Pensions Fund Annual Report 2011-12 , item 18. PDF 4 MB

F i n a n c i a l s t a t e m e n t s
17 Additional voluntary contributions
As well as joining the fund, scheme members can pay into an additional voluntary contributions
(AVC) scheme run by three AVC providers. Contributions are paid directly from scheme members
to the AVC providers.
The contributions are not included within the fund accounts, in line with regulation 4(2)(b) of the
Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009. The
table below shows the activity for each AVC provider in the year.
Clerical Equitable Life Standard
Medical Assurance Life
£ 000 £ 000 £ 000
Opening value of the fund 1,116 999 2,550
Income 114 1 216
Expenditure (218) (149) (417)
Change in market value 45 17 108
Closing value of the fund 1,057 868 2,457
18 Related-party disclosure
Staffordshire Pension Fund is administered by Staffordshire County Council. The county council
incurs expenditure in relation to the administration of the fund and is subsequently reimbursed by
the pension fund.
The pension fund holds a small amount of its assets in cash to meet short term commitments. This
cash is managed by the Staffordshire County Council Treasury and Pension Fund team in line with
the fund’s Annual Investment Strategy which sets out the permitted counterparties and limits.
Staffordshire County Councillors can join the fund. As at 31 March 2012, six members of the
Pensions Committee and the Pensions Panel had taken up this option.
19 Deferred debtor
A transfer was made from the fund to the Civil Service Pension Scheme on 1 April 2005 in respect
of magistrates courts. As at 31 March 2011 agreement had been reached that the fund was due a
payment that represented the shortfall between the assets held and the liabilities retained within the
fund. The shortfall of £8.512 million, including a allowance for the delay in receipt of 3.765%, meant
10 payments were due to the fund of £1.004 million. These payments commenced in 2011/12 and
the current assets figure at note 15 (Contributions due - employers) records the £9.036 million due
at 31 March 2012.
liabilityDRAFT
20 Deferred liability
DRAFT
at 31 March 2012.
DRAFT
A transfer was made to the fund by the Environment Agency of £0.188m on 30 November 2011 in
respect of pre 1974 Water Company Pensions increase recharges. The amount reflects the value of
the annual pension increase recharges as at 31 March 2011 and means no further pension increase
recharge invoices were be payable by the Environment Agency from 1 April 2011.
The balance from the Environment Agency represents income received in advance and will be
released to the revenue account over 14 years. £0.013m has been transferred in 2011/12 and
£0.013m will be released per year until 2024/2025. The current liabilities figure at note 16 (Income
received in advance) includes the remaining £0.175m to be released at 31 March 2012.
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