成人快手

The Trustee must arrange a full actuarial valuation of the Scheme at least every three years. While three years is the maximum time permitted between full valuations, these can be carried out more regularly if the Trustee decides to do so.

The Trustee takes advice from the Scheme Actuary on the valuation. The valuation gives an up-to-date picture of the expected future cost of providing the pensions and other benefits that members have already built up (‘the liabilities’) and how that compares with the value of the assets held in the Scheme.

If the value of the Scheme’s assets is lower than its liabilities, it’s said to have a ‘shortfall’ (also known as a ‘deficit’). If there is a shortfall, the Trustee and the 成人快手 are required to agree a plan (known as a ‘recovery plan’) to eliminate the shortfall by a specific date. By contrast, if the value of the Scheme’s assets is higher than its liabilities, it’s said to be in ‘surplus’.

The latest full valuation was carried out with an effective date of 1 April 2024, two years after the previous full valuation as at 1 April 2022. In years when there is not a full valuation, the Scheme Actuary carries out a less detailed annual update of the Scheme’s funding position.

The Trustee and the 成人快手 have agreed that the next full valuation will be carried out no later than 1 April 2026.

The funding position on the statutory ‘technical provisions’ funding basis is shown in the table below:

How has the funding position changed?

When the last full valuation was carried out in 2022, there was a shortfall of £841 million. The 2024 valuation showed that the funding shortfall had been eliminated and there was a surplus of £296 million.

The significant improvement in the Scheme’s funding level between the 2022 valuation and the 2023 update was primarily due to the net impact of changes in assets and market conditions (see below), together with 成人快手 contributions received. The further improvement between 2023 and 2024 was mainly due to the 成人快手 contributions paid and changes to the demographic assumptions.

As a result of the increase in long-term interest rates since 1 April 2022, the value placed on the liabilities has reduced substantially. There has also been a substantial reduction in the value of the Scheme’s assets over the same period, largely due to bond prices falling as interest rates rose. Overall, however, the value of liabilities fell by more than the value of assets so that by 1 April 2024 the funding level had improved to 102%. These changes due to market conditions do not affect your benefits from the Scheme.

As there were sufficient assets to cover the Scheme’s liabilities at the 2024 valuation date, the Trustee and the 成人快手 were not required to agree a recovery plan. While no recovery plan is required, the new Schedule of Contributions provides for an employer contribution of £125 million to be paid to the Scheme by the earlier of (a) 1 July 2027 and (b) the date on which the 2026 valuation is completed unless a replacement Schedule of Contributions has been put in place that does not require it. This provision is designed to help protect the Scheme against the risk of reversal of the recent improvement in the funding position.

Shortfall on winding up

As part of the full valuation, the Scheme Actuary also looks at the funding level were the Scheme to be wound up. The Trustee is required by law to give you this information. Including this information does not mean that the 成人快手 or the Trustee are planning to wind up the Scheme.

If the Scheme had wound up on 1 April 2024, the Scheme Actuary estimated that the market value of assets would have been £13.2 billion and the Trustee would have had to pay an insurance company £14.4 billion to provide all the benefits in full. This would have meant that the Scheme had a shortfall of around £1.2 billion (2022: £3.4 billion), and a funding level of 91% (2022: 85%).

The 2024 valuation report is available in the documents section of this website.

Pension Protection Fund

The Pension Protection Fund was set up in 2005 to compensate members of eligible UK pension schemes which are wound up if the employer is insolvent and the scheme does not have enough assets to cover members’ benefits. Further information is available at: pensionprotectionfund.org.uk

Climate-related financial disclosures

The Trustee’s climate-related financial disclosures report explains how the Trustee manages climate-related risks and opportunities. The report is available at bbc.co.uk/mypension/documents. A hard copy is also available on request.

Other Information we are required to tell you

There has not been any payment of surplus to the 成人快手 from the Scheme during the last 12 months, nor has the Pensions Regulator used its powers in relation to the Scheme over that period. 

If you have any questions, please contact the Pension and Benefits Centre by emailing mypension@bbc.co.uk or calling 0303 081 2848.