2010 annual report and accounts - PDF 700KB - RAF Benevolent ...

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Notes to the Financial Statements continued8. Pension commitmentsFRS 17 disclosureThe FRS 17 calculations have been carried out by an independent qualified actuary and relate to the RAF Benevolent Fund Staff Pension Fund.The amounts recognised in the balance sheet are as follows:2010 2009£000 £000Fair value of scheme assets 22,171 19,504Present value of funded obligations (27,392) (25,838)Present value of unfunded benefits (deficit in the scheme) (5,221) (6,334)The amounts recognised in profit or loss are as follows:Defined benefit pension schemes2010 2009£000 £000Current service cost 483 372Interest cost 1,478 1,233Expected return on scheme assets (1,452) (1,145)Total 509 460Actual return on scheme assets 2,956 3,081Changes in the present value of the defined benefit obligation are as follows:Defined benefit pension schemes2010 2009£000 £000Opening defined benefit obligation 25,838 19,399Current service cost 483 372Interest cost 1,478 1,233Contributions by scheme participants 22 20Actuarial losses 775 6,061Benefits paid (1,204) (1,247)Closing defined benefit obligation 27,392 25,83822 The Heart of the RAF family
8. Pension commitments continuedChanges in the fair value of scheme assets are as follows:2010 2009£000 £000Opening fair value of scheme assets 19,504 17,267Expected return 1,452 1,145Actuarial gains 1,504 1,936Contributions by employer 893 383Contributions by scheme participants 22 20Benefits paid (1,204) (1,247)22,171 19,504The Charity is expected to contribute £900,000 to the Scheme in 2011.The major categories of scheme assets as a percentage of total scheme assets are as follows:2010 2009Target Return Fund 98% 99%Fixed Interest and Cash 2% 1%Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):2010 2009Discount rate 5.4% 5.80%Expected return on scheme assets 7.3% 7.50%Future pension increases (RPI capped at 5%) 3.1% 3.30%Future salary increases 3.8% 4.00%Inflation assumption (RPI) 3.3% 3.50%Mortality – base table SAPS SAPSMortality – allowance for future improvements Medium MediumCohort CohortLife expectancies at age 63:Male currently aged 63 85.4 years 85.3 yearsMale currently aged 43 86.7 years 86.6 yearsFemale currently aged 63 87.9 years 87.9 yearsFemale currently aged 43 89.0 years 89.0 yearsAmounts for the current and previous four periods are as follows (all in £000’s):2010 2009 2008 2007 2006Defined benefit obligation (27,392) (25,838) (19,399) (20,415) (20,934)Scheme assets 22,171 19,504 17,267 21,467 20,845Surplus/(deficit) (5,221) (6,634) (2,132) 1,052 (89)Experience adjustments on scheme liabilities* - (234) - - (16)Experience adjustments on scheme assets* 1,504 1,936 (5,263) (435) 544*positive experience adjustments represent a gain to the FundRAFBF Report and Accounts 23
Page 1 and 2: Royal Air Force Benevolent FundTrus
Page 3 and 4: ContentsChairman’s Report 02Contr
Page 5 and 6: Lizzie’s storyLizzie Tandy lives
Page 7 and 8: Jim’s storyJim Vidler, 88, served
Page 9 and 10: Trustees’ ReportThe Board of Trus
Page 11 and 12: Support to the ex-Serving Community
Page 13 and 14: This return was reduced by the Fund
Page 15 and 16: Independent Auditor’s ReportWe ha
Page 17 and 18: Unrestricted Restricted Endowed Gro
Page 19 and 20: ConsolidatedCash Flow Statementfor
Page 21 and 22: Tangible fixed assets and depreciat
Page 23: 5b. Other allocated costsGroup Grou
Page 27 and 28: 11. Fixed asset investments2010 200
Page 29 and 30: 16. Subsidiary entitiesThe results
Page 31 and 32: Restricted Income FundsThese funds
Page 33 and 34: Support to the veterans’ communit
Page 35: Flight Lieutenant Andy Costin, feat

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