FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

NOTES TO THE ACCOUNTSNOTE 22: PENSION SCHEMES – DEFINED BENEFIT SCHEMESChanges to the fair value of the scheme assets during the yearYear ending31 December2010Year ending31 December2011£’000 £’0001 January 9,133 9,144Expected return on scheme assets 358 324Actuarial gains/(losses) on scheme assets 411 838Net benefits paid (758) (708)Contributions paid by the employer – –Contributions by scheme participants – –31 December 9,144 9,598The actual return on scheme assets in the year was £1,162,000 (2010: £769,000).Changes to the present value of the scheme liabilities during the yearYear ending31 December2010Year ending31 December2011£’000 £’0001 January 10,343 9,058Current service cost – –Past service cost – –Interest cost 568 461Net benefits paid (758) (708)Actuarial (gains)/losses on scheme liabilities * (1,095) 2931 December 9,058 8,840* Includes changes to the actuarial assumptions.The amounts recognised in the Operating Cost Statement are as follows:Year ending31 December2010Year ending31 December2011£’000 £’000Current service cost – –Past service cost – –Expected return on scheme assets (358) (324)Interest cost 568 461Unrecognised asset due to limit in para 41 – –Total charge 210 137119