Money matters
The table on this page is a summary of the Trustee’s formal Report & Accounts for the year to 31 December 2023.
The information is audited so that members can be sure it is an accurate reflection of the Scheme’s transactions over the year.
You can view the full report online by visiting https://online. flippingbook.com/view/47529/
Ins and outs This table shows the money going into and coming out of the Scheme over the year to 31 December 2023.
£000’s
Value of the fund at 1 January 2023
1,568,802
Income Company contributions
0
Total income
0*
Expenditure Benefits paid
(64,740) (5,278) (2,793) (72,811)
Transfers to other plans Administrative expenses
Total expenditure
86,292
Net returns on investments
Value of the fund at 31 December 2023
1,582,283
Any figures shown in brackets are negative amounts. *No contributions were payable in the year, primarily because the Scheme funding level exceeded the threshold for the Company to reimburse the Scheme for the Pension Protection Fund levy paid and pay contributions towards the Scheme’s expenses.
Our membership This chart shows the breakdown of the Scheme’s membership as at 31 December 2023. The Scheme was closed to future benefit accrual on 31 March 2020, so any active members at that time became deferred members from that date.
Deferred members 3,575 Pensioners (including dependants) 5,091
Total 8,666
9
Made with FlippingBook - professional solution for displaying marketing and sales documents online