FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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NOTES TO THE ACCOUNTSNOTE 32: PENSION SCHEMES – OTHER SCHEMESAmounts for current period and previous four periods2007 2008 2009 2010 2011£’000 £’000 £’000 £’000 £’000Scheme assets (1,105,336) (924,254) (1,110,963) (1,265,584) (1,182,414)Defined benefit obligation 1,252,981 1,306,089 1,680,165 1,791,829 1,880,420(Surplus)/deficit 147,645 381,835 569,202 526,245 698,006Experience gains/(losses)on scheme assetsExperience gains/(losses)on scheme liabilities *(14,050) (260,192) 133,596 63,342 (171,956)2,833 (23,258) 27,835 47,676 13,731* This item consists of gains/(losses) in respect of liability experience only, and excludes any change inliabilities in respect of changes to the actuarial assumptions used.The valuation at 31 December 2011 showed an increase in the scheme deficit from £526.2 million to £698 million.The Jersey Teachers’ Superannuation Fund (JTSF)Membership of the JTSF is compulsory for all teachers in full-time employment and optional for those in parttimeemployment. The Fund is managed by a Board of Management which has established sub-committeesto investigate and report on complex and technical issues.The figures include Non-Provided Schools that qualify as Accepted Schools under the Teachers’Superannuation (Jersey) Law 1979.The market value of the Fund’s Assets as at 31 December 2011 was £301.9 million (2010: £319.4 million).The results of an actuarial valuation as at 31 December 2006 concluded that there was a surplus of £50million. However, after allowing for future pension increases, including those already granted to that date, tobe financed from the Fund and, further, for reducing the qualifying period for the benefits to two years andthe introduction of widowers’ benefits and death in service lump sum provisions equal to two times salary, adeficiency of £60 million was revealed.The JTSF was restructured with effect from 1 April 2007 and now generally mirrors the PECRS. A provisionfor the past service liability, similar to the PECRS Pre-1987 past service liability has been recognisedalthough this has not yet been agreed with the Scheme’s Board of Management. The employer’s contributionrate rose to 16.4% and the actuary has confirmed that this will repay the past service liability over 80 years(from 2007).152
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 assumptions31 December201031 December2011MalesFuture lifetime from aged 60 (currently aged 60) 28 years 28 yearsFuture lifetime from aged 60 (currently aged 45) 30 years 30 yearsFemalesFuture lifetime from aged 60 (currently aged 60) 31 years 31 yearsFuture lifetime from aged 60 (currently aged 45) 33 years 33 yearsCommutationMembers who joined theScheme after 31 March 2007assumed to exchange 16.67of their pension entitlements.Nil for other members.Members who joined theScheme after 31 March 2007assumed to exchange 16.67of their pension entitlements.Nil for other members.The assets of the scheme and the weighted average expected rate of return on assets were:Long-term rate ofreturn expected at31 December 2010Value at 31December 2010Long-term rate ofreturn expected at31 December 2011Value at 31December 2011% p.a. £’000 % p.a. £’000Equities 8.00 268,827 8.00 255,265Property 7.50 15,854 7.50 14,699Fixed Interest Gilts 4.20 – 2.80 –Index-Linked Gilts 4.00 18,089 2.60 25,148Corporate Bonds 5.00 – 3.90 –Other 1.40 16,592 1.80 6,738Total market value of assets 319,362 301,850Present value of schemeliabilities(561,106) (569,772)Net pension liability (241,744) (267,922)Note: Values shown are at bid value.153
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MINISTER’S REPORTComprehens
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Page 171: States of Jersey TreasuryCyril Le M
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