Contributions for the accounting period ended 31 March 2013: In this period, the Authority expects to pay £0.00m directly to beneficiaries. Assumptions: The latest actuarial valuation of unfunded LGPS benefits took place as at 31 March 2011. Liabilities have been estimated by the independent qualified actuary on an actuarial basis using the projected unit credit method. The principal assumptions used by the actuary in updating the latest valuation results for IAS 19 purposes were: Principal Financial assumptions (% per annum) 31st March 31st March 31st 2013 2011 2012 Discount rate 5.5 4.6 4.1 3.6 3.4 3.5 RPI inflation CPI inflation 2.7 2.4 2.6 2.7 2.4 2.6 Rate of increase in pensions in payment Demographic assumptions Post-retirement mortality 31 March 2012 31 March 2013 (retirement in normal health) Males Standard SAPS Normal Standard SAPS Normal Year of Birth base table Health All Amounts Health All Amounts Rating to above base table* 0 0 (years) Scaling to above base table 110% 110% rates Improvements to base table CMI 2009 with a CMI 2009 with a rates improvement rate improvement rate of 1.25% p.a. of 1.25% p.a. Future lifetime from age 65 21.6 21.7 (currently aged 65) Females Standard SAPS Normal Standard SAPS Normal Year of Birth base table Health All Amounts Health All Amounts Rating to above base table* 0 0 (years) Scaling to above base table 110% 110% rates Improvements to base table CMI 2009 with a CMI 2009 with a rates improvement rate improvement rate of 1.25% p.a. of 1.25% p.a. Future lifetime from age 65 23.8 23.9 (currently aged 65) Reconciliation to balance sheet Value as at Value as at Value as 31st March 31st March at 31st 2011 2012 March (£m) (£m) 2013 (£m) Present value of defined benefit obligation 0.07 0.07 0.07
Contributions for the accounting period ended 31 March 2013: In this period, the Authority expects to pay £0.00m directly to beneficiaries. Assumptions: The latest actuarial valuation of unfunded LGPS benefits took place as at 31 March 2011. Liabilities have been estimated by the independent qualified actuary on an actuarial basis using the projected unit credit method. The principal assumptions used by the actuary in updating the latest valuation results for IAS 19 purposes were: Principal Financial assumptions (% per annum) 31st March 2011 31st March 2012 31st 2013 Discount rate 5.5 4.6 4.1 RPI inflation 3.6 3.4 3.5 CPI inflation 2.7 2.4 2.6 Rate of increase in pensions in payment 2.7 2.4 2.6 Demographic assumptions Post-retirement mortality (retirement in normal health) 31 March 2012 31 March 2013 Males Year of Birth base table Standard SAPS Normal Health All Amounts Standard SAPS Normal Health All Amounts Rating to above base table* (years) 0 0 Scaling to above base table rates 110% 110% Improvements to base table rates CMI 2009 with a improvement rate of 1.25% p.a. CMI 2009 with a improvement rate of 1.25% p.a. Future lifetime from age 65 (currently aged 65) 21.6 21.7 Females Year of Birth base table Standard SAPS Normal Health All Amounts Standard SAPS Normal Health All Amounts Rating to above base table* (years) 0 0 Scaling to above base table rates 110% 110% Improvements to base table rates CMI 2009 with a improvement rate of 1.25% p.a. CMI 2009 with a improvement rate of 1.25% p.a. Future lifetime from age 65 (currently aged 65) 23.8 23.9 Reconciliation to balance sheet Value as at 31st March 2011 (£m) Value as at 31st March 2012 (£m) Value as at 31st March 2013 (£m) Present value of defined benefit obligation 0.07 0.07 0.07
SOA-1213-FINAL-1.docx