Financial summary
Each year, money is paid into (income) and out of (expenditure) the Scheme. The table below shows how much has been paid into and out of the Scheme for the year ended 31 March 2022.
These figures are from the Scheme’s audited accounts.
| Money coming into the Scheme | £ 000 |
|---|---|
| Employer contributions | 0,140 |
| Additional employer contributions for augmentation and administration | 0,120 |
| Employee contributions including AVCs | 0,011 |
| Total | 271 |
| Money going out of the Scheme | £ 000 |
| Pension benefits* | (36,011) |
| Expenses** | (3,314) |
| Sub total | (39,325) |
| Net withdrawals from dealing with members | (39,054) |
| Investments | £ 000 |
| Investment income | 39,956 |
| Investment management expenses | 85*** |
| Change in market value of investments | (118,335) |
| Net return on investments | 79,146 |
| Fund value as at 31 March 2021 | 1,157,600 |
| Net decrease in Fund | (118,200) |
| Fund value as at 31 March 2022 | 1,039,400 |
*These cover benefits payable on retirement (including lump sums and pensions) and withdrawals (including transfer-out payments and death benefits).
**These cover adviser fees including, actuarial, audit, legal, communication and Trustee fees, and all costs associated with the buy-in.
***This takes account of a recovery of VAT of £291,000 previously charged on investment management fees.
For more information on the investment performance, go to Investments.