Reliance Pension Scheme
Utmost Life and Pensions acts as the principal employer to this pension scheme, being the former staff pension scheme for Reliance Mutual Insurance Society, which Utmost acquired in 2018. The Scheme was established on 2 January 1961 and is governed by a Trust Deed and Rules. It is a defined benefit scheme, although it is closed to active members.
In order to comply with the Pensions Act 1995 and subsequent legislation, Trustees of most occupational schemes must prepare, maintain and periodically revise a Statement of Investment Principles (SIP), a written statement governing decisions about investments.
The Scheme SIP was last reviewed in September 2023 to reflect the Scheme year to the end of March 2023, and a copy can be found here:
In addition, trustees of most schemes with 100 or more members must include an implementation statement when they publish the Scheme’s annual report. The government's intention is that trustees should set out in their statement of investment principles (SIP) what they intend to do, and then report back on whether they have done it. Trustees must also publish the implementation statement online and tell members about its availability. The Scheme implementation statement can be found here: