Page 0038

38 City of Glasgow College Annual Report & Accounts 2019-20

CETV at 31 July 2020 CETV at 31 July 2019 Real Increase in CETV

£'000 £'000 £'000

Paul Little 549 487 43

Stuart Thompson 612 575 37

Roy Gardner 294 267 27

Shelia Lodge 72 39 32

John Gribben 20 3 18

Clare Carney 12 0 12

Cash Equivalent Transfer Value (CETV)

A cash equivalent transfer Value (CETV) is the actuarially

assessed capitalised value of the pension scheme benefits

accrued by a member at a particular point in time.

The value of the accrued benefits has been calculated on

the basis of the age at which the person will first become

entitled to receive a pension on retirement without reduction

on account of its payment at that age; without exercising

any option to commute pension entitlement into a lump

sum; and without any adjustment for the effects of future

inflation.

The pension figures shown relate to the benefits that the

person has accrued as a consequence of their total Local

Government or STSS service and not just their current

appointment.

In considering the accrued pension benefits figures the

following contextual information should be taken into

account:

The figures for pension and lump sum are illustrative only

in light of the assumptions set out above and do not

necessarily reflect the actual benefits that any individual may

receive upon retirement.

Real increase in CETV

This reflects the increase in CETV that is funded by the

employer. It does not include the increase in accrued

pension due to inflation, contributions paid by the employee

(including the value of any benefits transferred from another

pension scheme or arrangement) and uses common market

valuation factors for the start and end of the period.

Staff Costs for Permanent and temporary contracts:

12 months ended

31 July 2020

12 months ended

31 July 2019

£000 £000

Employment costs for staff on permanent contracts 51,971 45,605

Employment costs for staff on short term and temporary contracts 5,077 5,949

TOTAL STAFF COST 57,048 51,554

Number Number

Employee numbers for staff on permanent contracts 1,015 972

Employee numbers for staff on short term and temporary contracts 118 140

TOTAL STAFF FTE 1,133 1,112

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