80 City of Glasgow College Annual Report & Accounts 2020-21
CITY OF GLASGOW COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 JULY 2021
23 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-21
Value at
31-Jul-20
£000 £000
Equities 62,825 49,393
Bonds 22,846 19,601
Property 8,567 8,624
Cash 952 784
Total 95,190 78,402
Commutation
31-Jul-21 31-Jul-20
£000 £000
Fair value of employer assets 95,190 78,402
Present value of defined benefit obligations (liabilities) (110,398) (101,246)
Net (under) funding in Funded Plans (15,208) (22,844)
Net pension (liability)/asset (15,208) (22,844)
Amount charged to staff costs (Note 10)
Current service cost 6,724 4,481
Curtailments and settlements - Less:
contributions paid (2,377) (2,222)
4,347 2,259
Amount (credited) to investment income
Interest cost 1,457 1,846
Expected return on pension scheme assets (1,107) (1,672)
350 174
Net revenue account income 4,697 2,433
The following amounts represent the College's share of the scheme at 31 July 2021 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.