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 2016. The results showed funding ratios of 73% at that date and 113.6% as at 1 January 2041.

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.