Funding Strategy Statement

Every three years the Fund’s Actuary calculates the value of all the pension promises made to the members of the scheme, and produces a report which sets out what the difference is between the value of these promises (liabilities) and the value of the Fund’s investments (assets). You can find these reports here

While members of the scheme continue to build up benefits we need to have a strategy to pay for additional benefits as they build up. There are three sources of money to pay for these benefits

  •   • Scheme Member Contributions which are fixed by statute
  •   • Employer Contributions which are not fixed but which need to achieve a balance of stability and affordability
  •   • Investment Returns

The Funding Strategy Statement sets out how we achieve a balance between these different sources of income and the various policies we apply to arrive at the appropriate level of employer contributions. The latest statement is available here