41
City of Glasgow College Annual Report & Accounts 2020-21
Accrued Pension Benefits
Pension benefits for employees are provided through
the Scottish Teacher's Superannuation Scheme (STSS)
a defined benefit scheme, which is notionally funded
and contracted out of State Earnings Related Pension
Scheme and the Local Government Pension Scheme
(LGPS) Both STSS and LGPS are final salary pension
schemes. This means that pension benefits are based
on the final year's pay and the number of years that
the person has been a member of the scheme. The
scheme's normal retirement age is 65. Contribution rates
are set annually for all employees and can be found in
note 22. There is no automatic entitlement to a lump
sum. Members may opt to give up (commute) pension
for lump sum up to the limit set by the Finance Act 2004.
The accrual rate guarantees a pension based on final
pensionable salary and years of pensionable service.
Senior Officials Pension
Pension benefits are provided to senior officials on
the same basis of all other staff. The accrued pension
benefits for senior officials are set out in the table below,
together with the pension contributions made by the
College. The figures have been audited by Azets Audit
Services.
Accrued pension
at pension age at
31 July 2021
Accrued lump sum
at pension age at
31 July 2021
Real increase in
pension to
31 July 2021
Real increase in
lump sum to
31 July 2021
£'000 £'000 £'000 £'000
Paul Little 40-45 0-5 2.5-5 0-2.5
Stuart Thompson 40-45 55-60 2.5-5 2.5-5
Roy Gardner 25-30 15-20 2.5-5 0-2.5
Shelia Lodge 5-10 0-5 0-2.5 0-2.5
John Gribben 30-35 45-50 30-32.5 45-47.5
Clare Carney 0-5 0-5 0-2.5 0-2.5
CETV at 31 July 2021 CETV at 31 July 2020 Real Increase in CETV
£'000 £'000 £'000
Paul Little 614 549 58
Stuart Thompson 678 612 66
Roy Gardner 340 294 46
Shelia Lodge 109 72 34
John Gribben* 442 20 422
Clare Carney 35 12 23
*The increase shown for John Gribben in session 2020-21 is primarily due to the
transfer in of previously accrued pension benefits.