Section a active

Change section or status

Financial summary

Each year we produce a formal Report and Accounts for the Scheme, a copy of which is available to view in the 'Useful documents' section of the website. A summary of the Scheme finances is shown below.

Net assets as at 1 July 2017 £49,344m
+
Contributions £3,126m
+
Return on investments £1,558m
-
Benefit payments* £2,521m
=
Net assets as at 30 June 2018 £51,507m

* Figure for benefit payments includes administration expenses and payment to and on account of leavers.

Return on investments

The table below shows the actual annual Scheme returns over the last three years and those same returns after taking account of inflation. We have used two of the most common measurements of inflation, the Consumer Price Index (CPI) and the Retail Price Index (RPI).

Scheme return

Our membership

The chart below shows the Scheme membership at 30 June 2018, and for comparison at 30 June 2017.

On 30 June 2018, the Scheme closed, for most members, to future accrual. This means that the majority of Active (or Contributing) members became Deferred members of the Scheme.

Active
members
Deferred
members
Pensioners
2018 28,670+ 59,666+ 203,542= TOTAL
291,878
2017 31,432+ 63,583+ 202,439= TOTAL
297,454

Assets of the Scheme

We regularly monitor the Scheme’s investments, to maintain the correct balance between different asset classes. Our aim is to both match the Scheme’s assets to its liabilities (the expected cost of providing benefits to members) whilst also generating a degree of additional income.

Asset allocation as at 30 June 2018

Government bonds and cash

30%

Equities

23%

Investment grade credit

24%

Other growth assets

13%

Property

10%