On 28 September 2022, the Bank of England agreed to purchase up to £65bn of UK Government Bonds (another name for gilts). This decision was made amid fears that the continuing fall in the value of gilts could have a negative impact on pension schemes. Gilts are commonly held as investments by pension schemes because they’re government backed and provide regular income.

The Trustee Directors of Nationwide Pension Fund are alert to the market turbulence and have been reviewing the implications with their professional advisors. Both the Trustee and the Society place great importance on the security of members’ benefits and pensions continue to be paid in the normal way.