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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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