FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

NOTES TO THE ACCOUNTSNOTE 22: PENSION SCHEMES – DEFINED BENEFIT SCHEMESThe Jersey Civil Service Scheme (pre-1967) (CSS)The Jersey Civil Service Scheme (pre-1967) (CSS) is a non-funded scheme of the defined benefit type,providing retirement benefits based on final salary. The scheme existed before the formation of PECRS in1967 and is closed to new members. There are no remaining active members of the CSS.The States of Jersey will continue to meet the cost of benefits from departmental expenditure limits.The principal demographic assumptions made by the actuary to calculate the liabilities under FRS 17 were:Post retirement mortality assumptions31 December201031 December2011MalesFuture lifetime from aged 65 (currently aged 65) 22 years 22 yearsFemalesFuture lifetime from aged 65 (currently aged 65) 24 years 25 yearsCommutation Nil NilChanges to the present value of the scheme liabilities during the yearYear ending31 December2010Year ending31 December2011£’000 £’0001 January 6,177 6,153Current service cost – –Past service cost – –Interest cost 340 315Net benefits paid (446) (441)Actuarial (gains)/losses on scheme liabilities * 82 14031 December 6,153 6,167* Includes changes to the actuarial assumptions.The amounts recognised in the Operating Cost Statement are as follows:Year ending31 December2010Year ending31 December2011£’000 £’000Recognition of liability 6,177 –Current service cost – –Past service cost – –Interest cost 340 315Total charge 6,517 315124