42 City of Glasgow College Annual Report & Accounts 2020-21
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 have 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:
1) 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 2021
12 months ended
31 July 2020
£000 £000
Employment costs for staff on permanent contracts 55,116 51,215
Employment costs for staff on short term and temporary contracts 4,271 5,077
TOTAL STAFF COST 59,387 56,292
Number Number
Employee numbers for staff on permanent contracts 972 1,015
Employee numbers for staff on short term and temporary contracts 140 118
TOTAL STAFF FTE 1,112 1,133
The analysis of staff numbers and costs have been
audited by Azets Audit Services.
Compensation for loss of office
During academic year 2020-21 there were no employees
who left under voluntary exit terms (0 2019-20).