NOTES TO THE ACCOUNTS
NOTE 30 – PENSION SCHEMES continued
Analysis of amounts recognised in the Statement of Recognised Gains and Losses (STRGL) 2011
2010
£’000
£’000
Total actuarial (losses)/gains
(1,024)
7,153
Total (loss)/gain recognised in the STRGL
(1,024)
7,153
Cumulative amount of losses recognised in the STRGL
(28,404)
(27,380)
In its June 2010 budget, the government announced that it intended for future increases in public sector pension schemes to be linked to changes in the Consumer Prices Index (CPI) rather than, as previously, the Retail Price Index (RPI). In the year ended 31 July 2010, the University considered the University of Exeter Retirement Benefits Scheme rules and associated members’ literature and concluded that, as a result, revised actuarial assumptions about the level of inflation indexation should be adopted with the resultant gain being recognised through the Statement of Total Recognised Gains and Losses (‘STRGL’) for the year ended 31 July 2010. Following the issue of Urgent Issues Task Force (‘UITF’) Abstract 48 in December 2010, the University has reconsidered its position in respect of the above and has concluded that the above treatment of the gain remains appropriate. CPI continues to be adopted as the bases of inflation indexation since this change.
Movement in the scheme deficit during the year
Deficit on scheme at 1 August
2011 £’000
2010 £’000
(13,088)
(20,255)
(2,426)
(2,256)
Movements in the year: Current service cost
–
Past service cost
3,836
Contributions paid Other finance income/(expenditure)
(1,024)
Actuarial (losses)/gains Deficit on scheme at 31 July
62
341
UNIVERSITY OF EXETER:
(12,361)
(180) 3,132 (682) 7,153 (13,088)
F I N A N C I A L S TAT E M E N T S F O R T H E Y E A R E N D E D 3 1 J U LY 2 0 1 1