Welcome to the Member newsletter for 2023, our update summarising developments associated with the AbbVie Pension Fund (‘the Fund’).

As you know, the Trustee is responsible for running the Fund, looking after your interests as Members, making sure the Fund meets all of the legal requirements and ensuring it is funded properly so that it can pay all the benefits when they are due.

Last year I wrote that we were still feeling the effects of world events and we know that many people are worried about how living costs still seem to be increasing. As mentioned in last year’s newsletter, there is help available. MoneyHelper provides a range of helpful information on how to manage your money in these challenging times and I would urge you to makes use of this service.

I am pleased to tell you that despite the challenges of the last few years and the market turbulence towards the end of 2022, scheme funding remains strong, and we continue to work closely with the Fund’s advisers.

As you might be aware, every three years we are required to carry out a formal assessment of the funding position and the latest such assessment as of 31 March 2022 was completed in June this year. You will find more details about this exercise later in the Newsletter, but a key message is that this showed the Fund had a surplus of funds relative to its predicted outgoings. The annual funding report as of 31 March 2023 showed that this position had been maintained.

We hope that this newsletter is helpful to you and welcome any feedback you may have.

Christopher Wheeler Chairman