notes to the financial statements
for the year ended 31st March 2009
14 PENSION COMMITMENTS (CONTINUED)
The movement in net deficit for the year to 31st March 2009 is as follows:Hampshire County Council FundKent County Council Fund2009
2008
2009
2008
£000
£000
£000
£000
net deficit at beginning of year
(621 )
(
1,500 )
(468 )
(
603 )
contributions
89
98
66
33
current service cost
(71 )
(
120 )
(16 )
(
20 )
Past service costs
-
(
38 )
(7 )
-
Other finance (charges) / income
(50 )
(
16 )
(29 )
10
Loss on any settlements or curtailments
-
(
12 )
-
-
actuarial (loss) / gain
(1,488 )
967
(349 )
112
net deficit at end of year
(2,141 )
(
621 )
(803 )
(
468 )
Both county council funds are closed to new members from The Southern and South East England Tourist Board and therefore use of the projected unit
method to value liabilities will mean that the current service cost increases as the members approach retirement. Should the Board cease to participate in the
admission agreements a greater liability than that calculated for FrS17 purposes might result.
Amounts charged to the operating deficit:Hampshire County Council FundKent County Council Fund2009
2008
2009
2008
£000
£000
£000
£000
current service cost
(71 )
(
120 )
(16 )
(
20 )
Past service costs
-
(
38 )
(7 )
-
Total operating charge
(71 )
(
158 )
(23 )
(
20 )
Amounts (charged) / credited to other finance income:
Expected return on pension fund assets
303
292
151
182
Interest on pension scheme liabilities
(353 )
(
308 )
(180 )
(
172 )
net (charge) / credit
(50 )
(
16 )
(29 )
10
Amounts recognised in the Statement of total recognised gains and losses (STRGL):Hampshire County Council FundKent County Council Fund2009
2008
2009
2008
£000
£000
£000
£000
actual return less expected return on assets
(1,241 )
44
(570 )
(
321 )
Experience (losses) and gains on pension liabilities
(27 )
(
35 )
1
(
27 )
changes in assumptions underlying the present value of pension liabilities
(220 )
958
220
460
actuarial (losses) and gains
(1,488 )
967
(349 )
112
History of Experience Gains and Losses:Hampshire County Council FundKent County Council Fund2009
2008
2007
2006
2005
2009
2008
2007
2006
2005
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
difference between the Expected and actual return on assets:
amount (£000)
( 1,241 )
44
(
6 )
541
110
(570 )
(
321 )
(
17 )
403
81
Value of assets (£000)
3,634
4,595
4,313
4,113
3,237
1,724
2,168
2,619
2,529
2,048
Percentage of assets
( 34.2% )
0.9%
(
0.1% )
13.4%
3.4%
( 33.1% )
( 14.8% )
(
0.6% )
15.9%
4.0%
Experience (losses) / gains on Liabilities:
amount (£000)
(27 )
(
35 )
(
10 )
1
505
1
(
27 )
2
(
1 )
(
26 )
Total present value of liabilities
(£000)
5,775
5,216
5,813
5,531
4,779
2,527
2,636
3,222
3,332
2,864
Percentage of the total present
Value of liabilities
(0.5% )
(
0.7% )
0.2%
0.0%
10.6%
0.0%
( 1.0% )
0.1%
0.0%
(
0.9% )
Total amount recognised in statement of total recognised gains and losses:
amount (£000)
( 1,488 )
967
20
155
427
(349 )
112
183
5
2
Total present value of liabilities
(£000)
5,775
5,216
5,813
5,531
4,779
2,527
2,636
3,222
3,332
2,864
Percentage of the total present
Value of liabilities
( 25.8% )
18.5%
0.3%
2.8%
8.9%
( 13.8% )
4.2%
5.7%
0.2%
0.1%
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