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An archive of information from the 2017 valuation.

A deficit is the difference between the amount of assets held (allowing for expected investment returns on assets held now and in the future) and the amount of money estimated to be needed to pay the pensions built up.

Benefits already earned by both active and deferred members are protected by law and in the Scheme Rules. Benefits already being paid to retired members are not affected by the proposed changes arising out of the valuation.

Retirement might seem far off, but research shows time passes more quickly as you get older

As part of our drive to go net zero, from 1 April 2022 we’ll be measuring this fund against a new carbon reducing benchmark. This change will affect over £5bn of assets under our management, including the Global Equity Fund and the Default Lifestyle Option and should initially reduce emissions intensity* compared to the broad equity market by at least 30%. Each year after it should further decrease carbon intensity by 7%.

Technical notes and analysis relevant to our role and duties as trustee.