re VTU and pension, the statement says the following:
On the accounting valuation basis the scheme is in surplus. Different valuation assumptions apply to the accounting and actuarial valuations such as the use of corporate bond yields rather than gilt yields to discount liabilities. The impact of the Scheme's hedge being related to the actuarial position rather than accounting value generated a reduction in the accounting surplus of approximately £4m over the Year. A further reduction in surplus arose relating to movements in the applicable inflation assumptions. Overall, a net actuarial loss of £6.0m was recognised in the Statement of Comprehensive Income for the Year. The accounting surplus on the scheme decreased to £3.2m as at 28 February 2023 (2022: £9.1m).
re VTU and pension, the statement says the following:
On the accounting valuation basis the scheme is in surplus. Different valuation assumptions apply to the accounting and actuarial valuations such as the use of corporate bond yields rather than gilt yields to discount liabilities. The impact of the Scheme's hedge being related to the actuarial position rather than accounting value generated a reduction in the accounting surplus of approximately £4m over the Year. A further reduction in surplus arose relating to movements in the applicable inflation assumptions. Overall, a net actuarial loss of £6.0m was recognised in the Statement of Comprehensive Income for the Year. The accounting surplus on the scheme decreased to £3.2m as at 28 February 2023 (2022: £9.1m).