These results tell us that as at 31 March 2018 the amount of the liabilities had increased to £9,890 million. Because the value of the assets increased by a larger amount in the same period to £10,542 million, it resulted in an increased surplus of £652 million.
This is an improved funding position from the estimate shown in the last Summary Funding Statement as at 31 March 2017.
This outcome means the Scheme is currently in a healthy financial position and that our prudent investment strategy continues to protect and enhance the security of members’ pensions. But it’s important to be aware that a surplus doesn’t mean we have too much set aside. The value of the Scheme’s assets can go up or down over time and the assumptions used to work out the liabilities might change in the future too. Our responsibility is to make sure that we continue to have a sufficient amount in the Scheme’s assets long into the future.