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Actuarial Valuation Results and Scheme Funding Report
21 July 2020

Actuarial Valuation Results and Scheme Funding Report

The Trustee is responsible for ensuring that the Fund has sufficient assets to pay its liabilities (benefits to members) as they fall due.

A full actuarial valuation must be carried out at least every three years as a detailed financial health check on the Fund.

The valuation of the Fund as at 31 March 2019 was concluded in late June 2020 and the Trustee is pleased to make available the Scheme Funding Report which can be downloaded here.

A summary of the results is presented below comparing against the previous valuation as at 31 March 2016.

  31 March 201931 March 2016
 Assets £486.9m £463.6m
 Amount needed to provide benefits £520.7m £484.6m
 Deficit (£33.9m)* (£21.1m)
 Funding level 93% 96%

*Implied deficit is not exactly equal to difference between assets and liabilities due to rounding

The funding shortfall (known as the “Deficit”) revealed by the valuation is being eliminated by a series of payments, known as “Deficit Contributions”, to the Fund by MS Amlin Corporate Services Ltd. (“MSACSL”), the sponsoring employer. This represents the “recovery plan” and is illustrated below. The first contribution of £1.23m was received in March 2020.

The next actuarial valuation of the Fund is due no later than 31 March 2022, with more approximate funding updates provided annually before then to monitor progress against the recovery plan.

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