Trustee’s Annual Report & Financial Statements 2006

On 31 March 2006 the value of the Fund was £4,002m (2005: £3,586m). The investment return on the assets was 14.0% (2005: 7.8%) against a benchmark of Scheme-specific performance indices that measured 14.2% (2005: 7.4%). Further details are provided in the Investment Report on pages 12 to 14. The Scheme was closed to new members on 1 November 2004, and the Company now offers new employees membership of a contract based stakeholder pension scheme.

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