EC Meeting Papers July 2018

General Federation of Trade Unions Pension Scheme

Trustees’ Annual Report

Year Ended 31 December 2017

Scheme membership

Details of the membership of the scheme are given below:

Active members

Deferred members

Pensioners

Total

7

19

23

49

At January 2017

- -

- -

-

-

Deceased

1

1

Spouse pension

7

19

23

49

At 31 December 2017

Pension increases

Pensions in payment are increased in April each year, by an amount which varies according to the section of the Scheme of which the pensioner concerned is a member. In the year ended 31 December 2017 pensions in payment were increased by between 0.42% and 0.8% with an average increase of 0.77%.

Cash equivalents

Cash equivalents paid during the year were calculated and verified in a manner prescribed by regulations under Section 97 of the Pension Schemes Act 1993, and none were less than the amount for which Section 94(1) of that Act provides. Transfer values do not take into account any future discretionary increases in pensions in payment in accordance with actuarial advice.

Contact for further information

Requests for additional information about the scheme generally, or queries relating to members’ own benefits, should be sent to the secretary to the trustees, whose address appears on page 1 of this report.

ACTUARIAL LIABILITIES

Report on Actuarial Liabilities

Under Section 222 of the Pensions Act 2004, every scheme is subject to the Statutory Funding Objective, which is to have sufficient and appropriate assets to cover its technical provisions. Because this obligation does not apply to a section of a scheme which is in PPF assessment, it does not apply to the ITGLWF Section The technical provisions represent the present value of the benefits members are entitled to, based on pensionable service to the valuation date. This is assessed using the assumptions agreed between the Trustees and the Employer and set out in the Statement of Funding Principles, which is available to scheme members on request. The most recent full actuarial valuation of the scheme was carried out as at 31 December 2012. This showed that on that date: GFTU PCS Total The value of the technical provisions was: £7,072,000 £3,379,000 £10,451,000 The value of the assets at that date was: £6,040,000 £3,331,000 £9,371,000

The method and significant actuarial assumptions used to determine the technical provisions are as follows (all assumptions adopted are set out in the Appendix to the Statement of Funding Principles):

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