76 City of Glasgow College Annual Report & Accounts 2019-20
CITY OF GLASGOW COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 JULY 2020
24 PENSION COMMITMENTS
Strathclyde Pension Fund (SPF)
The assets in the scheme and the expected rate of return at the last actuarial review date were:
Value at
31-Jul-20
Value at
31-Jul-19
£000 £000
Equities 49,393 51,286
Bonds 19,601 18,936
Property 8,624 7,890
Cash 784 789
Total 78,402 78,901
Commutation
31-Jul-20 31-Jul-19
£000 £000
Fair value of employer assets 78,402 78,901
Present value of defined benefit obligations (liabilities) (101,246) (85,731)
Net (under) funding in Funded Plans (22,844) (6,830)
Net pension (liability)/asset (22,844) (6,830)
Amount charged to staff costs (Note 10)
Current service cost 4,481 4,605
Curtailments and settlements - Less:
contributions paid (2,222) (1,880)
2,259 2,725
Amount (credited) to investment income
Interest cost 1,846 2,036
Expected return on pension scheme assets (1,672) (2,037)
174 (1)
Net revenue account income 2,433 2,724
The following amounts represent the College's share of the scheme at 31 July 2019 and were
measured in accordance with the requirements of FRS 102:
An allowance is included for future retirements to elect to take 50% of the maximum additional
tax-free cash up to HMRC limits for pre-April 2009 service and 75% of the maximum tax-free
cash for post-April 2009 service.