The M&S Pension Trust (the Trustee) is legally responsible for managing the M&S Pension Scheme and acting in the best interests of members and their beneficiaries. The Trustee is independent, and the Scheme’s assets are held separately by the Trustee.
The Scheme is well funded and, as at the date of the last actuarial valuation (at 31 March 2018), it had a surplus of £652m. This represented a funding level of 107% and a continued improvement in funding level from a surplus of £204 million (102%) as at the previous actuarial valuation (at 31 March 2015). As a result of the funding level of the Scheme, no additional contributions are currently required from M&S.
The Trustee receives regular financial updates from M&S plc so that it can, with independent expert advice, keep a close eye on the financial health of the business. The Trustee’s prudent investment strategy continues to protect and enhance the security of members’ pensions. But it’s important to be aware that a surplus doesn’t necessarily mean that the Trustee has too much set aside, as over the life of the Scheme’s members the value of the Scheme’s assets can go up or down over time and the assumptions used to work out the liabilities might change in the future too.
For more information on the results of the last actuarial valuation please see: https://www.mandspensionscheme.com/financial-health-check.