Financial Statements to 31 July 2008 - Perth College - UHI ...

Perth College
Notes to the Accounts
31 Pension and similar obligations (continued)
Changes in the present value of the defined benefit obligation
Reconciliation of opening and closing balances of the present value
of the defined benefit obligation
Year to 31
Year to
July 2008
31 July
2007
£ 000's £ 000's
Opening Defined Benefit Obligation 10,396 9,895
Service Cost 503 572
Interest Cost 619 520
Actuarial losses (gains) (769) (659)
Losses (gains) on curtailments 26 26
Estimated benefits paid (net of transfers
(130) (128)
in)
Past service cost - -
Contributions by Scheme participants 179 170
Unfunded pension payments -
Closing Defined Benefit Obligation 10,824 10,396
Changes in the fair value of scheme assets
Reconciliation of opening and closing balances of the fair value of
Scheme assets
Year to 31
Year to
July 2008
31 July
2007
£ 000’s £ 000’s
Opening fair value of Scheme assets 9,229 7,790
Change in asset valuation (92) -
Expected return on Scheme assets 687 544
Actuarial gains and (losses) (1,690) 352
Contributions by employer 526 501
Contributions by Scheme participants 179 170
Estimated benefits paid (net of transfers
(130) (128)
in)
Fair value of Scheme assets at end of period 8,709 9,229
The major categories of scheme assets as a percentage of total scheme assets are as follows:
31 July 2008 31 July 2007
£ 000’s % £ 000’s %
Equities 1,026,257 69.2 1,272,291 77.8
Gilts 152,570 10.3 106,709 6.5
Other Bonds 117,904 7.9 55,401 3.4
Property 153,008 10.3 157,361 9.6
Cash 34,282 2.3 44,427 2.7
Total 1,484,021 100 1,636,189 100
Mid Market Value 1,499,011 1,652,716
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