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Principles</span> </h1> </div> <div class="row-2"> <div class="mb-5 prose" data-pattern="prose"><p class="c-intro"><strong>Statement of Investment Principles – February 2021</strong></p><p><strong>1. Introduction</strong></p><p>The Trustees of the National Magazine Company Limited Pension Scheme (the “Scheme”) have drawn up this Statement of Investment Principles (“the Statement”) to comply with the requirements of the Pensions Act 1995 (“the Act”) and subsequent legislation. The Statement is intended to affirm the investment principles that govern decisions about the Scheme’s investments. Details of the specific return and risk objectives are provided in Attachment A. A separate document detailing the specifics of the Scheme’s investment arrangements is available on request (the “Statement of Investment Arrangements”). </p><p>Before adopting this Statement the Trustees have:</p><p>(a) Obtained and considered the written advice of the "Investment Officer" and the Hearst Investment Officer;</p><p>(b) Consulted the Sponsoring Employer, the National Magazine Company Limited, on its content; and</p><p>(c) Obtained advice from the Scheme’s Investment Officer, Roger Paschke, of the Hearst Investment Office, regarding the investment policy described by this statement.</p><p><strong>2. Investment Responsibilities</strong></p><p>The Trustees of the Scheme are responsible for:</p><ul><li>Preparing the Statement of Investment Principles, including the investment strategy which the investment manager(s) must follow;</li><li>Appointing the investment manager(s) and any external consultants felt to be necessary who are authorized under the Financial Services and Markets Act 2000 and making sure that the investment manager and or external consultant is a suitably qualified person to carry out the Scheme’s investment business on the Scheme’s behalf;</li><li>Monitoring compliance with the Statement and reviewing its content at least annually;</li><li>Appointing the investment adviser; and</li><li>Reviewing on a regular basis, the investment manager’s performance against established benchmarks and satisfying themselves as to the manager’s expertise and the quality of its internal systems and controls.</li></ul><p><strong>3. Process for Choosing Investments</strong></p><p>The process for choosing investments is as follows:</p><ul><li>Identify appropriate investment objectives;</li><li>Agree the level of risk and expected return consistent with meeting the objectives set; and</li><li>Construct a portfolio of investments that is expected to meet the return objective (net of all costs) given the targeted level of risk.</li></ul><p>In considering the appropriate investments for the Scheme, the Trustees have:</p><p>(a) Obtained and considered the written advice of Roger Paschke, the Investment Officer, and the Hearst Investment Office, and;</p><p>(b) Consulted the Sponsoring Employer, the National Magazine Company Limited on its content.</p><p>The advice received and arrangements implemented are, in the Trustees’ opinion, consistent with the requirements of Section 36 of the Pensions Act 1995 (as amended).</p><p>The Trustees’ investment powers are set out within the Scheme’s governing documentation and relevant legislation. If necessary, the Trustees will take appropriate legal advice regarding the interpretation of these. However, the ultimate power and responsibility for deciding investment policy lies with the Trustees.</p><p><strong>4. Investment Objectives</strong></p><p>The Trustees’ objective is to invest the Scheme’s assets in the best interest of the members and beneficiaries. In the case of a potential conflict of interest with the Sponsoring Employer, the Trustees will look to invest the assets in the sole interest of the members and beneficiaries. Within this framework the Trustees have agreed a number of objectives to help guide the strategic management of the assets and control the various risks to which the Scheme is exposed. The primary objectives, taking account of the anticipated lifetime of the Scheme, are: </p><ul><li>To adopt an investment strategy that acknowledges the nature and term of the Scheme’s liabilities and which ensures that there is sufficient liquidity to meet any projected benefit outgo (as calculated using the Scheme’s technical provisions actuarial assumptions);</li><li>To adopt a strategy which aims to limit the size and volatility in the funding position of the Scheme and the pensions expense in the sponsoring employers’ company accounts. </li><li>The Trustees have agreed a Recovery Plan with the Company that aims to close the deficit on a Technical Provisions basis by 31 March 2024, through a combination of contributions and investment outperformance. Progress against this objective is measured on a regular basis.</li><li><p>In addition, the Trustees have adopted a plan for progressively matching investment assets in the Pension Scheme with forecasted liabilities as the funded status of the Pension Scheme improves, which is referred to as the “Glide Path” for the Pension Scheme (attached as an addendum to the Statement of Investment Principles). The Glide Path serves as a roadmap for the future investment allocation of the Scheme, which enables the portfolio to continue to be focused on growth investments in the current period to help close the gap in funded status, but over time shift the portfolio allocations to long duration assets to reduce the tracking error risk and under-funding risk between assets and forecasted liabilities. Once the funding-level objective of the Pension Scheme has been achieved, the Trustees anticipate transferring the assets (and associated liabilities) to a financial institution outside the plan for all future management and payment of the liabilities. </p></li></ul><p><strong>5. Risk Management and Measurement</strong></p><p>There are various risks to which the Scheme is exposed. In establishing the investment objectives, the Trustees have considered the following risks:</p><ul><li>The risk that there is a mismatch between the Scheme’s assets and its liabilities. The Trustees recognise that whilst increasing risk relative to the Scheme’s liabilities increases potential returns over a long period, it also increases the risk of a shortfall in returns relative to that required to cover the Scheme’s accruing liabilities as well as producing more short-term volatility in the Scheme’s funding position. The Trustees have taken advice on the matter and (in light of the objectives noted previously) considered carefully the implications of adopting different levels of risk. </li><li><p>The risk that adverse changes to interest rates and market-implied inflation will increase the value of the Scheme’s liabilities. The Trustees seek to mitigate this to an extent through investment in assets that are expected to perform in the same way as the liabilities (i.e. government bonds). </p></li><li>The risks that may arise from a lack of diversification of investments. Subject to managing the risk from a mismatch of assets and liabilities, the Trustees aim to ensure the asset allocation policy in place results in an adequately diversified portfolio.</li><li><p>The risks that may arise from a lack of diversification of investments. Subject to managing the risk from a mismatch of assets and liabilities, the Trustees aim to ensure the asset allocation policy in place results in an adequately diversified portfolio. </p></li><li><p>The risk that arises from investment in assets denominated in overseas currencies, which may depreciate against sterling (causing losses for a UK investor). Overseas currency risk is considered as part of the overall investment proposition for these assets. </p></li><li><p>The documents governing the manager appointments include a number of guidelines which, among other things, are designed to ensure that only suitable investments are held by the Scheme. The managers are prevented from investing in asset classes outside of their mandate without the Trustees’ prior consent. </p></li><li>Arrangements are in place to monitor the Scheme’s investments to help the Trustees check that nothing has occurred that would bring into question the continuing suitability of the current investments.</li><li>The safe custody of the Scheme’s assets is delegated to professional custodians via the use of pooled vehicles.</li><li>Investment managers may not borrow monies without prior consent. Whilst the Trustees recognise that borrowing on a temporary basis is permitted, this option will only be utilised when it is deemed absolutely necessary or where the Trustees have received advice that the Scheme’s overall exposure to risk can be reduced through temporary borrowing, e.g. during an asset transfer.</li><li><p>The Trustees recognise that Environmental, Social and Corporate Governance (“ESG”) risks are financially material. Further information on the Trustees’ policy with regard to these risks is set out in Section 12. </p></li></ul><p>The risk and other factors set out above are those that the Trustee determines to be financially material over the Scheme’s anticipated lifetime.</p><p>Should there be a material change in the Scheme’s circumstances, the Trustees will review whether and to what extent the investment arrangements should be altered; in particular whether the current risk profile remains appropriate.</p><p><strong>6. Portfolio Construction</strong></p><p>The Trustees have adopted the following control framework in structuring the Scheme’s investments, subject to the overriding constraint that at the total Scheme level the expected level of risk is consistent with the investment objectives.</p><ul><li>There is a role for both passive and active management. Passive management will be used for one of a number of reasons, namely:</p><ul><li>To reduce costs as ongoing monitoring requirements and management fees are significantly lower for passive management than for active management.</li><li>To invest in markets deemed efficient where the scope for active management to add value is limited.</li></ul></li></ul><p>At the total Scheme level, and within individual manager appointments (as deemed appropriate), investments should be broadly diversified to ensure there is not a concentration of investment with any one issuer. This restriction does not apply to investment in UK Government debt.</p><ul><li>Illiquid investments, such as property or private equity, may be held as long as the Trustees judge that the lack of liquidity will not prevent the Scheme from achieving the investment objectives set out in Section 4.</li><li>Investment in derivatives is permitted either directly or within pooled funds as long as they contribute to a reduction in risk or facilitate efficient portfolio management within acceptable risk parameters.</li><li><p>Investment may be made in securities that are not traded on regulated markets. Recognizing the risks (in particular liquidity and counterparty exposure) such investments will normally only be made with the purpose of reducing the Scheme’s mismatch risk relative to its liabilities or to facilitate efficient portfolio management. In any event the Trustees will ensure that the assets of the Scheme are predominantly invested in regulated markets. </p></li><li><p>At the total Scheme level and within individual manager appointments, investments should be broadly diversified to ensure there is not a concentration of investment with any one issuer. The restriction does not apply to investment in UK Government debt. </p></li></ul><p><strong>7. Investment Strategy</strong></p><p>Given the investment objectives, the Trustees have implemented the investment strategy as summarized in the attached Statement of Investment Arrangements.</p><p>The Trustees believe that the investment risk arising from active management is consistent with the overall level of risk being targeted.</p><p><strong>8. Day to day management of the assets</strong></p><p>The day-to-day management of the Scheme’s defined benefit assets (excluding annuities and Additional Voluntary Contributions (AVCs)) has been delegated to professional investment managers. The Trustees have taken steps to satisfy themselves that the managers have the appropriate knowledge and experience for managing the Scheme’s investments and that the work is carried out competently. </p><p>The Trustees have also determined, based on the advice of their Investment Officer, a benchmark mix of asset types and ranges within which the investment manager may operate. The Trustees regularly review the continuing suitability of the Scheme’s investments, including the appointed managers. However, any such adjustments would be done with the aim of ensuring the overall level of risk and return is consistent with the Trustees’ investment objectives. </p><p>Investment managers are appointed based on their capabilities and, therefore, their perceived likelihood of achieving the expected return and risk characteristics required for the asset class being selected for. </p><p>The Trustees look to their Investment Officer for their forward looking assessment of a manager’s ability to outperform over a full market cycle. This view will be based on the Investment Officer’s assessment of the manager’s idea generation, portfolio construction, implementation, and business management, in relation to the particular investment fund that the scheme invests in. The Investment Officer’s views assist with due diligence and questioning managers during presentations to the Trustees and are used in decisions around selection, retention and realization of manager appointments. </p><p>If the investment objective for a particular manager’s fund changes, the Trustees will review the fund appointment to ensure it remains appropriate and consistent with the trustees’ wider investment objectives. </p><p>The day-to-day management of the Scheme’s defined benefit assets (excluding annuities and Additional Voluntary Contributions (AVCs)) has been delegated to professional investment managers. The Trustees have taken steps to satisfy themselves that the managers have the appropriate knowledge and experience for managing the Scheme’s investments and that the work is carried out competently. </p><p>The Trustees have also determined, based on the advice of their Investment Officer, a benchmark mix of asset types and ranges within which the investment manager may operate. The Trustees regularly review the continuing suitability of the Scheme’s investments, including the appointed managers. However, any such adjustments would be done with the aim of ensuring the overall level of risk and return is consistent with the Trustees’ investment objectives. </p><p>Investment managers are appointed based on their capabilities and, therefore, their perceived likelihood of achieving the expected return and risk characteristics required for the asset class being selected for. </p><p>The Trustees look to their Investment Officer for their forward looking assessment of a manager’s ability to outperform over a full market cycle. This view will be based on the Investment Officer’s assessment of the manager’s idea generation, portfolio construction, implementation and business management, in relation to the particular investment fund that the scheme invests in. The Investment Officer’s views assist with due diligence and questioning managers during presentations to the Trustees and are used in decisions around selection, retention and realisation of manager appointments. </p><p>If the investment objective for a particular manager’s fund changes, the Trustees will review the fund appointment to ensure it remains appropriate and consistent with the trustees’ wider investment objectives. </p><p>Some appointments are actively managed and the managers are incentivised through remuneration (via performance related fees) and performance targets (an appointment will be </p><p>The Trustees look to their Investment Officer for their forward looking assessment of a manager’s ability to outperform over a full market cycle. This view will be based on the Investment Officer’s assessment of the manager’s idea generation, portfolio construction, implementation and business management, in relation to the particular investment fund that the scheme invests in. The Investment Officer’s views assist with due diligence and questioning managers during presentations to the Trustees and are used in decisions around selection, retention and realisation of manager appointments. </p><p>If the investment objective for a particular manager’s fund changes, the Trustees will review the fund appointment to ensure it remains appropriate and consistent with the trustees’ wider investment objectives. </p><p>Some appointments are actively managed and the managers are incentivised through remuneration (via performance related fees) and performance targets (an appointment will be reviewed following periods of sustained underperformance). The Trustees will review the appropriateness of using actively managed funds (on an asset class basis) each quarter. </p><p>The compensation or fees for most managers in the scheme are based on a percentage of assets under management. Prior to recommending to the Trustees an investment manager for the scheme, the Investment Officer evaluates the fees charged by each investment manager to ensure the fees are comparable to other managers of similar investment strategies. If the fees are considered to be higher than comparable strategies, the fees are either renegotiated to levels deemed appropriate and comparable, or the manager is not recommended to the Trustees. </p><p>Fees for managers currently included in the scheme are monitored on an ongoing basis to ensure they remain competitive with managers of other comparable strategies. If fees for any manager in the Scheme increase to levels deemed higher than appropriate, the fees are renegotiated to competitive levels. Failing a successful renegotiation of non-competitive fees, the manager is subject to termination. </p><p>Where the Trustees invest in pooled investment vehicles they accept that they have no ability to specify the risk profile and return targets of the manager, but appropriate mandates can be selected to align with the overall investment strategy. </p><p>The BlackRock fixed income mandate is set up as a bespoke pooled fund where the Scheme is the only investor: the Trustees have specified criteria in the investment guidelines for the asset class manager to be in line with the Trustees’ specific investment requirements. </p><p>The Trustees will also consider the Investment Officer’s assessment of how each investment manager embeds ESG into its investment process and how the manager’s responsible investment philosophy aligns with the Trustees’ responsible investment policy. This includes the investment managers’ policy on voting and engagement. The Trustees will use this assessment in decisions around selection, retention and realisation of manager appointments. </p><p>At each quarterly Trustee meeting, the Investment Officer reviews the performance and other relevant policy considerations of each manager in the scheme and reports any significant inconsistencies with current investment policies, objectives, and considerations. The Investment Officer reports efforts to resolve any significant policy inconsistencies. Failing appropriate resolution of such inconsistencies, the Investment Officer recommends termination of the manager. </p><p>The Trustees review the equity investment managers’ compliance against the UK Stewardship Code on an annual basis. </p><p>Investment managers are aware that their continued appointment is based on their success in delivering the mandate for which they have been appointed to manage. If the Trustees are dissatisfied, then they will look to replace the manager. </p><p>The Trustees are long term investors and are not looking to change the investment arrangements on a frequent basis. </p><p>For open-ended funds, there is no set duration for the manager appointments. The Trustees will retain an investment manager unless:</p><ul><li>There is a strategic change to the overall strategy that no longer requires exposure to that asset class or manager;</li><li>The manager appointment has been reviewed and the Trustees have decided to terminate – see policy statement on realisation of assets.</li></ul><p>For closed-ended funds the scheme is invested in a manager’s fund for the lifetime of the fund. At the time of appointment, the investment managers provided an indication of the expected investment duration of their funds and have the discretion to extend the lifetime of the fund in line with the Investment Management Agreement. In order to maintain a strategic allocation to the relevant asset classes, the Trustees may choose to stay with a manager in a new closed fund for that asset class or appoint a different manager. </p><p><strong>9. Investment Management Monitoring</strong></p><p>The Investment Officer provides the Trustees monthly investment manager performance for all relevant periods from the most recent month to inception of the manager relationship, based on information provided by the investment managers. The Trustees review the absolute performance, relative performance against a suitable index used as the benchmark, and against the manager’s stated target performance (over the relevant time period) on a net of fees basis. </p><p>While the Trustees’ focus is on long-term performance, the Investment Officer may report to the Trustees that shorter term performance has become a concern due to the manager making significant adjustments to or departures from the appointed strategy. In such cases, the Investment Officer may indicate to the Trustees that the manager may be subject to termination. </p><p>There are active mandates with performance related fees, which have hurdle rate structures in place to avoid the Trustees paying additional fees during periods of long term underperformance. </p><p>If a manager is not meeting performance objectives, or their investment objectives for the mandate have changed, the Trustees may ask the manager to review their fees – either the Annual Management Charge or the performance related fee element. </p><p>The Trustees receive MiFID II reporting from their investment managers and Investment Officer (where applicable) but do not analyse the information. The Investment Officer evaluates portfolio turnover and the related costs of each manager before the manager is recommended to the Trustees. Portfolio turnover costs impact manager investment performance and are reflected in the net performance results for each manager. If performance becomes materially impaired due to excessive portfolio turnover costs, the Investment Officer re-evaluates the manager’s strategy and determines if a recommendation for termination of the manager should be made to the Trustees. </p><p>The investment guidelines for the segregated investment manager appointments have specific portfolio turnover ranges. The investment manager is required to notify the Trustees if the range is breached over a quarter. </p><p>The Trustees will engage with a manager if portfolio turnover is higher than expected. This is assessed by comparing portfolio turnover across the same asset class, on a year-for-year basis for the same manager fund, or relative to the manager’s specified portfolio turnover range in the investment guidelines or prospectus. </p><p><strong>10. Expected Return</strong></p><p>The Trustees have put into place the investment target allocation and policy benchmark for performance of the total portfolio as indicated in Attachment A. From time-to-time as the Trustees deem appropriate or as advised by the Investment Officer, the Trustees may adjust the target allocation for the total portfolio, the asset classes utilized in the portfolio, and the performance benchmarks for the total portfolio and each asset class. </p><p>The Trustees expect to generate a return, over the long term, above that which would have been achieved had no investment risk been taken within the portfolio i.e. invested solely in a portfolio of long dated Government debt. It is recognized that over the short term performance may deviate from the long term target. </p><p><strong>11. Realisation of Investments</strong></p><p>The investment managers have discretion in the timing of realisation of investments and in considerations relating to the liquidity of those investments within the parameters stipulated in the relevant appointment documentation and pooled fund prospectuses. The Trustees review this from time to time to ensure that the operating instructions, guidelines and restrictions remain appropriate. </p><p><strong>12. Additional Voluntary Contributions (AVCs)</strong></p><p>The Trustees are responsible for the investments of AVCs paid by members. The Trustees invest members’ AVCs in a variety of policies managed by Phoenix Life and Legal & General Assurance Society Limited. The Trustees review the investment performance of the chosen providers on a regular basis and take advice as to the providers’ continued suitability. </p><p><strong>13. Environmental, Social and Corporate Governance Factors</strong></p><p>The Trustees believe that Environmental, Social, and Corporate Governance (“ESG”) factors may have a material impact on investment risk and return outcomes, and seek to integrate ESG into their decision making and reporting processes (where appropriate). The Trustees also recognise that long-term sustainability issues, including climate change, present risks and opportunities that increasingly may require explicit consideration. </p><p>The Trustees have given their investment managers full discretion in evaluating ESG factors, including climate change considerations, and exercising stewardship obligations attached to investments, including undertaking engagement activities in accordance with their own corporate governance policies and current best practice, including the UK Corporate Governance Code and UK Stewardship Code. </p><p>As the Trustees invest in pooled fund arrangements they have not set any investment restrictions on the appointed investment managers in relation to particular products or activities. However, the Trustees monitor the activities of the investment managers in relation to ESG factors and risks, including engagement with investee firms and the exercise of voting rights. </p><p>Member views in respect of non-financial ESG considerations are not taken into account in the selection, retention and realisation of investments, but members can make their views known to the Trustee. This position is reviewed periodically. </p><p><strong>14. Compliance with this Statement</strong></p><p>The Trustees monitor compliance with this Statement annually and may seek written confirmation from the Investment Managers that they have given effect to the investment principles in this Statement as far as reasonably able. </p><p><strong>15. Review of this Statement</strong></p><p>The Trustees will review this statement at least once every three years and without delay after any significant change in investment policy. Any changes to this Statement will only be made after having obtained and considered the written advice of someone who the Trustees reasonably believe to be qualified by their ability in and practical experience of financial matters and to have the appropriate knowledge and experience of the management of pension scheme investments. </p><p>Approved by the Trustees at a meeting on 05 August 2021.</p></div> </div> </article> </div> </div> <div class="region region-aside" role="complementary"> <div id="block-getintouch" class="container container relative py-10 bg-primary text-primary-foreground purple contextual-region settings-tray-editable" data-pattern="block-1"> <div class="row-2"> <div class="max-w-6 mx-auto"> <div class="space-y-5"> <div data-pattern="prose" class="prose"><h2>Let's work together</h2><p><strong>Please get in touch below to speak with a member of the Hearst Solutions team about partnerships.</strong></p><p><i>Subscription requests submitted via this form will not be 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