82 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)
Reconciliation of fair value of employer assets 2020 2019
£000 £000
Opening fair value of employer assets 78,402 78,901
Interest on plan assets 1,107 1,672
Contributions by members 759 690
Contributions by employer 2,377 2,222
Return on assets 14,235 (3,567)
Benefits paid (1,690) (1,516)
95,190 78,402
1st August 2019 to 31st July 2020 5.5% - 12%
1st August 2020 to 31st July 2021 5.5% - 12%
The actuary of the SPF scheme has set higher employer contribution rates to recover the scheme
net liability. The fund has sufficient assets to cover all of the benefits that had accrued to
members after allowing for future increases in earnings.
An amount of £3,664,000 is included in provisions (note 21), which represents future pension
costs arising from early retirements.
The contribution rates are set by the scheme actuaries.
Employer
contribution
19.30%
19.30%
rates
The employer contributions for the year to 31 July 2022 will be approximately £2,377,000.
Employee contribution rates
(based on employee pensionable pay)