Chubb Security Pension Fund (Fund Registration Number 10094555) Annual Report For The Year Ended 31 March 2022

Summary of contributions payable in the year 13 Independent auditors' statement about contributions 14 Independent auditors' report 15 Notes to the Financial Statements 20 Certificate of Adequacy of Contributions 33 Appendix I - Chubb Common Investment Fund Report & Financial Statements 57

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee is pleased to present its report on the Chubb Security Pension Fund ("the Fund") for the year ended 31 March 2022. The Fund is an occupational defined benefit pension plan established under English law by a Trust Deed and Rules dated 1 May 1980 and is currently governed by a replacement definitive Deed and New Rules (as subsequently amended) which was adopted on 19 May 2000. The Fund is registered in the United Kingdom. The registered office is at Oak House, Littleton Road, Ashford, Middlesex, TW15 1TZ. In...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Changes to Fund Rules There have been no changes to the Fund Rules during the year under review. The Principal Employer The Principal Employer is: Chubb International Holdings Limited, 1st Floor Ash House, Littleton Road, Ashford, Middlesex, TW15 1TZ Financial development of the Fund The financial statements have been prepared and audited in compliance with regulations made under sections 41 (1) and (6) of Pensions Act 1995. save that the financial statements were not prepared and audited within...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Fund advisers The Trustee retains a number of professional advisers in connection with the operation of the Fund. In line with UK pension scheme best practice, the Trustee has a policy of periodically reviewing all of its external advisers and service providers The advisers currently appointed are as follows: Scheme Actuary P Houghton, Barnett Waddingham LLP Advising Actuaries Administrator of the Fund benefits Buck Consultants (Administration and Investment) Limited Legal Advisers CMS Cameron...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Pension Increases Pensions were subject to increases as at 1 April 2021. For those members who joined the Fund after 1 December 1995, pensions increase by the lower of 5% or the increase in the Retail Prices Index (RPI). This is referred to as Limited Price Indexation (LPI). RPI measured as at September 2020 was 1.1% and the Fund has to provide this level of increase on all pensions earned on or after 6 April 1997. Members who joined prior to 1 December 1995 continue to receive a minimum increase...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) GMP equalisation In October 2018, the High Court determined that benefits provided to members who had contracted out of the state second pension must be recalculated to reflect the equalisation of state pension ages from May 1990 to April 1997 between men and women. In November 2020, a further ruling by the High Court determined that transfers out of a scheme in respect of members who had contracted out of the state second pension must also be recalculated to reflect the equalisation of state...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Statement of trustee’s Responsibilities Trustee’s responsibilities in respect of the financial statements The financial statements, which are prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), are the responsibility of the trustee. Pension scheme regulations require, and the trustee is responsible for ensuring, that those financial statements: • show a true and...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Report on Actuarial Liabilities As required by Financial Reporting Standard 102, ‘Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (FRS 102), the financial statements do not include liabilities in respect of promised retirement benefits. Under Section 222 of the Pensions Act 2004, the Fund is subject to the Statutory Funding Objective, which is to have sufficient and appropriate assets to cover its Technical Provisions. The Technical Provisions represent...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Investment report After receiving appropriate professional advice, the Trustee of the Chubb Security Pension Fund (CSPF) and the Trustees of the related Chubb Pension Plan (CPP) agreed to participate in the Chubb Common Investment Fund (‘the CCIF’) from 1 July 1998 on the following basis: • • • • the Trustees of the CCIF be representative of the existing Chubb Pension Plan and Chubb Security Pension Fund Trustee structures; an external custodian be appointed to provide additional security by...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee’s Report (Cont) Investment strategy The investment objective of the Fund is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the Fund payable under the Trust Deed and Rules as they fall due. The Trustees set the investment strategy for the Fund taking into account considerations such as the strength of the employer covenant, the long term liabilities of the Fund and the funding agreed with...

CHUBB SECURITY PENSION FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 BlackRock Dynamic Diversified Growth Fund Ruffer Absolute Return Fund Insight Buy and Maintain Bonds Chubb Common Investment Fund 12 months (%) 3 years p.a. (%) 5 years p.a. (%) Fund Benchmark Fund Benchmark Fund Benchmark The 12-month period to 31 March 2022 began with markets focused on the recovery from the COVID-19 pandemic following the successful vaccine rollout. However, as 2021 came to an end the focus switched to rising inflation and the actions that central banks would need to take to bring it under control,...