The results of the latest actuarial valuation

01 November 2018

The results of the latest actuarial valuation

The Trustee can now tell you that it has agreed with the Company (M&S plc) the results of the actuarial valuation as at 31 March 2018. These results are:

The continued improvement in funding level (from a surplus of £204 million as at 31 March 2015) reflects a combination of the following:

  • Changes to assumptions about life expectancy.
  • The Scheme’s investment strategy meant that it was protected against the increase in liabilities that arose from falling interest rates over the period.
  • Strong performance of growth assets more than offset the impact of the Scheme closing in 2017.
  • Two contributions of £28 million paid by the Company in each of the two years following the last valuation which had been previously agreed to continue to improve the financial security of the Scheme.
  • Graham Oakley, Trustee Chairman, comments on the results “We’re pleased to announce that the Scheme’s funding continues to improve. These valuation results show that the Scheme is currently in a healthy position and and that our prudent investment strategy continues to protect and enhance the security of members’ pensions.”

The Trustee will provide a more detailed update on these results to members next year.

These results do not take into account the recent High Court’s decision about equalising Guaranteed Minimum Pensions (GMP). Click here to read more about what this might mean for members of the Scheme.