SAAS Annual Report and Accounts 2013-2014 - page 40

0135
Our FTE staff were employed in the following business areas during 2013-14:
Business
Delivery
Finance
Customer
Engagement
CE Office
Business
Support & HR
Senior management
1
1
1
2
1
Other permanent staff
87
16
29
4
17
Staff working on capital projects
-
-
-
-
7
Agency staff
2
2
5
1
0
Total
90
19
35
7
25
The total payroll costs for our staff was as follows:
2013-14
£000
2012-13
£000
Salaries and wages
4,414
3,888
Social Security costs
281
247
Other pension costs
724
629
Agency Staff
1,425
220
Total
6,844
4,984
Less: capitalised within non- current Assets
(20)
(180)
Total – Statement of comprehensive net expenditure
6,824
4,804
The PCSPS is an unfunded multi-employer defined benefit scheme. SAAS is unable to identify its share of
the underlying assets and liabilities. A full actuarial valuation was carried out at 31 March 2007. Details can
be found in the separate scheme statement for the PCSPS (Cabinet Office: Civil Superannuation) at:
.
For 2013-14, normal employer contributions of £724,322.29 were payable to PCSPS (2012-13: £629,316.24) at
one of four rates in the range; 16.7 to 25.8 per cent of pensionable pay, based on salary bands.
In order that the defined benefit obligations recognised in the financial statements do not differ materially from
those that would be determined at the reporting date by a formal actuarial valuation, the FReM requires that
“the period between formal actuarial valuations shall be four years, with approximate assessments in
intervening years”. The last formal actuarial valuation undertaken for the PCSPS was completed in 2007.
Consequently, a formal actuarial valuation would have been due by 2011. However, formal actuarial valuations
for unfunded public service pension schemes have been suspended by HM Treasury on value for money
grounds while consideration is given to recent changes to public service pensions and while future scheme
terms are developed as part of the reforms to public service pension provision. The primary purpose of the
formal actuarial valuations is to set employer and employee contribution rates, and these are currently being
determined under the new scheme design.
Approximate actuarial assessments in intervening years between formal valuations using updated membership data
are accepted as providing suitably robust figures for financial reporting purposes. However, as the interval since
the last formal actuarial valuation now exceeds four years, the amounts recognised in these financial
statements have been prepared using full membership data as at 31 March 2014, such as would have been
provided for a formal valuation. In undertaking this valuation, the methodology prescribed in IAS 19, relevant
FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.
Employees joining after 1 October 2002 could opt to open a partnership pension account, a stakeholder
pension with an employer contribution. No one from the Agency opted to join this scheme.
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