FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

NOTES TO THE ACCOUNTSNOTE 32: PENSION SCHEMES – OTHER SCHEMESThe principal demographic assumptions made by the actuary to calculate the liabilities under FRS 17 were:Post retirement mortality assumptionsMalesFuture lifetime from aged 62 (currently aged 62)Future lifetime from aged 62 (currently aged 45)Future lifetime from aged 63 (currently aged 63)Future lifetime from aged 63 (currently aged 45)FemalesFuture lifetime from aged 62 (currently aged 62)Future lifetime from aged 62 (currently aged 45)Future lifetime from aged 63 (currently aged 63)Future lifetime from aged 63 (currently aged 45)Commutation31 December201024 years26 years26 years28 yearsEach member assumed toexchange 17.5% of theirpension entitlements31 December201125 years27 years27 years29 yearsEach member assumed toexchange 17.5% of theirpension entitlementsThe assets of the scheme and the weighted average expected rate of return on assets were:Long-termrate of returnexpected at31 December2010Value at 31December2010Long-termrate of returnexpected at31 December2011Value at 31December2011% p.a. £’000 % p.a. £’000Equities 8.00 1,014,492 8.00 878,047Property 7.50 – 7.50 –Fixed Interest Gilts 4.20 13 2.80 6Index-Linked Gilts 4.00 – 2.60 –Corporate Bonds 5.00 215,377 3.90 279,941Other 1.40 35,702 1.80 24,420Total market value of assets 1,265,584 1,182,414Present value of schemeliabilities(1,791,829) (1,880,420)Deficit in the scheme (526,245) (698,006)Net pension liability (526,245) (698,006)Note: Values shown are at bid value.150