Today we’ve published our 2018/19 annual report and accounts outlining how we performed over the last year.
As we explain in the video above, our performance continues to be strong.
Despite having the largest claim in our history from the Kodak Pension Plan No.2 (KPP2) in 2018, we’re on course to reach our funding objective.
“Our reserves mean that we currently have £6.1 billion over and above what we need to pay our current members and their dependants for the rest of their lives,” said Andy McKinnon, our Chief Financial Officer.
On top of this, over the past year, we’ve beaten our targeted three-year investment returns and continue to provide excellent customer service:
- Our investment return in the year to 31 March 2019 was 5.2 per cent
- Our assets under management grew from £30 billion to £32 billion
- We successfully insourced Financial Assistance Scheme (FAS) member services
- We launched a new corporate website and achieved high member satisfaction scores, averaging 97 per cent
Reassurance for members of defined benefit pension schemes
The 10.4 million members of defined benefit pension schemes can be reassured of our protection.
“We now have around 400,000 members, and a further 150,000 members of schemes in assessment,” said Oliver Morley, our Chief Executive. “Our steady investment and funding approach over the coming years will help us to make sure we can provide a secure retirement for all our current and future members.
“Over the coming years we will continue to provide a valuable service for our members, to maximise value for our levy payers, and to play a worthwhile role in our community as well as the industry. We expect challenging times ahead but we’re confident our funding strategy is on course to see us through them.”