Income and expenditure
Here’s a summary of the key figures from our Annual Report and Financial Statements dated 31 December 2024.
| 2023 (£m) | 2024 (£m) | ||
| We started the year with a Fund value of: | 3,871 | 3,804 | |
| Income (amounts that increase the value of the Fund) |
|
||
| Member contributions |
|
- 3 |
- 3 |
| Employer contributions |
|
- 32 |
- 24 |
| Investment income | 25 | 5 | |
| Total income | 60 | 32 | |
| Expenditure (amounts that decrease the value of the Fund) | |||
| Benefits paid* | 151 | 158 | |
| Transfers out of the SCPF | 15 | 10 | |
| Administration and investment expenses | 8 | 9 | |
| Total expenditure | 174 | 177 | |
| Changes to investment market values | 47 | (299) | |
| We ended the year with a Fund value of: | 3,804 | 3,430 |
*Including commutation lump sums on retirement and lump sum death benefits.
