Financial review - DB

31 March 2020

Summary account for the year ended 31 March 2019 (DB Sections only):

£000s

Paid in

Company contributions

11,600

Transfers in

-

Other income

1

Total paid in

11,601

Paid out

Benefits paid or payable

(21,159)

Payment to and on account of leavers

(20,442)

Administration expenses

(907)

Total paid out

(42,508)

Net additions/(withdrawals) from dealings with members

(30,907)

Returns on investments

Investment income

1,322

Change in market value of investments

49,300

Investment management expenses

(598)

Net returns on investments

50,024

Net increase in the Fund during the year

19,117

Transfers between sections

78

Net assets of the Plan as at 1 April 2018

798,912

Net assets of the Plan at 31 March 2019

818,107

Membership statistics for the DB Section:

Active members

Deferred members

Pensioner members

Total

Members at 1 April 2018

-

2,471

2,697

5,168

Members at 31 March 2019

-

2,324

2,722

5,046

Please note that due to reporting deadline, opening figures have been adjusted when compared to previous years.

Guaranteed minimum pension (GMP) equalisation (main title) On 26 October 2018, the High Court handed down a judgement involving the Lloyds Banking Group's defined benefit (DB) pension schemes. The judgement concluded the schemes should be amended to equalise pension benefits for men and women in relation to GMP benefits. The issues determined by the judgement arise in relation to many other DB pension schemes. The Trustees continue to liaise with their advisers to determine the way in which they will equalise GMPs for the Plan and will then update any affected members as to the increase in their pension.

Back
Cookie settings