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Sharp Electronics (UK) Limited Pension Scheme

Statement of Investment Principles

1.1. Introduction

Introduction

IntroductionIntroduction

This Statement of Investment Principles (“SIP”) sets out the policy of the Trustees of the Sharp Electronics (UK) Ltd Pension Scheme (“the Trustees”) on various matters governing decisions about

the investments of the Sharp Electronics (UK) Ltd Pension Scheme (“the Scheme”), a Dened Benet (“DB”) Scheme. This SIP replaces the previous SIP approved in March 2023.

The SIP is designed to meet the requirements of Section 35 (as amended) of the Pensions Act 1995 (“the Act”), the Occupational Pension Schemes (Investment) Regulations 2005 (as amended)

and the Pension Regulator’s guidance for dened benet pension schemes (March 2017). The SIP also addresses the requirements of the 2019 SIP regulations which implement the European

Union Shareholder Rights Directive.

This SIP has been prepared after obtaining and considering written professional advice from LCP, the Scheme’s investment adviser, whom the Trustees believe to be suitably qualied and

experienced to provide such advice. The advice takes into account the suitability of investments including the need for diversication given the circumstances of the Scheme and the principles

contained in this SIP. The Trustees have consulted with the relevant employer in producing this SIP.

The Trustees will review this SIP from time to time and, with the help of their advisers, will amend it as appropriate. These reviews will take place as soon as practicable after any signicant change

in investment policy and at least once every three years.

 Appendix 1

Appendix 1

Appendix 1 Appendix 1 sets out details of the Scheme’s investment governance structure, including the key responsibilities of the Trustees, investment advisers and investment managers. It also

contains a description of basis of remuneration of the investment adviser and the investment managers.

 Appendix 2

Appendix 2

Appendix 2 Appendix 2 sets out the Trustees’ policy towards risk appetite, capacity, measurement and management.

2.2. Investment Objectives

Investment Objectives

Investment Objectives Investment Objectives

The Trustees’ primary objective for the Scheme is to ensure that the Scheme should be able to meet benet payments as they fall due. A secondary objective is that the Scheme should be fully

funded (ie the asset value should be at least that of its liabilities). The Trustees are aware that there are various measures of funding, and have given due weight to those considered most relevant

to the Scheme.

The Trustees’ investment objective is to maximise the return on the Scheme’s assets whilst managing and maintaining investment risk at an appropriate level, and taking into account the primary

objective and the strength of the covenant of the sponsoring employers.

3.3. Investment Strategy

Investment Strategy

Investment Strategy Investment Strategy

The Trustees, with the help of their advisers and in consultation with the employer, reviewed the investment strategy in November 2023, taking into account the objectives described in Section 2

above. The result of the most recent review for the Scheme was that the Trustees agreed that the investment strategy of the Scheme should be initially based on the allocation below.

Asset class

Asset class Asset class

Strategic a

Strategic aStrategic allocation

llocation

llocation llocation

Corporate bonds / asset-backed securities

50%

Liability Driven Investment (“LDI”) / Liquidity

50%

Total

100%

The target level of interest rate and inflation hedging is to be broadly in line with the estimated funding level, on a Technical Provisions basis.

Following the 31 March 2023 valuation, the Trustees decided to de-risk the Scheme’s assets in order to reduce the risk that the funding position will deteriorate materially in the future and to

increase portfolio liquidity. The Trustees are in the process of implementing the agreed strategy at the time of writing, and so allocations may differ from the table above until complete.

There is no formal rebalancing policy. The Trustees monitor the asset allocation from time to time. If material deviations from the strategic allocation occur, the Trustees will consider with their

advisers whether it is appropriate to rebalance the assets, taking into account factors such as market conditions and anticipated future cash flows.

4.4. Considerations in setting the investment arran

Considerations in setting the investment arran

Considerations in setting the investment arranConsiderations in setting the investment arrangements

gements

gements gements

When deciding how to invest the Scheme’s assets, the Trustees consider a number of risks, including, but not limited to, those set out in Appendix 2. Some of these risks are more quantiable

than others, but the Trustees have tried to allow for the relative importance and magnitude of each risk.

In setting the strategy the Trustees took into account:

 the Scheme’s investment objectives, including the target return required to meet the Trustees’ investment objectives;

 the Scheme’s cash flow requirements in order to meet benet payments in the near to medium term;

 the best interests of all members and beneciaries;

 the circumstances of the Scheme, including the prole of the benet cash flows (and the ability to meet these in the near to medium term), the funding level, and the strength of the

employer covenant;

 the risks, rewards and suitability of a number of possible asset classes and investment strategies and whether the return expected for taking any given investment risk is considered

sufcient given the risk being taken; and

 the need for appropriate diversication between different asset classes to ensure that both the Scheme’s overall level of investment risk and the balance of individual asset risks are

appropriate.

5.5. Implementation of the investment arrangem

Implementation of the investment arrangem

Implementation of the investment arrangemImplementation of the investment arrangements

ents

ents ents

Before investing in any manner, the Trustees obtain and consider proper written advice from their investment adviser on the question of whether the investment is satisfactory, having regard to

the need for suitable and appropriately diversied investments.

The Trustees have signed agreements with the investment managers setting out in detail the terms on which the portfolios are to be managed. The investment managers’ primary role is the day-

to-day investment management of the Scheme’s investments. The managers are authorised under the Financial Services and Markets Act 2000 (as amended) to carry out such activities.

The Trustees and investment managers to whom discretion has been delegated exercise their powers to giving effect to the principles in this Statement of Investment Principles, so far as is

reasonably practicable.

The Trustees have limited influence over managers’ investment practices because all the Scheme’s assets are held in pooled funds, but they encourage their managers to improve their practices

where appropriate.

The Trustees’ view is that the fees paid to the investment managers, and the possibility of their mandate being terminated, ensure they are incentivised to provide a high quality service that meets

the stated objectives, guidelines and restrictions of the fund. However, in practice managers cannot fully align their strategy and decisions to the (potentially conflicting) policies of all their pooled

fund investors in relation to strategy, long-term performance of debt/equity issuers, engagement and portfolio turnover.