The DBP Annuitants Scheme is a defined benefit scheme. The benefits payable by your scheme are guaranteed by the Crown.
The investment return (after tax and expenses) earned by the scheme for the year ended 31 March 2023 was -3.96% (2022: -1.24%).
Payment of benefits
The net assets available to pay the benefits of the scheme were exhausted in May 2009, after a provision was made for future operating expenses. A call was made under the Crown guarantee in May 2009 and the Crown has been meeting the cost of paying pension benefits from the scheme as they fall due since May 2009 and continues to do so.
The scheme's asset allocation strategy for the residual assets held by the scheme was reviewed by the Board during the year and the scheme's assets were reallocated from cash to fixed interest. The pie chart below shows the scheme's asset allocation strategy for the residual assets held by the scheme effective from 1 March 2022.