12. Pension liabilities The pension liabilities comprise pension benefits for the former of the Commission and former Chairs and Deputy Chairs of legacy Commissions, which are provided under a scheme broadly by analogy with the PCSPS. The current Chair’s appointment is not pensionable. The broadly by analogy pension scheme is unfunded, with benefits being paid as they fall due and guaranteed by the Commission. There is no fund and therefore no surplus, deficit or assets. The scheme liabilities for service have been calculated by the Government Actuary’s Department using the following financial assumptions: 31 31 31 31 March March March March 2017 2016 2015 2014 % % % % Rate of inflation: Consumer Prices Index 2.55 2.20 2.20 2.50 Rate of increase for pensions in payment 2.55 2.20 2.20 2.50 and deferred pensions Rate used to discount scheme liabilities 2.80 3.60 3.55 4.35 The liabilities associated with ex-Chairs holding broadly by analogy pensions are as follows: 31 31 31 31 31 31 31 March March March March March 2012 March 2017 2016 2015 2014 2013 2011 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Active members (past - - - - - 354 295 service) Deferred pensioners 137 113 114 102 89 80 154 Current pensioners 1,488 1,349 1,523 1,471 1,353 1,036 995 Net present value of 1,625 1,462 1,637 1,573 1,442 1,470 1,444 scheme liabilities
12. Pension liabilities The pension liabilities comprise pension benefits for the former of the Commission and former Chairs and Deputy Chairs of legacy Commissions, which are provided under a scheme broadly by analogy with the PCSPS. The current Chair’s appointment is not pensionable. The broadly by analogy pension scheme is unfunded, with benefits being paid as they fall due and guaranteed by the Commission. There is no fund and therefore no surplus, deficit or assets. The scheme liabilities for service have been calculated by the Government Actuary’s Department using the following financial assumptions: 31 March 2017 % 31 March 2016 % 31 March 2015 % 31 March 2014 % Rate of inflation: Consumer Prices Index 2.55 2.20 2.20 2.50 Rate of increase for pensions in payment and deferred pensions 2.55 2.20 2.20 2.50 Rate used to discount scheme liabilities 2.80 3.60 3.55 4.35 The liabilities associated with ex-Chairs holding broadly by analogy pensions are as follows: 31 March 2017 31 March 2016 31 March 2015 31 March 2014 31 March 2013 31 2012 31 March 2011 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Active members (past service) - - - - - 354 295 Deferred pensioners 137 113 114 102 89 80 154 Current pensioners 1,488 1,349 1,523 1,471 1,353 1,036 995 Net present value of scheme liabilities 1,625 1,462 1,637 1,573 1,442 1,470 1,444
annual-report-and-accounts-2016-to-2017.docx