Issue - meetings

To provide Members with information regarding the assumptions made by the Pension Fund Actuary in calculating the IAS19 figures to be reported in the 2024/25 Statement of Accounts.

The Committee noted the assumptions made by the Pension Fund Actuary in calculating the IAS19 figures to be reported in the 2024/25 Statement of Accounts.

IAS19 (International Accounting Standard 19 – Employee Benefits) is one of the financial reporting standards with which the Council must comply when producing its annual Statement of Accounts. The basic requirement of IAS19 is that an organisation should account for retirement benefits when it is committed to give them, irrespective of when they are paid out.

In order to calculate the cost of earned benefits for inclusion in the Statement of Accounts, the scheme actuaries use certain assumptions to reflect expected future events which may affect the cost. The assumptions used should lead to the best estimate of the future cash flows that will arise under the scheme liabilities.