The year to March 2013 was dominated by work on a key project: the sale by Invensys plc (the Company) of its Rail division to Siemens. This project completed in early May 2013 and therefore the figures presented in the financial statements exclude the assets transferred to the Scheme as part of that transaction. In total, the transaction led to the following benefits, worth up to £625m, flowing to the Scheme:
- A cash payment of £400m to the Scheme
- A new trust, the Reservoir Trust, being established with £225m of funding from the Company, which will be available to fund the Scheme in the future, should it be required.