7. RESULTS OF THE VALUATION
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 widows | 51 |
|
| 1948 Act former Members and widows | 96
| |
| 1948 Act pre-1988 widows | 883
| |
| 1981 Act former Members | 223
| |
| 1981 Act widows | 377 |
|
| | |
| | 1,630
|
| Reserve for future administration expenses |
| 400 |
| | |
| Total liabilities | | 2,030
|
| | |
| Assets | |
|
| Market value of investments held at 30.9.2003
| | 3,307 |
| Result | |
|
| 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.)
|
