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ALT We have, today, published the latest quarterly monitoring report to the end of March 2023. This is, of course, the effective date of the 2023 valuation and the usual caveats about the difference between the monitoring basis and a full valuation still very much apply. However, the direction of travel is clear. Overall market conditions and investment expectations at the end of March were slightly more favourable than at the end of last year. *This is reflected in a higher potential surplus (£7.6bn) and a lower implied future service contribution rate (17.5%) in respect of the current level of benefits. The future service contribution requirement at the end of March for the pre-1 April 2022 benefit structure, on the monitoring basis, was 21.8%.*

















