15
December 1998 CIRC 11/98
To all Employing Authorities
Re: Actuarial Valuation as at 31 March 1998
Employers' Contribution Rates
The valuation of the Fund as at 31 March 1998 has been completed and the
actuaries, Bacon & Woodrow, have notified the Committee in advance of the
formal report of the employers' rates which will apply for the three years
commencing 1 April 1999. The rates are as follows:-
|
Employers admitted |
From 1 April 1999 |
Previous Rate |
|
Before 1/4/93 |
4.6% |
2.5% |
|
1/4/93 - 31/3/96 |
4.6% |
6.0% |
|
After 31/3/96 |
8.2% |
11.1% |
A summary of the results of the
valuation is attached.
A copy of the Actuaries' formal report and contribution rate certificate will
be forwarded as soon as available.
Yours sincerely
R W NESBITT
Secretary
RWN/AM
ENC
NILGOSC PENSION FUND
ACTUARIAL VALUATION AS AT 31 MARCH 1998
SUMMARY OF RESULTS
Past service position
|
|
Liabilities in respect of |
|
|
|
£m |
|
|
|
Pensioners and dependants |
|
|
|
466 |
|
|
|
Deferred pensioners |
|
|
|
70 |
|
|
|
Contributors |
|
|
|
721 |
|
|
|
Total |
|
|
|
1,257 |
|
|
|
Assets at actuarial value |
|
|
|
1,586 |
|
|
|
Surplus |
|
|
|
329 |
|
|
|
Funding level |
|
|
|
126% |
|
Future service position |
|
|
|
% Pay |
|
|
|
Employer contribution rate |
||||
|
|
|
for future benefit accrual |
|
|
|
11.1 |
Past service adjustment
|
|
|
Offset from future service rate, |
||
|
|
|
amortising surplus over average |
||
|
|
|
future working life of contributors |
|
(6.5) |
Total service contribution rate
|
|
|
Employer contribution rate |
||||
|
|
|
for period 1/4/99 to 31/3/02 |
|
|
|
4.6 |
July
07, 1999 09:36 PM