has now been completed, and its results will inform future contribution rates from 1 April 2026.

As at 31 March 2026, the actuarial present value of promised retirement benefits, calculated under IAS 26 principles, was £1,517m (£1,481m at 31 March 2025). The Fund's net assets available to pay benefits at the same date were £1,915m (£1,714m at 31 March 2025). This results in a funding position of approximately 126%, indicating that the Funds available assets slightly exceed the present value of promised benefits. Further details and assumptions underpinning this valuation are provided in Appendix A2.