Comment from the Fund Actuary

The most recent formal assessment of the Fund’s financial position at 31 December 2023 was completed during 2024. At the valuation date the Fund had assets valued at around 104% of the liabilities.

Over 2025, the funding level has remained relatively stable, improving to 105% by 31 December 2025. The Fund’s investment strategy focuses on reducing exposure to risk by investing in assets that align with its liabilities, so this approach has protected the Fund against any significant market fluctuations over the year. As part of the valuation at 31 December 2023, the Trustee and Company agreed an updated level of contributions to be paid into the Fund. With effect from 1 August 2024, regular Company contributions have been paid at 25% of members’ pensionable salaries. This reflects the results of the 31 December 2023 valuation and the Fund’s strong funding position.

The Trustee has also refined the Journey Plan to further reduce risk in the Fund over time and achieve a position of self-sufficiency, where the Fund is able to meet all benefit payments as they fall due with a very low probability of needing any further contributions from the Company. Over the first half of 2026, the Fund’s position has improved slightly to a funding level of around 106%, continuing to make good progress against the Journey Plan.