alongside that there is a minimum guaranteed fund value and that will have allowed for some core growth.

The Plan also provides a valuable Guaranteed Annuity Rate (approximately 10%) and considering the average age of the remaining membership we do not consider it appropriate to surrender this to move the investment elsewhere.

We have researched online the costs of similar pension schemes and consider the charges applying to the Plan are not unreasonable. It is acknowledged that the administration charges for more modern pension arrangements (for example, workplace pensions) can be cheaper, but they do not carry any Guaranteed Annuity Rate which is a valuable member benefit.

Administration and Governance
We have no reason to believe the core data in inaccurate. We have however, recently approached every member to ascertain correct contact details.
Beechwood Trusteeship & Administration Ltd has been providing trusteeship of occupational pensions schemes since 2004. We keep abreast of changes in legislation and best practices. We are independent of Preci-Spark Ltd and Royal London.

Donald Beech
Director
Beechwood Trusteeship & Administration Ltd
0116 2765079
don.beech@beechwoodssas.com

9^th July 2025