Fund facts & figures
Learn more about the financial performance of the Fund and its membership statistics.
Fund valuation update
Every three years, the Trustee is required by law to undertake a formal valuation of the assets and liabilities of the Fund. The latest formal valuation completed by the Fund actuary for 31 March 2023 showed that funding levels continued to be strong, rising from 105% at the last formal valuation to 115%.
The actuary’s latest financial update on 31 March 2025, which is performed on the same basis as the formal valuation of 31 March 2023, shows that the funding position has continued to improve, reaching an estimated 118%, equivalent to a surplus of £708 million.
Gilt yields have continued to increase and this, coupled with a decrease in long-term inflation expectations, has caused the liabilities of the Fund to fall. As the Fund is well hedged against interest rates and inflation changes, the value of its assets has reduced correspondingly.
The Fund’s financials
You can read the Fund’s latest report and financial statements to 31 March 2025. Or, if you prefer you can read a user-friendly summary right here in the newsletter.
The table below contains a summary of the Fund’s accounts for the year ended 31 March 2025. The Fund’s annual accounts were audited by Deloitte LLP, the independent auditor.
From the Accounts
Who’s in the Fund?
The Fund closed to future accrual as of 31 December 2020. The membership summary shows the position on 31 March 2025.
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