Trustee’s Annual Report & Financial Statements 2007

On 31 March 2007 the value of the Fund was £3,838m (2006: £4,002m). The investment return on the assets was 0.4% compared to a Scheme specific performance benchmark that measured 1.0%. This compares to a return in 2006 of 14.0% against the Scheme specific benchmark of 14.2%. Investment managers are set a target return which is above the Scheme specific benchmark. Further details are provided in the Investment Report on pages 13 to 15. In the main the Scheme’s underperformance is due to the equity portfolio. This portfolio has been changed substantially in the last 12 months and will be revised by September 2007. The Scheme was closed to new members on 1 November 2004 but remains open to further accrual for existing members, and the Company now offers new employees membership of a contract based stakeholder pension scheme.

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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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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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Trustee’s Annual Report & Financial Statements 2004

On 31 March 2004 the value of the Fund was £3,474m (2003: £3,254m). In addition, £17.6m (2003: £32m) was paid to the Trustees of schemes established by purchasers of former Invensys plc businesses to provide benefits for former employees.The investment return on the assets was 13.1% (2003: (9.2)%) against a benchmark of Scheme-specific performance indices which measured 12.4% (2003: (9.0)%). Further details are provided within the Investment Report on pages 9 to 10.

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Trustee’s Annual Report & Financial Statements 2003

On 31 March 2003 the value of the Fund was £3,254m (prior year £3,801m). In addition, £32m (prior year £20m) was paid to the Trustees of schemes established by purchasers of former Invensys plc businesses to provide benefits for former employees. The investment return on the assets was -9.2% (prior year 0%) against a benchmark of –9.0% (prior year -0.5%). Further details are provided within the Investment Report on pages 20 to 23. 

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Trustee’s Annual Report & Financial Statements 2002

On 5 April 2002 the value of the Fund was £3,801m (prior year £3,921m) having received £77m in total from the Trustees of the Eurotherm Pension Scheme, Eurotherm Executive Superannuation Scheme and the Gestra (UK) Ltd Retirement and Death Benefit Scheme, following their mergers with the Scheme. In addition, £17m was received as a Group transferin from the Electricity Supply Pension Scheme, and £20m (prior year £65m) paid to the Trustees of schemes established by purchasers of former Invensys plc businesses to provide benefits for former employees. The investment return on the assets was 0% (prior year – 0.9%) against a benchmark of –0.5% (prior year -4.0%). Further details are provided within the Investment Report on pages 19 to 22. 

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