22 February 2019
“Over the year we have continued to evolve our funding strategy, following the changes made to the Scheme in 2015. Our primary funding objective is to ensure that all future benefits can be paid to members as they fall due without requiring funding from the Guarantor.
In order to achieve this, the level of return required on the Scheme’s investments over the future remains high. We must invest in assets that seek a significantly higher return than can be achieved with low-risk assets. In addition, the Scheme is now mature, with annual benefit payments in excess of £600 million. These payments exceed the income that can be delivered by the assets alone, meaning that we need to sell assets over time to pay the pensions.
In developing our funding strategy, we therefore need good investment return targets and high cash income payments.
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