Over the year to 31 March 2023:
A summary of how our membership has changed over the year to 31 March 2023 is shown below. Although the Fund is closed to new members, the Trustee remains responsible for almost 29,000 members.
A summary of the payments in and out of the Fund and changes in the value of the Fund’s investments over the year to 31 March 2023 is shown below:
| 2023 | 2022 | |
| £m (million) | £m (million) | |
| Contributions and benefits | ||
| Employer contributions receivable | - |
0.1 |
| Member contributions receivable | - | - |
| Total payments in | - |
0.1 |
| Benefits payable | (140.6) | (125.4) |
| Payments to and on account of leavers | (29.2) | (63.2) |
| Administrative expenses | (5.5) | (5.7) |
| Total payments out | (175.3) | (194.3) |
| Net payments out | (175.3) | (194.2) |
| Return on investments | ||
| Investment income | 103.0 |
54.1 |
| Change in market value of investments | (1,973.3) |
549.4 |
| Investment management expenses | (37.8) | (41.6) |
| Net (losses)/returns on investments | (1,908.1) |
561.9 |
| Net (decrease)/increase in the Fund during the year | (2,083.4) |
367.7 |
| Net assets of the Fund | ||
| At the beginning of the year | 7,345.0 | 6,977.3 |
| At the end of the year | 5,261.6 | 7,345.0 |
