42 Financial Statements 2011-12
Notes to the Financial Statements For the year ended 31 July 2012
26 Local Government Pension Scheme (LGPS) - continued
Consolidated At
Change in benefit obligation during the period to 31 July At beginning of year Current service cost
Interest on pension liabilities Member contributions
Actuarial losses on liabilities Benefits paid At end of year
Analysis of movement in the market value of the scheme assets At beginning of year
Expected return on plan assets Actuarial losses on assets Employer contributions Member contributions Benefits/transfers paid At end of year
History of Experience Gains and Losses
Difference between the expected and actual return on scheme assets: Amount
Percentage of scheme assets
Experience gains arising on the scheme liabilities: Amount
Percentage of scheme liabilities
Total amount recognised in the Statement of total recognised gains and losses: Amount
Percentage of the present value of scheme liabilities
Consolidated 2011-12 £000
2,113 6.14%
12 0.0%
(3,692) 6.93%
2011-12 £000
2010-11 £000
2,002 (369) 6.14%
0.0% -1.1%
12 (368) -0.8%
(3,362) (3,287) 6.61%
6.8% In the 2012-13 year, the University estimates the employer contribution will be £1.952m.
University of Essex Pension Scheme (UEPS) The UEPS is a funded defined benefit scheme, with the assets held in separate trustee administered funds. The contribution rates for 2011-12 were 21.5% for the University and 6% for employees. In addition, the University made a further payment of £0 (2010-11: £46,000) towards the scheme deficiency.
The pensions cost is assessed every three years in accordance with the advice of a qualified actuary. The assumptions and other data that have the most significant effect on the determination of the contribution levels are as follows:
Last actuarial valuation date Actuarial method Price inflation
Pension increases Salary scale increases Market value of assets at 1 August 2010
31 July 2010 Projected Unit
3.40% per annum 3.4% per annum 4.4% per annum £12.476m
University At £’000 At
31 July 2012 31 July 2012 31 July 2011 £’000
£’000
50,452 48,477 510
1,856
2,538 2,432 168
(2,283) (2,269) 53,241 50,868
34,207 32,461 2,113 2,002 (1,836) (1,739) 2,083 2,042 168
454 151
1,623
44,823 483
2,419 169
2,918
(2,335) 48,477
151
(2,337) (2,323) 34,398
32,594
University 2009-10 £000
2,860 9.2%
0 0.0%
(3,573) 1.7%
31,035 1,995 (369) 1,966 169
(2,335) 32,461
2008-09 £000
197
0.7% 0
0.0% 197 0.4%
2007-08 £000
7,456
26.2% 0
0.0%
7,456 2.8%
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