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Isle of Anglesey County Council Statement of Accounts 200812009

37. EMOLUMENTS

The number of employees (including head teachers and senior school staff) whoseremuneration paid in 2008109, excluding pension contributions but including severance pay,was 60,000 or more.

lo. ofployees

38. PENSIONS

Remuneratio~ '

60,000 69,99970,000 79,999f 0,000 f 9,999f 0,000 99,999f 00,000 f 109,9991 10,000 f 1 9,999 120,000 f 129,999f 30,000 f 39,999

As part of the terms and conditions of employment of its employees, the Council offersretirement benefits. Although these benefits will not actually be payable until employees retire,the Council has a commitment to make payments that needs to be disclosed at the time thatemployees earn their future entitlements.

The costs incurred by the Council are through two different pension schemes, all of whichprovide defined benefits based on final salary.

Including Severence Pay Excluding Severence Pay

Teachers

This is an unfunded scheme administered by the Department for Education and Skills, who setthe contribution rates supported by five yearly actuarial reviews of a notional fund.

2007108No. of

Employees5

2

0001

00

2008109 I 2007108 2008109No. of hEmployees Em1

Employers' contributions of 3.058 million (f2.968m in 2007108) were made in 2008109 at therate of 14.1% of pensionable pay (14.1% in 2007108). In addition, payments relating toenhancements for early retirements etc. made on a pay-as-you-go basis amounted to 0.592million (f0.544m in 2007108) or 2.81 % of pensionable pay (2.65% in 2007108).

751

01

001

Other Emplovees

A fund is maintained by the Gwynedd Council under the Local Government Pension Schemeregulations. Periodic actuarial valuations are carried out. The last valuation of the fund wasundertaken on 31 March 2007 and the estimate of scheme assets and liabilities given below isbased on that valuation with the Actuary taking account of contributions, retirements and fundperformance between that date and 31 March 2009.

During 2008109 employers contributions of 6.833 million (f5.989m in 2007108) were made, atthe rate of 21.0% (19.3% in 2007108) of pensionable pay. The increase follows an actuarialvaluation, as at 31 March 2007, (which was implemented in 2008109) which identified that thefunding level of the Fund at that date was 84% (from 74% in 2004) and that a common rate of20.1% was necessary to return the fund to 100% funding over a period of 20 years. TheCouncil's rate was higher than this and it was decided to increase the rate immediately.Payments relating to enhancements for early retirements amounted to 0.924 million (f0.888min 2007108). An Annual Report on the Pension Fund is available from the Pensions Section,Gwynedd Council.

The capital cost of discretionary increases in pension payments agreed by the Authority during2008109 is estimated at 8,000 (Nil in 2007108).

2008109 Statement of Accounts - Final 43

520001

00

751

00001

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