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Invensys Pension Scheme
Financial

 

Financial

The Year in Summary

The accounts in brief

m 2017 2016 2015
Fund value at start of the year 4,925 5,161 4,591
Income
Contributions paid by Invensys Limited and Scheme members - 1 109
Income and capital gains/(losses) from investments 707 44 725
Outgoings
Benefits payable to members (pensions and lump sums) (249) (254) (240)
Payments to leavers (22) (15) (6)
Fees and expenses (administration, advisers, investment managers) (20) (12) (18)
Fund value at end of the year 5,341 4,925 5,161
Less estimated value of Technical Provisions including AVCs and DC (5,312) (4,998) (5,094)
Estimated surplus/(shortfall) as at year end 29 (73) 67
Funding Level 101% 99% 101%

Funding position

The Scheme Actuary provides the Trustee with an update of the Scheme’s funding level each year. This is either a formal valuation, which is carried out at least every three years (the triennial valuation), or an annual estimate in the intervening years.

The last formal valuation was carried out at 31 March 2015. The amount required to cover the Scheme’s liabilities is known as the Technical Provisions. In the 2015 valuation, the Technical Provisions amounted to £5,094m, giving a Scheme surplus of £67m and a funding level of 101%.

The Trustee continues to monitor the funding position of the Scheme using the assumptions that were put in place for the 2015 valuation to ensure the funding arrangements remain appropriate. The Scheme Actuary has produced his actuarial report, which gives an estimated liability of £5,312m as at 31 March 2017. Assets at the same date were £5,341m, which indicates that the Scheme had a surplus of £29m compared with a deficit of £73m at 31 March 2016. The improvement was mainly due to positive investment experience on the Scheme’s assets.

 

 

 

 

 

 

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Scheme registration number: 10143856