We use the UKRF’s investments or ‘our assets’ to pay for members’ pensions and benefits (our liabilities). The value of our assets rise and fall over time, depending on how much is paid in and out, and investment performance.

Here’s what happened to our asset values during 2023…

In short:

We started the year with £27.2 billion

We ended the year with £24.5 billion (down 10%)

During the year…

We added
£0.14 billion*
in contributions from Barclays and members

We paid out
£1.19 billion
for members’ pensions and benefits

The value of our investments reduced by
£1.65 billion

*The strong surplus reported in our 2022 actuarial valuation supported a decision to pause Barclays' UKRF contributions for 12 months (starting from 1 February 2023). Also agreed was the commitment to review this decision every 12 months. We did this during our 2023 financial check and our funding position supports a continued pause for a further 12 months.

IMPORTANT: Please be assured that members’ benefits are unaffected by this decision.

Two sides to the story

Like our asset values, our liabilities fell over the same period, which is ‘Why down still means up’ for our funding level.

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