£'000

Contributions and benefits

Contributions receivable

46,101

Benefits transferred in

3,432

Total

49,533

Benefits payable

419,922

Benefits transferred out

139,258

Administrative expenses

2,415

Total

561,595

Net (withdrawals) from dealings with Members

(512,062)

Return on Investments

Investment income

265,582

Change in market value of investments

777,898

Investment management expenses

(1,282)

Investment administration expenses

(3,161)

Net return on investments

1,039,037

Net increase in the Fund during the year

526,975

Investments

7,589,625

Current assets and liabilities

141,697

Net assets of the Scheme as at 31st March 2004

7,731,322