Oliver Morley, Chief Executive
We've consistently delivered on our strategic plan, even in difficult times in the wider economy. Our reserves are now over £12bn, which is good news for defined benefit schemes and their 9.6m pensioners. We'll be able to halve schemes' levy this year, reflecting both our own and their improved financial position.
We paid £1.2bn to our members and kept award-winning standards of customer service throughout the year.