Scheme funding

The Scheme has a formal financial assessment called an actuarial valuation at least once every three years. The purpose of the valuation is to check that the Scheme has enough assets to meet future expected benefit payments and that the contribution rates remain appropriate.

If the actuary’s calculations show a funding shortfall, the Trustee and participating employers will need to agree a Recovery Plan. A Recovery Plan sets out how the Trustee and Employers will correct a funding shortfall, which may require payment of extra contributions.

In the years between formal assessments, the actuary also carries out less detailed checks on the Scheme’s funding position.

The Trustee prepares an annual Summary Funding Statement for members, beneficiaries and employers providing information from the Scheme’s latest financial health check. The latest statement from autumn 2023 can be found here.