An update on our financial position after the valuation update


The Trustee regularly monitors the financial health of the GEPP and GECPS. We are also required, every three years, to undertake formal valuations of the plans. These check that the plans have enough money invested now, to be able to pay your pensions in the future when they become due. The latest valuations looked at our financial position as at 31 March 2021, and we’re pleased to confirm that both plans continue to have a funding level* of above 100%, and remain above this level as at 31 March 2022. The full results of our latest valuation will be published in the Summary Funding Statement later in the year.


Money needed to provide all benefits (liabilities) £6,533m
Funding level 104%
Money invested (assets) £6,842m


Money needed to provide all benefits (liabilities) £697.5m
Funding level 113%
Money invested (assets) £789.3m

What we’re doing during the financial challenges in 2022

Rest assured, with the current global uncertainties in the financial market, we’re keeping a careful eye on our fund performance. We have a de-risking strategy in place, that uses low risk investments to protect our assets from sharp falls in value. Remember, your pension is an annual pension that is payable for life. It is not linked to the short-term performance of stocks and shares. We regularly review our investment strategies and invest the funds in many differing types of assets to reduce risk and ensure we have enough money to pay your pension in the future.

*The funding level is expressed as a percentage based on the value of assets against liabilities.