On behalf of Phillips 66 Pension Trustee Limited, the Trustee of the Phillips 66 UK Pension Plan (“the Plan”), welcome to the October 2023 Newsletter for the Defined Benefit (“DB”) section of the Plan, with information and updates on your pension.

This newsletter contains our Summary Funding Statement, which tells you how the DB section is doing financially. Please take time to read it as our funding position is key to the security of your benefits in the Plan.

Earlier this year, the Trustee completed a review of the investment options for the Additional Voluntary Contributions (AVCs) offered to members of the DB Section of the Plan. Following this review there are some important changes coming into effect in October that, if you have an AVC account with Legal & General, could impact you. We've included an overview of these changes.

We have also recently had some changes on the Trustee Board as we said thank you and goodbye to Tony Reddington and Jim Waite, and welcomed Alan Church and Andrei Stefan as Member Nominated Directors. We also thank Chris Gilbert who is leaving the Trustee Board as a Company Appointed Director, being replaced by Alison Walker. You can read the article for more information.

With economic uncertainty and the ongoing threat of pension scams, it’s more important than ever to keep an eye on your savings. Your annual benefit statement is a key tool to help you do that, as is the pension portal provided by our Administrators, Gallagher. We have included articles on both those things, along with a brief reminder on cybersecurity following the data breach at our previous Administrators, Capita, earlier this year.

We hope you find the newsletter interesting and useful. If you have questions about the Plan or your benefits, you can use the Useful contacts section to find out how to contact Gallagher – or other organisations who may be able to offer help and advice.

Best wishes,

Gary Taylor

Chair of the Trustee Board