Keele statement of accounts 20/21 | Page 69

Statement of Accounts 2020 / 21
Notes to the Accounts
Notes to the Accounts For
For the
the year
year ended
ended 31
31 July
July 2021
2021
32 Pension Schemes ( continued )
At 31 July 2021
At 31 July 2020
£’ 000
£’ 000
Cumulative actuarial gains recognised as other comprehensive income for LGPS Cumulative actuarial gains recognised at the start of the year
( 381 )
( 882 )
Cumulative actuarial gains recognised at the end of the year
1,024
381
Analysis of movement in deficit for LGPS Deficit at beginning of year
( 715 )
( 410 )
Contributions or benefits paid by the University
107
226
Current service cost
( 27 )
( 24 )
Past service cost
-
-
Other finance charges
( 8 )
( 6 )
Deficit at end of year - ( 715 )
At 31 July 2021
At 31 July 2020
£’ 000
£’ 000
Analysis of movement in the present value of LGPS liabilities Present value of LGPS liabilities at the start of the year
5,044
4,946
Current service cost
27
24
Interest cost
64
102
Actuarial loss
229
177
Contributions paid by scheme members
5
5
Actual benefit payments
( 209 )
( 210 )
Present value of LGPS liabilities at the end of the year 5,160 5,044
At 31 July 2021
At 31 July 2020
£’ 000
£’ 000
Analysis of movement in the fair value of scheme assets Fair value of assets at the start of the year
4,329
4,536
Expected return on assets
56
96
Actuarial gain on assets
872
( 324 )
Actual contributions paid by University
107
226
Contributions paid by scheme members
5
5
Actual benefit payments
( 209 )
( 210 )
Fair value of scheme assets at the end of the year 5,160 4,329
LGPS assets do not include any of the University ’ s own financial instruments , or any property occupied by the University .
Year to 31 July 2021
Year to 31 July 2020
£’ 000
£’ 000
Actual return on Scheme assets Expected return on assets
56
96
Actuarial gain on assets
872
( 324 )
Actual return on Scheme assets before administration expenses
928
( 228 )
Administration expenses
-
-
Actual return on Scheme assets before administration expenses 928 ( 228 )
The University expects to contribute in the region of £ 107k to the scheme in the next year through deficit contributions and on-going service costs .
( iv ) National Health Service Pension Scheme ( NHSPS )
The University also participates in the NHSPS which is contracted out of the State Second Pension ( S2P ). The notional assets of NHSPS are assessed by the Government Actuary and the benefits are underwritten by the Government .
The NHS Pension Scheme is a defined benefit public service pension scheme , which operates on a pay-as-you-go basis . A new reformed scheme was introduced on 1 April 2015 that calculates pension benefits based on career average earnings . Transitional arrangements permit individuals who on 1 April 2012 were within ten years of normal pension age to continue participating in the old ‘ final salary ’ NHS Pension Scheme arrangements ( the 1995 and 2008 sections ).
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