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Financial summary of the Scheme

Each year, the Trustee produces its Report and Accounts. This shows the financial development of the Scheme over the year. The Report and Accounts includes a Chair’s Statement, which also assesses the Scheme Trustee Knowledge and Understanding, value for members, and charges and transaction costs.

You can see a summary of the Report and Accounts below for the year ended 31 March 2020.

Income	£m
Contributions and transfer in	91.3
Investment and other income	3.2
Increase in market value	0
Income total	94.5

Expenditure	£m
Pensions and other benefits paid	13.7
Leavers' payments	28.2
Expenses	1.7
Decrease in market value	38.7
Expenditure total	82.3

A copy of the 2020 Trustee Report and Accounts is available in the Document library.

Membership numbers

The table below shows how the membership of the Scheme changed over the year to 31 March 2020.

31 March 2019
Active members	19,747
Deferred members	13,003
31 March 2020
Active members	20,133
Deferred members	14,493

An update on the Lifetime Allowance

Since 2006, pension savings have been subject to a Lifetime Allowance (LTA)...

April 2024