The investment market for UK government bonds, also known as gilts, has experienced considerable volatility in the last few weeks. In light of this, we want to let you know that your pension is not impacted.

As BTPS is a defined benefit (DB) pension scheme, we pay you an income for life based on a formula that uses your pensionable salary and service information. As such, the pensions we pay to our members are not affected by the ups and down of the stock market or the recent volatility in the gilts market.

In our Report and Accounts published 18 October 2022, we confirmed that there has been no worsening in our estimated funding position as a result of the recent volatility, and we want to reassure members that we will continue to pay pensions as they fall due.