109. There was another meeting of the TMC on 30 April 1998. At the meeting the actuary presented a report on the actuarial valuation of the Scheme as at 31 December 1997. The report showed a funding level of 123% (£548m) but that there was no statutory surplus required to be reduced. The actuary reviewed the funding assumptions set out in the paper presented in November 1997. Ms Grinstead advised the TMC of the pensions increase coming into effect in April 1998, which the TMC approved both in relation to amount and timing.

It appears the April 1998 arose in the same way as the 1997 one [106]