BTPS has published its Report and Accounts for the year to 30 June 2021, which along with the financial statements, includes the Report by the Trustee on funding and investment activities, member services, and governance matters for the year. Our report on climate change and TCFD disclosures are also included as an appendix to the Report and Accounts.

This annual report and financial statements show the financial position of the Scheme on a particular day (30 June 2021) and the money which has gone in and out of the Scheme since 30 June 2020.

The last year has been one of considerable change and challenge. In addition to the pandemic and Brexit, our agenda has included:

• Further strengthening our funding position, as agreed with BT as part of the triennial funding valuation process.
• The technology transformation programme to enhance the operational effectiveness of BTPSM’s investment team and to continue to improve the service we provide to our members.
• Setting a net zero by 2035 goal for carbon emissions from our investment portfolio.
• Continued focus on delivering value for money to our members.