The actuarial status of the Fund is monitored on a regular basis.

A Periodic Actuarial Review is performed at least every three years. This is a liability measurement that projects the assets and liabilities of the Fund in order to determine the expected funding level in the future. The Fund’s Actuary uses best-estimate* actuarial assumptions and the projected-benefit-obligation method.

The most recent Periodic Actuarial Review was carried out as at 1 January 2022. The results showed funding ratios of 77.1% at that date, 97.1% as at 1 January 2041 and 114.4% as at 1 January 2052

Further details of the liability measurements and actuarial assumptions used by the Fund’s Actuary can be found in section 4 of the latest Annual Report and Financial Statements.

*Best Estimate actuarial assumptions are those which are most likely to be borne out in practice. For each assumption there is a 50% chance of actual experience being more favourable than assumed and a 50% chance of experience being less favourable than the best estimate assumption. The aggregate effect is that actuarial gains and losses should be equally likely in future years.