Financial Statements 2011-12 41
Notes to the Financial Statements For the year ended 31 July 2012
26 Local Government Pension Scheme (LGPS) - continued Expected rate of return on assets in the scheme
Consolidated Long-term Equities
Government Bonds Other Bonds Property Cash
Total market value of assets Estimated asset share
rate of return 31 July 2012. 5.90
Whole fund Whole fund value at
value at
expected at 31 July 2012 31 July 2012 £’000
2.80 3.90 4.90 0.50
rate of return £’000 31 July 2011 University
Long-term Whole fund Long-term Whole fund value at rate of return
expected at 31 July 2011 expected at 31 July 2010 £’000 31 July 2010
%% % 3,494,000 2,249,000 304,000 196,000 455,000 293,000 607,000 391,000 202,000 130,000
Other 0.00 00 0 5,062,000 3,259,000
34,398
Present value of scheme liabilities Deferred Tax Asset Deficit in the scheme
32,594
-53,241 -50,868 135
-18,708 -18,274 65%
64%
value at £’000
7 2,343,000 8 1,712,000 4
5 291,000 5 161,000 6
1 164,000 1 92,000 0
-48,477
240,000 4 213,000 387,000 7 337,000 8
366,000
3,425,000 2,881,000 32,461 31,035
-44,823
-16,016 -13,788 67%
The expected rate of return on assets is based upon market expectations, at the beginning of the period, for investment returns over the entire life of the related obligation.
Mortality and life expectancy assumptions
Post retirement mortality assumptions: Active members
Current Pensioners
Life expectancy: Male (Female) current pensioner aged 65 Male (Female) future pensioner aged 65
At 31 July 2012
Males - 91% SiPMA CMI_2009_M [1%] Females - 85% S1PFA CMI_2009_F [1%] Males - 91% SiPMA CMI_2009_M [1%] Females - 85% S1PFA CMI_2009_F [1%]
22.7 years 25.3 years
Consolidated At
Analysis of amount charged to income and expenditure account Deficit in UECS Scheme at 1 August Current service charge Total operating charge
Analysis of net return on pension scheme Expected return on pension scheme assets Interest on pension liabilities Net return
Amount recognised in the statement of total recognised gains and losses (STRGL) Actual return less expected return on pension scheme assets Actuarial loss recognised in the STRGL
Movements in deficit during the year Deficit in scheme at 1 August
Movements in the year: Current service charge Contributions
Past service cost and curtailment loss Other outgoings
Net interest/return on assets Actuarial loss
Settlement and Curtailment Deferred Tax Asset
Deficit in scheme at 31 July
(229) (510) (739)
At 31 July 2011
Males - 91% SiPMA CMI_2009_M [1%] Females - 85% S1PFA CMI_2009_F [1%] Males - 91% SiPMA CMI_2009_M [1%] Females - 85% S1PFA CMI_2009_F [1%]
22.6 years 25.2 years
University At
£’000
(454) (454)
2,113 2,002 (2,538) (2,432) (425)
(430)
(3,692) (3,362) (3,692) (3,362)
(16,245) (16,016) (510)
(454) 2,059 2,042 (425)
(3,692) (3,362) (30) 135
(54) (18,708) (18,274) At
31 July 2012 31 July 2012 31 July 2011 £’000
£’000
(483) (483)
1,995
(2,419) (424)
(3,287) (3,287)
(13,788) (483)
1,966
0 0 0 0 0 0 (430)
(424)
(3,287) 0
(16,016) 69%
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