Summary of the Trustee’s Annual Report and Financial Statements
09 January 2025
Each year the Trustee produces the Scheme’s Annual Report and Financial Statements, which are audited by KPMG. Here we provide a summary of the main points. If you want more detailed information, you can view or download the full version.
The Scheme’s financial highlights (both DB and DC Sections)
| Net assets at 6 April 2023 | £5,411.6m |
|---|---|
| Income Includes Company and additional member contributions, transfers in, and other income including insurance policy income |
+ £128.1m |
| Benefits payable and other payments Includes pensions, related benefits and administrative expenses |
- £282.6m |
| Net return on investments | - £153.4m |
| Net assets at 5 April 2024 | £5,103.7m |
The overall fall in the value of the Scheme’s investments was due to a fall in certain DB Section assets which are designed to match the value of that Section’s liabilities. The negative investment return is therefore not cause for concern as the DB Section’s liabilities also fell in value, meaning the Scheme’s funding level remains strong and stable.
Membership
The total membership of the Scheme at 5 April 2024 was 40,875, of which 10,078 were members of the DC Section.
The DC Section’s financial highlights
| Net assets at 6 April 2023 | £636.3m |
|---|---|
| Income Includes Company and additional member contributions |
+ £68.0m |
| Benefits payable and other payments Includes benefits, transfers out and administration expenses along with £1.2 million in respect of transfer to the DB Section |
- £33.7m |
| Net return on investments | + £74.0m |
| Net assets at 5 April 2024 | £744.6m |
Investments
Each month we publish a ‘Market Commentary’ produced by Hymans Robertson, our DC Section Investment Consultant. This provides an insight into what has changed in the investment markets over the previous month. You’ll find the Market Commentary and the latest fund factsheets (produced by our investment platform provider) on the fund factsheets page.
In September 2024, the Trustee published its TCFD Report, which shows the actions the Scheme is taking in relation to climate change and sustainable investment. You can download a copy of the TCFD report from the documents section of this website. The documents library also contains the Statement of Investment Principles which sets out the Trustee’s investment strategy in more detail.