Insofar as the current funding position as at 31 March 2012 is concerned, the valuation by the Scheme’s Actuary of the Scheme’s Defined Benefit (DB) Section showed assets of £4,271m (2011 £3,967m) and liabilities of £4,819m (2011 £4,202m), representing a funding position of 89% (2011 94%). Including the Defined Contribution Section, AVC and Protected Rights, the Scheme’s total assets were £4,283m (£3,979 in 2011). So although our asset values have increased, in common with other Defined Benefit Schemes, the valuation of our liabilities also increased substantially due to the exceptional pricing of UK government bonds. It is the price of these bonds that is used to value the Scheme’s pension liabilities. As and when the economy and markets recover, the valuation of liabilities could be expected to reduce – thereby reducing the deficit in the future.