7. RESULTS OF THE ASSESSMENT
7.1 The liabilities and assets of the Fund
have been assessed on the actuarial assumptions described in section
6 above. The results are set out below:
Position as at 30 September 2006
| Liabilities |
£000 | £000
|
| | |
| Capitalised value of benefits to: |
| |
1939 Act widows | 51
| |
| 1948 Act former Members and widows |
251 | |
| 1948 Act pre-1988 widows | 791
| |
| 1981 Act former Members | 90
| |
| 1981 Act widows | 340 |
|
| | 1,523
|
| Reserve for future administration expenses |
| 800 |
| | |
Total liabilities |
| 2,323 |
| | |
Assets | |
|
| Market value of investments held at 30.9.2006
| | 4,604 |
Result | |
|
| Excess of assets over liabilities |
| 2,281 |
| | |
This statement does not allow for income from Members' contributions
payable after 30 September 2006 nor for Grants in Aid made after
that date.
7.2 The results show that the Fund remains in a very
strong financial position, with an assessed surplus of around
£2.3 million as at 30 September 2006. This surplus is equivalent
to around 100% of the assessed value of the liabilities.
7.3 The surplus at this current assessment is higher
than the surplus of around £1.3 million disclosed at the
time of my previous report as at 30 September 2003. This increase
in surplus is primarily attributable to the favourable investment
experience and the fact that Exchequer Grant in Aid payments of
£645,000 were made during the period since the previous assessment.
However, there is significant potential for the surplus to fluctuate
from valuation to valuation because of the high proportion of
the assets that is invested in equities.
| 
