EC Meeting Papers July 2018

General Federation of Trade Unions Pension Scheme

Notes to the Financial Statements

Year Ended 31 December 2017

3

Contributions

GTFU

PCS

2017

2016

£

£

£

£

Employer contributions Normal

10,828 70,000

24,948

35,776 70,000

36,656 70,000

- -

Deficit funding Augmentation

-

-

-

Employee contributions Normal

5,753

16,035

21,788

22,366

86,581

40,983

127,564

129,022

Deficit funding contributions are being paid by the GFTU into the GFTU section of the Scheme for a period of 20 years to 2032 in accordance with a recovery plan in order to improve the Scheme’s funding position. There is no current obligation on the part of PCS to pay deficit funding contributions into the PCS Section.

Full details are noted in the Trustees Report on pages 4 and 5.

4

Benefits paid or payable

GFTU

PCS

2017

2016

£

£

£

£

251,198

59,455

310,653

296,451

Pensions

Commutations and lump sum retirement benefits

105,063

13,386

118,449

104,490

356,261

72,841

429,102

400,941

5

Administrative expenses

GFTU

PCS

2017

2016

£

£

£

£

Legal & General Investment Management fees

10,668

5,713

16,381

15,835

-

-

-

-

Other fees

10,668

5,713

16,381

15,835

The employers bear all other costs of administration.

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