In addition to the strength of the Covenant provided by the Company and the Guarantee, the security of the Scheme and its ability to deliver the pensions promised to its members are also a function of its funding level. As at 31 March 2015, the Scheme was 100% funded, with a surplus, based on assumptions agreed for the October 2012 valuation, of £4m. The combination of the security provided by the Company and the 100% funding level gives the Trustee confidence that it can deliver the Scheme’s pension promises. The assumptions to be used for the latest triennial valuation, with an effective date of 31 March 2015, are being discussed with the Company in accordance with normal practice. Finalisation is expected this year.