Trustee’s Annual Report & Financial Statements 2005

On 31 March 2005 the value of the Scheme’s assets was £3,571m (2004: £3,474m). The investment return on the assets was 7.8% (2004: 13.1%) against a benchmark of Scheme-specific performance indices that measured 7.4% (2004: 12.4%). Further details are provided in the Investment Report on pages 13 to 15. The Scheme was closed to new members on 1 November 2004. The Company now offers new employees membership of a contract based stakeholder pension scheme.

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