2010/11 (PDF, 48 Pages, 1013KB) - THE LOCAL GOVERNMENT ...

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Financial Statements - Notes to the Accounts3. Contributions Receivable2011 2010£’000 £’000EmployersNormal 165,836 164,996Augmentation 45 522Pension Strain 28,471 23,811Deficit Funding 11,874 316EmployeesNormal 60,521 60,828266,747 250,473relating to: Administering Authority 41,317 38,254Statutory Bodies 187,628 176,471Admission Bodies 37,802 35,748266,747 250,473Employers Normal contributions includesan element of past service deficit. The2007 actuarial valuation calculated theaverage employer contribution rate of17.8%, 12.1% was determined the averageemployer rate in respect of future serviceonly and 5.7% for past service deficit.“Augmentation” represents paymentsby employers to the Fund for the costsof additional membership benefitsawarded under LGPS regulations.An accrual has been made for agreedfuture payments to the Fund.“Pension Strain” represents the cost toemployers when their employees retireearly to compensate the Fund for thereduction in contribution income and theearly payment of benefits. Payments to theFund for such costs are made over agreedperiods. An accrual has been made foragreed future payments to the Fund.“Deficit Funding” represents additionalpayments by employers to reduce apast service deficit, thereby potentiallyreducing their future contribution rates.Such payments may be made either aslump sum payments (£5.4m in 2010/11,nil in 2009/10) or as regular additionalcontributions. Also included is £6.4mrelating to Magistrates Courts which waspreviously an active member of the Fund.Figures for “Compensatory AddedYears” represent re-imbursements byemployers to the Fund for additionalpension payments awarded under theLocal Government (Early Termination ofEmployment) (Discretionary Compensation)Regulations 2000. As such pensionspayments lie outside the LGPS Regulations,with the Fund acting as agent for suchpayments, figures of both payments topensioners (previously shown under Note4 “Benefits Payable”) and the recoveryof such costs from employers (previouslyshown under Note 3 “ContributionsReceivable”) are now excluded fromthe Fund accounts. Instead they areshown within Note 16 to the Accounts.16 Financial Statements www.merseysidepensionfund.org.uk
4. Benefits Payable5. Payments to and on Account of Leavers2011 2010£’000 £’000Pensions 182,237 173,785Lump Sum Retiring Allowances 72,053 41,260Lump Sum Death Benefits 5,621 4,090259,911 219,135relating to: Administering Authority 40,647 31,326Statutory Bodies 186,790 158,176Admission Bodies 32,474 29,633259,911 219,1352011 2010£’000 £’000Refunds to members leaving service 15 41Payment for members joining state scheme 1 2Income for members from state scheme -18 -7Individual transfers to other schemes 18,591 19,62218,589 19,658www.merseysidepensionfund.org.uk Financial Statements 17
Page 2: Contents3 Management Structure4 Cha
Page 6 and 7: Management of the FundThe overall r
Page 8 and 9: Investment ReportYear ended 31 Marc
Page 10 and 11: Investment ReportYear ended 31 Marc
Page 12: 12Knowsley Hall
Page 15: Rental incomeRental income from pro
Page 19 and 20: 7. InvestmentsMarket Value @31.3.10
Page 21 and 22: Forward Foreign ExchangeContract Se
Page 23 and 24: Carrying Amount31 March 2011Loans a
Page 25: Disclosure Note Re: Transaction Cos
Page 28 and 29: Financial Statements - Notes to the
Page 34 and 35: Audit ReportIndependent auditor’s
Page 36 and 37: Scheme Administration ReportMerseys
Page 38 and 39: Scheme Administration ReportPropose
Page 40 and 41: Scheme Administration ReportKey Imp
Page 42 and 43: 42Merseyside Pension Fund
Page 44 and 45: Appendix AScheme employers with act
Page 46: Appendix CInformation ContactsPosit

2010/11 (PDF, 48 Pages, 1013KB) - THE LOCAL GOVERNMENT ...

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