44 Financial Statements 2011-12


Notes to the Financial Statements For the year ended 31 July 2012


26 University of Essex Pension Scheme (continued) At At


31 July 2012 31 July 2011 £’000


£’000


Amount recognised in the Statement of Total Recognised Gains and Losses (STRGL) Actual return less expected return on pension scheme assets Actuarial (loss)/gain arising on the scheme liabilities Actuarial (loss)/gain recognised in the STRGL


Movements in deficit during the year Deficit in scheme at 1 August


Movements in the year: Current service charge Contributions


Net interest/return on assets Actuarial (loss)/gain


Deficit in scheme at 31 July


Change in benefit obligation during the period to 31 July At beginning of year Current service cost


Interest on pension liabilities Member contributions


Actuarial loss/(gain) 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 (loss)/gain on assets Employer contributions Member contributions


Benefits and 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


2011-12 £’000


(670) 4.2%


(4,265) 19.5%


(4,935) 22.5%


2010-11 £’000


777 5.1%


2009-10 £’000


1,186 9.5%


3.0%


487 (1,031) -6.7%


1,264 154 7.7%


1.0% (670)


(4,265) (4,935)


(1,331)


(735) 1,107 110


(4,935) (5,784)


16,499 735 881 17


4,265 (483)


21,914


15,168 991


(670) 1,107 17


(483) 16,130


2008-09 £’000


(1,113) 11.8%


835 6.4%


(278) -2.1%


777 487


1,264 (3,013)


(885) 1,279 24


1,264 (1,331)


15,489 885 855 18


(487) (261)


16,499


12,476 879 777


1,279 18


(261) 15,168


2007-08 £’000


(686) -7.8%


(1,228) -9.9%


(1,914) -15.4%


In the 2012-13 year, the University estimates that it will pay £937k in future service contributions and £0 in respect of the past service deficit. From 1 April 2009, the University has operated a salary sacrifice arrangement for this scheme. This includes the contributions the University expects to make due to its salary sacrifice arrangement.


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