% - % % - % A A A A A 2018 5.5 - - - - - - 2019 5.7 - - - - - -0.1 2020 5.9 - - - - +0.1 -0.1 2021 6.1 - - - - +0.2 -0.1 2022 6.4 -0.1 - - - +0.2 -0.3 2023 27 35.6 -0.4 +0.3 +0.3 -0.5 +2.2 -2.5 – 2028 32 42.9 -0.9 +0.7 +1.0 -1.0 +4.6 -4.3 – 2033 37 50.4 -1.0 +0.9 +2.0 -1.8 +7.4 -6.4 – 2038 42 56.8 -0.8 +0.6 +3.1 -2.7 +10.2 -8.5 – 2043 47 60.0 - -0.1 +4.2 -3.8 +12.3 -10.0 – 2048 52 57.3 +0.5 -0.5 +4.8 -4.1 +13.5 -10.8 – 2053 57 50.0 +0.7 -0.7 +5.0 -4.4 +13.6 -10.5 – The nominal outlays are not significantly impacted by changes in the rate of salary increases for the same reasons as for the unfunded liability above. CPI changes have a more material effect as the majority of the liability is linked to these increases. The investment return impacts upon the amount of funds held for members within CSS and PSS prior to when a benefit first becomes payable. This amount is transferred to the CRF and offsets the total amount of benefit payments in that year. The and earning rate policy’ within ‘investment Section describes how investment returns on these funds impact upon the benefits payable. In the short term higher investment returns will reduce total benefit outlays payable as offsets will be higher. In the longer term total benefit outlays will increase as benefits are typically paid over a long period while offsets are only received in the year that the benefit first becomes payable. The overall amounts of variation are small as there are offsetting impacts and the total benefits payable relating to the assets held are also small.
- - 2018 5.5 - - - - - - 2019 5.7 - - - - - -0.1 2020 5.9 - - - - +0.1 -0.1 2021 6.1 - - - - +0.2 -0.1 2022 6.4 -0.1 - - - +0.2 -0.3 2023 – 27 35.6 -0.4 +0.3 +0.3 -0.5 +2.2 -2.5 2028 – 32 42.9 -0.9 +0.7 +1.0 -1.0 +4.6 -4.3 2033 – 37 50.4 -1.0 +0.9 +2.0 -1.8 +7.4 -6.4 2038 – 42 56.8 -0.8 +0.6 +3.1 -2.7 +10.2 -8.5 2043 – 47 60.0 - -0.1 +4.2 -3.8 +12.3 -10.0 2048 – 52 57.3 +0.5 -0.5 +4.8 -4.1 +13.5 -10.8 2053 – 57 50.0 +0.7 -0.7 +5.0 -4.4 +13.6 -10.5 The nominal outlays are not significantly impacted by changes in the rate of salary increases for the same reasons as for the unfunded liability above. CPI changes have a more material effect as the majority of the liability is linked to these increases. The investment return impacts upon the amount of funds held for members within CSS and PSS prior to when a benefit first becomes payable. This amount is transferred to the CRF and offsets the total amount of benefit payments in that year. The ‘investment and earning rate policy’ within Section describes how investment returns on these funds impact upon the benefits payable. In the short term higher investment returns will reduce total benefit outlays payable as offsets will be higher. In the longer term total benefit outlays will increase as benefits are typically paid over a long period while offsets are only received in the year that the benefit first becomes payable. The overall amounts of variation are small as there are offsetting impacts and the total benefits payable relating to the assets held are also small. % % A A A A A % %
2017%20CSS%20PSS%20LTCR.docx