BTPS has published its Report and Accounts for the year to 30 June 2022, which along with the financial statements, includes the Report by the Trustee on funding and investment activities, member services, and governance matters for the year. Our report on climate change, TCFD disclosures and Stewardship Code response are also included as an appendix to the Report and Accounts.

This annual report and financial statements show the financial position of the Scheme on a particular day (30 June 2022) and the money which has gone in and out of the Scheme since 30 June 2021. In addition, it gives an update on the Scheme’s position following the gilt market turmoil at the end of September 2022.

The last year has been one of considerable change and challenge. In addition to the global impact of the war in Ukraine and rising inflation, our agenda has included:

• Further strengthening our funding position - the deficit reduction plan remains on track, with the Scheme set to be fully funded by 2030.
• Realising the benefits of our investment in technology, which has underpinned yet another year-on-year increase in member satisfaction.
• Continuing our commitment to our core investment principle of sustainable long-term value creation.
• Continued focus on delivering value for money to our members.

You can read about our year in more detail in the full Report and Accounts