Every three years, the Trustee is required by law to carry out a formal valuation of the UK Pension Fund's assets and liabilities. The latest valuation, effective on 31 March 2023, has now been completed by the Trustee's independently appointed actuary.

The formal valuation measures the level of the scheme's funding on a 'technical provisions' basis. In simple terms, this measure is checking whether (or not) the scheme has enough money to pay all member benefits in full as they become due.

The good news is that the funding level has continued to improve in the three years since the last formal valuation and the scheme is currently considered to have enough assets to deliver the promised benefits to all members.

Find out more about the formal 2023 valuation by following this link to the Latest Trustee Documents page, where you can download and view a copy of the results. At any other time, you can find this along with a number of other useful documents in the Scheme Information section of this website.