Actuarial Matters

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.

Related documents

Statement of Funding Principles