Annual Report 2010 to 2011 - Fife Coast & Countryside Trust

11. Pension Costs
The Trust operates a defined benefit scheme in respect of its employees. The scheme is part of the
Fife Council Pension Fund and is administered by Fife Council. It is a funded scheme and the assets are
administered by its trustees and are independent of the Trust. The related costs are assessed in accordance
with the advice of professionally qualified actuaries.
A full actuarial valuation was carried out at 31 March 2011, results of which are shown below. The financial
assumptions used by the actuary were:-
2011 2010
% %
Expected return on assets 6.8 7.2
Rate of increase in salaries 5.1 5.3
Rate of increase in pensions in payment 2.8 3.8
Inflation assumption 2.8 3.8
Discount rate 5.5 5.5
v
The fair value of assets in the scheme and the expected rate of return were:-
Long Term Return At Value At
2011 2010 2011 2010
% % £ £
Equity 7.5 7.8 1,109,000 941,000
Bonds 4.9 5.0 246,000 213,000
Property 5.5 5.8 154,000 75,000
Cash 4.6 4.8 31,000 25,000
1,540,000 1,254,000
The following amounts at 31 March 2011 were measured in accordance with the requirements of FRS17:-
2011 2010
£ £
Total fair value of assets 1,540,000 1,254,000
Present value of funded liabilities (1,709,000) (1,834,000)
Net pension liability (169,000) (580,000)
Fife Coast and Countryside Trust Audited Accounts 2010-2011 31