Select Committee on Members' Fund - Report by the Government Actuary on the Valuation of the Fund as at 30 September 2003 Report


  7.1  The liabilities and assets of the Fund have been valued on the actuarial assumptions described in section 6 above. The results of this valuation are set out below:

Valuation Statement as at 30 September 2003
Liabilities £000£000
Capitalised value of benefits to:
1939 Act widows51
1948 Act former Members and widows96
1948 Act pre-1988 widows883
1981 Act former Members223
1981 Act widows377
Reserve for future administration expenses 400
Total liabilities 2,030
Market value of investments held at 30.9.2003 3,307
Excess of assets over liabilities 1,277

  This statement does not allow for income from Members' contributions payable after 30 September 2003 or for Grants in Aid made after that date.

  7.2  The results of the valuation show that the Fund remains in a very strong financial position, with an assessed surplus of £1,277,000 as at 30 September 2003. This surplus is equivalent to about 63% of the value of the liabilities.

  7.3  The surplus at this current valuation is lower than the surplus of £1,982,000 disclosed at the time of the previous valuation on 30 September 2000. This reduction in surplus is primarily attributable to unfavourable investment experience, which is only partly mitigated by the income received from Grants in Aid and contributions paid by Members. (It should be noted that the approach taken to the current valuation differs somewhat from the approach taken to the previous valuation so that the results of the two valuations are not directly comparable.)

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Prepared 28 October 2004