Summary Report 2013

Summary Report 2013

Although the assets of the Scheme have reached an all-time high, from a funding perspective the cost of providing the pensions increased significantly due to the impact of Government bond yields, which were at an all-time low. The life expectancy of members has also continued to rise. Therefore, in common with many other UK pension schemes, the deficit is likely to remain sizeable.

The Trustees are talking to the BBC about how it would meet the cost of any deficit shown up in the valuation and we are working together on a plan for securing long-term funding. Once the valuation has been completed, we will send you a report that will explain the results and set out the summary funding statement along with any revised recovery plan and future contributions agreed by the BBC and the Trustees. In the meantime, I must stress that the Scheme continues to be able to pay benefits when they are due.

If you are an Active or Deferred Member a copy of your annual benefit statement is included with this Report.

In view of the increasing complexity of pension law and the Scheme’s requirements, we decided to appoint a Chief Executive Officer, Joy Moore.  Joy was previously Deputy Head of the Pension and Benefits Centre from 1997 to 2001. Joy came back on board in January.

The Trustees hope the Report gives you a good overview of the latest Scheme news but if you have any questions, please write to me care of the Pension and Benefits Centre or email me at mypension@bbc.co.uk

Bill Matthews, Chairman of the Trustees

 

You can download a copy of the Summary Report along with the Full Report and Accounts here