Diageo

Pension Scheme

Scheme Review 2009

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 Diageo
Pension Scheme

Scheme Review
2009

Contents
Chairman’s Report Pages 3-4
1. Summary of the Scheme’s accounts and Investment News Pages 5-8
2. Scheme Funding Update Pages 8-9
3. 2009 Actuarial Valuation Pages 10-11
4. Scheme and Industry News Pages 12-14
The Trustee and its Advisers Page 15
Who to contact Page 15

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 Chairman’s Report

Welcome to the 2009 Diageo Pension Scheme Review. This year’s review
provides you with a summary of the Scheme’s accounts for the year ended
31 March 2009, a Scheme funding update and news about your Scheme
benefits as well as general pensions news.

1. Summary of the Scheme’s accounts

This has been another busy year for the Trustee Directors, particularly in a
period of such economic volatility. As can be seen on page 5 of this report,
over the year to 31 March 2009, the value of the Scheme’s net assets fell
by 13% from £3,537 million to £3,125 million, mainly as a result of poor
market conditions. As you will be aware, the impact of the downturn in the
economy has been very significant and UK pension schemes have not been
immune from the effects of this downturn.

Information on the Scheme’s investments including the Trustee’s investment

strategy, past performance and changes to the investment structure and
managers over the year can be found on pages 6 to 8.

The Trustee has an Investment Sub Committee who meet on a regular basis
throughout the year to review the performance of the Scheme overall as
well as the returns of individual managers. For the year to 31 March 2009,
whilst the return on the Scheme’s investments was –11.2%, mainly as a
result of the poor market conditions, this was considerably better than the
average pension scheme return of –17.3%. The Trustee made a number of
changes over the year to the investment structure of the Scheme including
a change of investment managers and the implementation of an active
currency management programme with the aim of generating additional
returns as well as reducing risk. We will continue to keep all elements of our
investment strategy under close review.

2. Funding update
The Trustee is required on an annual basis to provide you with a summary
funding statement and the latest interim funding update as at 1 April 2008
can be found on pages 8 and 9 of this review.

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 Diageo Pension Scheme Review 2009
Chairman’s Report

3. 2009 valuation
Every three years the Scheme actuary assesses the financial health of the
Scheme by carrying out an actuarial valuation. An actuarial valuation is due
as at 1 April 2009 and this is currently underway. Please refer to pages 10
and 11 for more information. In light of the changes in the world economy,
early indications are that the funding position has worsened significantly
since the interim funding update as at 1 April 2008. The Trustee will work
closely with the Company to agree on the funding of the deficit as well as
the future ongoing funding of the Scheme and hopes to have reached an
agreement by March 2010. Following this, a communication will be issued
to all members setting out the valuation results and how the deficit will be
funded.

4. Scheme and Industry News

On pages 12 to 14 you will find some news about your Scheme benefits and
general pensions news including the taxation changes for high earners as
announced in the Chancellor’s budget earlier this year and information on
early retirement from 2010.

I hope you find the rest of this document informative, helpful and easy to
understand. If you would like to give feedback, you can do so by contacting
the Pensions Team, whose details are shown on page 15. You may also like
to visit the Scheme website at www.mydiageopension.com, which provides
useful information and guidance about your pension benefits.

Gareth Williams
Chairman

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 1. Summary of the Scheme’s Annual Accounts to 31 March 2009

Scheme membership
Membership Membership
at 31.03.2008 at 31.03.2009
Actives 4,361 4,138
Deferreds 29,134 28,106
Pensioners 29,793 29,553
Total 63,228 61,797

Membership analysis at 31 March 2009

Actives 6.7%

Pensioners 47.8%

Deferreds 45.5%

Financial summary of the Scheme for the year ended 31 March 2009
The summary of the accounts shown below has been extracted from the Diageo Pension Scheme Annual
Report and Accounts, which have been given a clean audit report by KPMG LLP. You can obtain a copy of the
formal report by contacting the Pensions Team. Contact details can be found on page 15.
£million
Value of Scheme’s Net Assets at 31 March 2008 3,537
Received by Scheme £million Paid from Scheme £million
Member contributions 10 Pensions and retirement lump sums (160)
AVCs from members 1 Transfers to other pension schemes (4)
Employer contributions 46 Other benefits (1)
Administration costs (4)
Investment income 104 Investment expenses (33)
Income 161 Expenditure (202)
Decrease in value of investments (371)
Value of Scheme’s Net Assets at 31 March 2009 3,125

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 Investment News
Investment Committee
The Investment Committee is appointed by the Trustee and is responsible for advising the Trustee on
investment strategy and for monitoring and supervising the external investment managers.
The Committee comprises six Trustee Directors. The current investment committee members are:

Charles Coase, Chairman

Carolyn Isaacs
Catherine James
Anna Manz
Ian Shaw
Roderick Sivewright

The Investment Committee meets on a regular basis throughout the year. It reviews the performance of
the Scheme overall, as well as the investment returns of the individual managers, and deals with all other
investment related issues.

Split of Scheme Assets at 31 March 2009

The table below shows the Scheme’s investment assets split by asset type and the investment managers
appointed to manage these assets.

Asset type Investment Manager % of Fund

Equities Barclays Global Investors Limited 29.3
Wellington Management Company LLP
Marathon Asset Management Limited
NewSmith Capital Partners LLP
Newton Investment Management Limited
Alliance Bernstein Limited
Bonds Western Asset Management Company Limited 36.8
Barclays Global Investors Limited
Henderson Global Investors Limited
Property Cordea Savills LLP 11.8
CBRE Investors Collective Investors Ltd
Alternative Assets Cordea Savills LLP 21.7
CBRE Investors Collective Investors Ltd
Cash 0.4
Total 100.0

% of Fund by Asset class

Cash 0.4%

Alternative Assets 21.7%

%
Equities 29.3%
Eq

Property 11.8%

Bonds
B ond 36.8%
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 Investment News
Investment Strategy
The Trustee’s investment strategy aims for long-term good performance without taking unnecessary risks. In
line with this strategy, as the funding level of the Scheme increases, the Scheme gradually switches out of
equities into investments with a relatively lower risk and return profile, which more closely match with the
liabilities (pensions promises) of the Scheme.

Investment Performance
The following charts show the investment performance of the Scheme by asset type over the last 12 months
and the performance of the Scheme over 1,3 and 5 years compared to the average UK pension fund returns
to 31 March 2009 based on independent data (sourced from the “WM All Funds index (including property)”).

The performance over the 12 months to 31 March 2009 has been significantly impacted by poor market
conditions which has consequently impacted the annualised return for the last 3 years.

Investment Return % Year to March 2009

Alternative Assets*
16.7%

0.0%

Bonds Scheme Return

(11.2%) (11.2%)
Property
Equities (19.4%)
(21.2%)

* Alternative Assets include Hedge Funds and Private Equity.

Diageo Pension Scheme returns vs. Average Pension Scheme returns

8.2%

4%

1 Year 3 Year
0.0%
5 Year
(1.1%)

(4.3%)

(11.2%)

(17.3%) Page 7

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 Investment News
Changes to Investment Structure and Managers
In June 2008, following a review of managers and their performance, the Trustee decided to replace the two
Capital International Limited equity appointments with Alliance Bernstein Limited and Newton Investment
Management Limited. Both of these managers were appointed to manage a global equity portfolio each
with an asset allocation of 5% of total Scheme investments.

In March 2009, the Trustee decided to implement an active currency management programme with the
appointment of three managers with differing styles, namely Investec Asset Management, Millennium Global
Investment and Record Currency Management. The aim of this is to generate additional returns for the
Scheme as well as reducing risk by increased investment diversification. Investment in these managers began
after the year end, with the aim of building up a currency portfolio of £100 million which is being phased
over a six month period.

2. Scheme Funding Update

Annual Summary Funding Statement
The Trustee Directors are pleased to present
their Annual Summary Funding Statement. This
information is provided in a ‘question and answer’
format, which we hope you will find useful.
What is the purpose of this statement?
Its purpose is to explain the latest funding position
of the Scheme and how this has changed since the
previous interim actuarial review.
How is the Scheme funded?
Both the Company and members who are still
working for the Company pay contributions into the
Scheme. The level of members’ contributions is set
out in the Scheme Rules and depends on the section
of the Scheme to which the member belongs.
The Company’s contributions are variable and are
intended to meet the balance of the amount of
money required to pay the benefits. The Scheme is
set up as one common fund, which the Trustee uses
to provide all members’ pensions. This fund is held
separately from the assets of the Company.
How much does the Company currently pay
into the Scheme?
Since 1 January 2007, the Company has been
paying contributions at the agreed rate of 36.4% of
pensionable salaries, less employee contributions.
Page 8
In addition, a recovery plan was agreed with the
Company to deal with the deficit of £201 million,
as revealed at the last full actuarial valuation as at
1 April 2006. The Company agreed to make four
payments of £50 million into an Escrow Account.
Have any payments been made from the
Scheme to the Company?
The Pensions Regulator states that we have to tell
you if there have been any payments from the
Scheme to the Company in the last twelve months.
We can confirm that there have been none.
What was the Scheme’s funding position at the
last interim actuarial review?
The interim actuarial review as at 1 April 2008
showed that the estimated funding position of the
Scheme was 92.2% - see below:
Value of the Scheme’s assets £3,523m*
Amount needed to provide benefits £3,820m*
Deficit £297m
Funding level 92.2%
* Excludes AVCs
How has the funding position changed since
the review at 1 April 2007?
The previous interim review carried out at 1 April
2007 showed that the estimated funding position
of the Scheme was 99.2%. The decrease in the

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Scheme’s funding level since 2007 is mainly due to:
• Unfavourable market movements that have
altered the assumptions used to carry out
the 2008 review.
• Lower than anticipated returns on the Scheme
assets over the year.
The funding level shown at 1 April 2008 is based
on updated funding assumptions, derived from
the same methodology as used for the full 2006
valuation.
What is the funding level on the full solvency
position?
Even though the funding level is currently less than
100%, the Scheme will pay benefits in full as long
as it continues. The Trustee is, however, required
to advise members of the financial position of the
Scheme, in the unlikely event that the Scheme
discontinued and the Company was unable to pay
the benefits due. If the Scheme had been wound
up on 1 April 2008, the Actuary estimated that the
shortfall on the full solvency basis was £1,930 million,
equal to a funding level of 65%.
It is important to understand that the Pensions
Regulator requires us to report the full solvency
position but this does not mean the Company
intends to wind up the Scheme. Furthermore, the
law now stipulates that the sponsoring employer (in
this case Diageo) cannot wind up a pension scheme
unless it is funded on a full solvency basis. The only
circumstances under which a scheme might be
wound up without members receiving their full
benefits is when the sponsoring employer becomes
insolvent and unable to give the scheme any further
support. However, in such a circumstance, the
Pension Protection Fund (PPF) might step in and
administer the scheme. Further information about
the PPF can be obtained on its website at
www.pensionprotectionfund.org.uk
The full solvency position assumes that benefits
would be secured by buying insurance policies. The
cost of securing pensions in this way is significantly
more expensive than funding them in the Scheme.
The funding of the Scheme assumes that the
Company remains committed to supporting the
Scheme and has no intention of winding it up.
DiageoPensionReview2009.indd 9
Investment News
Where can I get further information?
You are welcome to see any of the following Scheme
documents:
• Annual Report and Accounts of the Diageo
Pension Scheme for the year ending 31 March
2009, which includes the full accounts and
membership figures, statements from the
Actuary and Auditors, an update on the Scheme’s
investment performance and details of the
Trustee and advisers. Much of this information is
summarised in this Scheme Review.
• Actuarial valuation report shows the funding
position of the Scheme as at 1 April 2006.
• Actuarial report shows the position following the
actuarial review of the Scheme as at 1 April 2008.
• Statement of Funding Principles explains the
approach adopted for funding the Scheme.
• Recovery Plan explains how the funding deficit as
at 1 April 2006 is being made up.
• Schedule of Contributions shows how much
money is being paid into the Scheme.
• Statement of Investment Principles explains how
the Trustees invest the money paid into the
Scheme.
Details of the Scheme, including many of the above
documents, can be found on the pensions website
at www.mydiageopension.com. Alternatively, you
can obtain a copy of any of these documents from
the Pensions Team. Contact details can be found on
page 15.
Important note
If you are thinking of
making any changes
to your pension
arrangements you
should consider
taking independent
financial advice.
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 3. Update on the 2009 actuarial valuation
What is an actuarial valuation?
At least once every three years the Scheme’s actuary
assesses the financial position of the Scheme by
carrying out a full formal actuarial valuation. The
main aim of the valuation is to help determine the
level of contributions the Company pays into the
Scheme. As required by legislation, the last interim
actuarial review was carried out as at 1 April 2008,
and a full actuarial valuation as at 1 April 2009 is
currently underway.
As part of the valuation, the actuary calculates a
target amount of money that is required to pay
the benefits that members have earned up to the
valuation date. If the assets held by the Scheme are
less than the target amount required, additional
contributions known as deficit contributions may be
needed to fund the shortfall.
What are the assets?
The assets are all the money building up as
investments and bank balances. The Trustee is
responsible for investing the assets of the Scheme.
These are invested primarily in equities, bonds,
property and alternative assets (see page 6).
What are the liabilities?
The liabilities are the benefits the Scheme is paying
out, plus all of the benefits that members have
earned to date and which will be paid out in the
future. The liabilities do not have a fixed value,
because they are affected by:
• how many people will remain Scheme members
until they retire and how many will leave;
• how long members will live after they retire, which
is the length of time the Scheme must pay them a
pension;
• how investments will perform in future, which
affects how the assets will grow; and
• how much inflation there will be in future, which
affects how much pay rises and pension increases
will be.
What were the results of the actuarial valuation
at 1 April 2006?
The results of the last triennial valuation at 1 April
2006 revealed a deficit (shortfall between the
Page 10
DiageoPensionReview2009.indd 10
value of the assets and the value needed to meet
promised benefits) of £201 million.
To deal with this deficit, the Company agreed to
make four payments of £50 million into an Escrow
Account.
What is the Escrow Account?
An Escrow Account is an account held separately
from the assets of the Scheme and the Company.
The Company agreed to contribute £200 million to
this Escrow Account, which would be used to deal
with any funding deficit that may be identified by
the three yearly actuarial valuation being carried out
at 1 April 2009. The Company has contributed £150
million to the Account to date and a further £50
million is due to be paid before April 2010. Interest
earned on the funds in this Account belongs to the
Company and is credited to it each year. Up to a
maximum of £200 million will be transferred from
this account to the Trustee to contribute to the
deficit revealed at the 2009 valuation.
What is the funding position likely to be at
1 April 2009?
As part of the 2009 valuation, as in previous
valuations, a review will be undertaken of all
assumptions used – for example to assess the
impact of people living longer – which could
adversely affect the funding level.
Furthermore, in light of the current economic
climate and the effect that poor market conditions
have had on the value of the Scheme assets and
liabilities, along with the effects of increased life
expectancy, it is expected that the funding position
will have worsened significantly since the last
valuation in 2006 and indeed since the last interim
actuarial review. In fact, it is estimated that the deficit
as at 1 April 2009 could be as high as £900 million.
Therefore the Trustee and the Company will need
to agree a further funding plan to address the
additional deficit over and above the £200 million
held in the Escrow account.
Under the new Scheme Specific Funding
requirements, set out by legislation, the Trustee must
monitor the Company’s willingness and ability to
continue to fund the Scheme’s benefits (Company
16/10/09 12:49:29
 3. Update on the 2009 actuarial valuation
covenant) and these reviews have led the Trustee
to conclude that the Company’s covenant remains
strong. The Trustee will continue to monitor this
closely.
Why are the deficit figures quoted in this report
different from those disclosed in the Company’s
accounts?
The Company’s accounts as at 30 June 2009
reported an aggregate worldwide pension deficit
of £1,383 million, which included a deficit of £661
million for the UK Diageo Pension Scheme. This
figure is calculated at a different date from the
actuarial valuation and on a basis prescribed under
accounting standards using different assumptions to
that used by the Trustee under the Scheme Specific
Funding Regulations.
When agreeing a funding plan, the Company and
the Trustee will be looking to make good the deficit
as calculated under the Scheme Specific Funding
Regulations and not the figure reported in the
Company’s accounts.
When will I receive more details on the results
of the 2009 actuarial valuation?
The statutory deadline for completion of the 2009
actuarial valuation is 30 June 2010. The Company
and the Trustee wish to complete this process well
within this timeframe and anticipate that they
will have reached agreement on the funding of
the deficit as well as the future ongoing funding
of the Scheme by March 2010. Following this, a
communication will be issued to all members setting
out the valuation results and how the deficit will be
funded.

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 4. Scheme and Industry News
Chancellor’s Budget Update:
time to get ready for another
change
Introduction
Significant changes to the tax relief on pension
savings for high earners were announced in the
Chancellor’s 2009 Budget. Whilst the changes
will not affect most members, it is important to
understand whether you are likely to be impacted
by these changes or not.
In summary, if you have an income (from all sources
including savings) of more than £150,000 a year, you
will be impacted as follows:
• From 6 April 2011, tax relief on pension savings
will be restricted
• With immediate effect, a new ‘special annual
allowance charge’ on specific savings is introduced
for high earners
Further details are set out below.
From April 2011
With effect from 6 April 2011, it is proposed that
those who have annual income in excess of
£150,000 will have tax relief on pension savings
restricted. Tax relief will be tapered off from £150,000
to £180,000 so that the full restriction (tax relief at
20% rather than at 50%) will apply to those whose
income exceeds £180,000. This change is being
introduced following an increase in the top rate of
tax to 50% for those earning over £150,000, which
will come into effect from April 2010.
Pension savings will include defined benefit
arrangements, such as the Diageo Pension Scheme,
and all contributions to defined contribution
arrangements, including Additional Voluntary
Contributions (AVCs) and Personal Pension
arrangements. There is currently much uncertainty
about how this tax will operate in practice
from 2011, the details of which are subject to
consultation, and the Government will consult with
businesses, pension fund trustees and other pension
industry stakeholders. As the legislation becomes
clearer, we will communicate with you further. The
legislation is currently in draft form, so some of the
details may be amended before it is finalised.
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DiageoPensionReview2009.indd 12
The next two years
As the changes to the tax relief on pension
contributions are not due to come into effect
until April 2011, the Government has introduced
temporary measures for the 2009/10 and 2010/11
tax years to prevent ‘high earners’ from increasing
their pension savings now in an effort to avoid the
new 2011 taxes.
The vast majority of members will not be affected by
the new tax charges up to 5 April 2011, as they only
apply to a ‘high earners’ who
• have a total ‘relevant income’ of £150,000 or more,
in one or more of the tax years from 2007/2008 to
2010/2011, and
• have increased their pension savings from 22 April
2009 beyond their normal regular pension savings;
and
• the increase means that ‘total pension
contributions’ for 2009/10 or 2010/11 exceed
£20,000 in value.
This £20,000 limit is known as the special annual
allowance.
However, the ‘relevant income’ test is not
straightforward, and may catch some members
whose basic pay is much less than £150,000 per
annum. ‘Relevant income’ for this purpose is total
income chargeable to income tax from employment
earnings, self-employment, state, occupational and
personal pensions, investment income, taxable
income from the exercise of share options, and
taxable benefits in kind. Redundancy payments
in excess of £30,000 count towards the £150,000
threshold, however, statutory redundancy payments
do not count. Pension savings can be deducted, but
only up to £20,000, as can gift aid donations and
other losses and reliefs.
‘Total pension contributions’ are not just your
contributions. Since the Diageo Pension Scheme
is a defined benefit arrangement the value of the
pension accrued during the year is calculated and
any AVC or personal pension contributions are
added to this value. If the total exceeds £20,000 you
may be subject to the annual allowance charge, if
you increase your contributions after 22 April 2009.
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 4. Scheme and Industry News
The special annual allowance is £20,000 for both
2009/10 and 2010/11. The special annual allowance
charge is at a rate of 20% for the 2009/10 tax year,
and may increase to 30% for the 2010/11 when the
top rate of tax is increased to 50%. The charge will
be collected through individuals’ self-assessment tax
returns. If you contribute to a personal pension, this
means you cannot claim higher rate tax relief and for
other pension contributions a benefit in kind charge
is likely to be applied.
What action do I need to take?
If you have had a ‘relevant income‘ (as defined
above) of £150,000 or more in either of the last
two tax years, you should seek financial advice
before you increase your AVCs or personal pension
contributions to avoid the special annual allowance
tax charge.
As liability for the special annual allowance charge
arises through self-assessment, it is the responsibility
of individuals to understand the changes and report
any special annual allowance charge liability.
Changes to statutory minimum
increase on deferred pensions
What are the changes?
Prior to 6 April 2009, for all members leaving
service after 1 January 1991, there was a statutory
requirement, to increase the whole of the member’s
pension by the lesser of the increase in the Retail
Prices Index (RPI) and 5% a year, over the whole
period of deferment.
The Pensions Act 2008 reduced the statutory
minimum revaluation cap from the lower of the
increase in RPI and 5% to the lower of the increase
in RPI and 2.5% for all pension benefits built up after
6 April 2009 and so may affect people who leave a
pension scheme after 6 April 2009.
How is the Company implementing this
change?
Although there has been a reduction in the statutory
minimum increase, at present the Company is not
making any changes to its policy for increases in
deferred pensions. The Company’s current intention
is to continue its policy of increasing the pension
DiageoPensionReview2009.indd 13
benefit of deferred members by the lower of the
increase in RPI and 5%.
This policy will be kept under regular review and
if the Company does decide to revert to the new
statutory minimum increase (capped at 2.5% pa),
this lower increase will apply to benefits built up
from the date the Company changes its policy. All
benefits built up prior to the date the Company
changes its policy will continue to increase by the
lower of the increase in RPI and 5%.
How will this affect me?
The way you may be affected by the new statutory
cap depends on whether you have left the Scheme
or are still an active member.
If you left the Scheme before 6 April 2009 and have
a deferred pension benefit under the Scheme, the
reduction in the statutory minimum increase will
not impact your benefits. Your deferred pension will
continue to increase each year by the lower of the
increase in RPI and 5%.
Similarly, if you have left the Scheme since 6 April
2009 you will not be impacted by the change as the
Company has decided to continue with its current
practice (i.e. revaluing deferred pensions by the
lower of the increase in RPI and 5%).
If you are an employee of the Company and
accruing benefits under the Scheme and in future
you leave service with a deferred pension benefit,
currently there will be no impact as these benefits
will be increased at the lower of the increase in RPI
and 5%.
However, if the Company decides to change the
current policy, at some point in the future, and
implement the provisions of the new legislation,
then the new statutory minimum increase (capped
at 2.5%) would apply to any benefits built up in
respect of your future service from the date the
Company changes its policy.
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16/10/09 12:49:30
 4. Scheme and Industry News
Early retirement from April 2010 If you have any problems with completing the Life
Certificate or if there is a delay in returning it, please
You may remember last year’s Report included a contact the Pensions Team who will be happy to
reminder of some of the changes introduced by help.
the Pensions Act 2004. One of the last changes to
take effect is the change made to the earliest date To help us further, we would like you to remind your
you can receive a pension. From 6 April 2010, the relatives that they should notify the Diageo Pensions
earliest age from which you will normally be able to Team in Edinburgh, as soon as they are able, of the
receive your retirement benefits from any pension death of a pensioner who is in receipt of a pension
arrangement will be age 55. from the Scheme. This will also help the Trustee
to ensure that benefits are paid to the correct
Under the Rules of the Diageo Pension Scheme, beneficiaries.
however, if you were an active member of the
Scheme on 5 April 2006, it will still be possible to
receive your benefits under the Scheme at any time
2009 Annual Benefit Statements
from age 50 even after 2010, provided that when If you are an active member (a member currently
you receive your benefits you are not working for employed by Diageo and contributing to the
Diageo. Scheme) your annual benefit statement for 2009
will be on the pensions website:
If you have left the Scheme, with a deferred pension
www.mydiageopension.com from late October.
benefit but you were employed and contributing to
the Scheme on 5 April 2006, you will also be able to
apply for your pension, subject to Trustee consent, at Keep in touch
any time from age 50, even after 2010.
It is important that you notify us of any change of
address, even after you leave Diageo, so that we can
Pensioner Existence ensure that you receive your benefits when they
become due.
The Trustee has an important responsibility to
ensure that Scheme benefits are paid to the correct It is also important that you complete, and
beneficiaries. keep up to date, your Expression of Wish form.
The Trustee will take into account any wishes
The Diageo Pensions Team monitors this on behalf
you have expressed in the event of any death
of the Trustee by making regular checks on the
benefits becoming payable.
continued existence of pensioners. Every month,
they write to a cross section of pensioners within the
Scheme to ask them to complete a Life Certificate.
This helps to verify or update the Scheme records
and confirm that your pension is in payment
correctly.
If you receive such a letter, please complete the Life
Certificate – it must be signed in the presence of
a relevant witness – and return it to the Pensions
Team.
If the Team does not receive a completed Life
Certificate for any pensioner contacted, they will
carry out further investigations to verify that no
one is accessing your payments incorrectly. If these
investigations are inconclusive, your pension may be
suspended.
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 The Trustee Who to contact
The Trustee of the Scheme is Diageo Pension Trust If you would like further pensions information, you
Limited. There are twelve Trustee Directors who have can contact the Pensions Team in the following
the responsibility for ensuring that the Scheme is run ways:
in accordance with its Rules. The Directors regularly
attend training courses in connection with their role. • by email:
One third of the Directors are elected by employee pensions@diageo.com
or pensioner members, under the Scheme’s election
procedures. • in writing:
Pensions Team
The current Trustee Directors are:
Diageo plc,
Gareth Williams (Chairman)
Edinburgh Park
Robin Brockwitz
5 Lochside Way
Martijn Van Buuren
Edinburgh
Charles Coase
EH12 9DT
Carolyn Isaacs*
Catherine James
• by telephone:
Graham Logie
0131 519 2100
Anne Manz
Liz Paxton (Pensioner)*
• by fax:
Ian Shaw (Pensioner)*
0131 519 2111
Roderick Sivewright
David Tennent*
• You can also visit our website at:
* Member-Nominated Trustees www.mydiageopension.com
Company Secretary
John Nicholls
The Trustee appoints professional advisers to provide
them with specialist advice and guidance.
The advisers to the Trustee are:
Actuary Hewitt Associates
Administrator The Diageo Pensions Team
Auditor KPMG LLP
Banker Royal Bank of Scotland plc
Custodian The Northern Trust Company
Investment Adviser Hymans Robertson LLP
Solicitor Linklaters LLP

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