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2023 Annual Report

We have now published our audited and signed 2023 Annual Report (PDF) [6MB] (opens new window) .

Highlights from the report include:

  • -1.6% investment return for the year
  • -£495 million investment loss for the year
  • £27.9 billion closing value as at 31st March 2023
  • +8.2% p.a. investment return over the last 10 years
  • £729 million total pensions and lump sums paid over the year
  • Total membership increased to over 283,000
  • +10.1% inflation increase applied to all members shortly after the year end
  • £200 million of new investments by our Direct Impact Portfolio (DIP)
  • DIP investments now produce enough green energy to fuel over 277,000 homes

Other key developments included:

  •  A+ rating for responsible investment (PRI)
  • Signatory of the UK Stewardship Code 2021 and 2022
  • Signatory of the Paris Aligned Investment Initiative (PAII)
  • In spite of the small loss on investments and the cost of the inflation increase, SPF's funding level is expected to have improved significantly over the year.
  • This will be confirmed in the actuarial valuation as at 31st March 2023 which will be completed over the coming months.

Annual Report Image 23

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