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Invensys Pension Scheme



The Year in Summary

The accounts in brief

Fund value at 31 March 2015 5,161
Contributions paid by Invensys ltd and Scheme members 1
Income and capital gains/(losses) from investments 44
Benefits payable to members (pensions and lump sums) (254)
Payments to leavers (15)
Fees and expenses (administration, advisers, investment managers) (12)
Fund value at 31 March 2016 4,925

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 £5,082m, giving a Scheme surplus of £67m and a funding level of 101%.

This represented an improvement from the previous actuarial report, which showed an estimated surplus of £16m as at 31 March 2014.

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 funding position as at 31 March 2016. This reports a deficit of £73m compared with a surplus of £67m at 31 March 2015.

The movements through the last two years that led to the change in funding position are set out below.

Estimated evolution of the Technical Provisions surplus:

12 months to
31 March 2016
12 months to
31 March 2015
Estimated Surplus/(deficit) as at year start 67 16
Contributions paid by Invensys Limited to improve the funding level - 105
Income and capital gains/(losses) from investments versus expected return (28) 650
Change of assumptions (from 2015 valuation negotiations) - 63
Effect of changes in economic conditions and other factors (112) (767)
Estimated surplus/(deficit) as at year end (73) 67






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Scheme registration number: 10143856