Our 2020/21 annual report highlights our strengthened financial position. While concerns around the pandemic’s impact on businesses remain, our strong investment performance, coupled with rigorous risk management, saw our financial position strengthen.
The report sets out the year’s progress against each of our five strategic priorities. Follow the links below to find out how we’re doing:
- Sustainable funding in volatile times
- Build for innovation
- Brilliant service for members and schemes
- The best of financial and public services
- Clear value for money
We paid £1billion in compensation to our members
The £1billion was paid to 179,500 people over the last financial year who are either retired members or the beneficiaries of members.
“Paying £1billion in compensation demonstrates the true impact of the protection we provide and the significant difference we make to our members’ lives,” said our Chief Executive, Oliver Morley.
Our reserves rose to £9billion
This means we have £9billion over and above what we estimate is needed to pay every current member and their dependents full compensation for life. These reserves help protect us against future risks.
Continuing uncertainty about future claims
Our greatest risk remains the uncertainty about future claims following employer insolvency in this challenging environment.
“We hope our strengthened funding position will reassure members that we continue to be an essential lifeline for them,” said our Chief Financial Officer, Lisa McCrory. “We call on scheme trustees to remind their members of the vital protection we provide so they know their pensions are protected if the worst were to happen.”