A contingent liability exists in relation to the equalisation of Guaranteed Minimum Pension (GMP), though at this stage it is not possible to quantify the impact of legislative changes proposed by the UK Government in this area. See note A5 for further details.

Following a review undertaken during the year, the group has determined that the possibility of any outflow in respect of performance guarantees issued is remote and, as such, there are no contingent liabilities to be disclosed in respect of these (2016: £9.8 million).

The company has not entered into performance guarantees as at 31 March 2017 or 31 March 2016.