Growth was a common theme for the financial year 2023/24. Whether looking at total payments to members, the number of employers in the fund or the overall fund assets, most arrows point upwards.
Our robust financial position, with pension fund assets reaching £5.83 billion, brings an improved 98% funding position (up from 95% the previous year).
Other important achievements include a stronger, highly-trained staff team and this new more member-focused website.
This year the pension fund fulfilled its duty to provide secure pensions for our members. We paid out £229 million which included an inflation-linked 10.1% increase to nearly 40,000 pensioners from April 2023.
Many newly-retired members received lump sum payments and our members’ loved ones were awarded £5.1 million in death grants.
As responsible investors we’ve progressed our new net zero 2045 goal and our local impact investments.
But there’s still much to do. This year we’re continuing our three-year plan to further digitalise pensions administration and improve service levels.
A year in numbers
