Your pension updates

Valuation update

A comprehensive review, known as an Actuarial Valuation (‘Valuation’), is completed every three years by a qualified and independent Actuary. The 31 March 2022 Valuations have been agreed for both the Nationwide Section and the Cheshire and Derbyshire Section. The Actuarial Valuation Reports are available in the Library section of the website under Legal Documents.

What were the results of the 31 March 2022 Valuation?

The results of the 31 March 2022 Valuation are shown below. You will see that both the Nationwide Section and Cheshire & Derbyshire Section are both over 100% funded based on the assumptions agreed between the Trustee and Society.

This assessment is formally called the ‘Technical Provisions’.

The Trustee keeps the funding position under regular review.  Since 31 March 2022 the funding level of both Sections has improved and more details will be included in the Annual Review. 

You can find out more about how the funding is managed by watching our ‘Managing the Funding’ video