Its pretty simple as Chris says. My old section is doing ok.
March 09 10
Estimated amount needed to provide benefits £1,244m £1,246m*
Assets £1,113m £1,266m*
(Shortfall) / excess (£131m) £20m
Estimated funding level 89% 102%
Unfortunately for younger guys this was frozen and a new section opened. This is not doing too well.
March 09 March 10
Estimated amount needed to provide benefits £2,287m £2,356m
Assets†£1,730m £1,995m
(Shortfall) / excess (£557m) (£361m)
Estimated funding level 76% 85%
The new condition suggested by the government have to address the fact that there is no money.