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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