BA Pensions have published the 2022 annual reports for APS & NAPS. APS remains in a generally healthy condition with a small drop in funding but the scheme still had a funding position of 104.2% as of 31st March 2021.
There is good news for NAPS with strong investment returns improving the funding of the scheme. As the 2021 valuation is still in progress, the most recent funding level available is 31st March 2020 which showed 87%. However in the words of the NAPS annual report “…the Trustee continues to monitor the development of the funding position, which has improved materially since 31 March 2020 as financial markets have recovered and there has been significant investment outperformance from the Scheme’s assets.” Some members were concerned about the outsourcing of investment management to Blackrock. Roger Maynard, NAPS Trustee Chair has this to say
“I’m pleased to report that the first year of our partnership with BlackRock has exceeded our expectations in delivering value for the Scheme’s investments and members. BlackRock has helped NAPS successfully navigate the challenges caused by significant geopolitical developments, rising inflation, and higher interest rates. I am delighted to report that, against the backdrop of this market turmoil, BlackRock has outperformed its investment benchmarks while also delivering anticipated cost benefits and operational efficiencies for the Scheme.”
The NAPS documents can be found here
The APS documents can be found here
For convenience and easier online reading, the financial statements are provided below