Accounts in Brief

Funding position

The Scheme Actuary provides the Trustee with an update of the Scheme’s funding level each year. This is either a formal valuation, which is carried out at least every three years (the triennial valuation), or an annual estimate in the intervening years.

The last formal valuation was carried out at 31 March 2018. The amount required to cover the Scheme’s liabilities is known as the Technical Provisions. In the 2018 valuation, the Technical Provisions amounted to £4,954m, giving a Scheme surplus of £143m and a funding level of 103%.

The next full valuation is expected to be carried out as at 31 March 2021.

The Trustee continues to monitor the funding position of the Scheme using the assumptions that were put in place for the 2018 valuation to ensure the funding arrangements remain appropriate. The Scheme Actuary has estimated the Scheme had a surplus of £95m at 31 March 2019 using the 2018 valuation assumptions.