the Chartered Institute of Public Finance and Accountancy (CIPFA) which is based upon International Financial Reporting Standards (IFRS) as amended for the UK public sector.
The Accounts do not take account of obligations to pay pensions and benefits which fall due after the end of the financial year or the actuarial present value of promised retirement benefits. The Code gives administering authorities the options to either disclose this information in the Net Assets Statement, Notes to the Accounts, or by appending an Actuarial report prepared for this purpose. The Fund has opted to disclose this information by appending an Actuarial report as at appendix A.
The Fund Accounts have been prepared on a going concern basis. This reflects the expectation that the administering authority will continue to operate for the foreseeable future. The Fund continues to operate as a statutory open scheme and benefits from a strong covenant from its active employers, enabling it to take a long-term approach to investment and funding considerations arising from external events.
Normal contributions, both from the members and from the employers, are accounted for on an accruals basis as below:
Employer contribution rates are set at the percentage rate recommended by the actuary for the period to which they relate.
Employee contribution rates are set in accordance with LGPS regulations using percentage rate bandings, which rise in line with pensionable pay.
Employer deficit funding contributions are accounted for on the due dates on which they are due under the schedule of contributions based on the Rates and Adjustment Schedule as set by the actuary or on receipt if earlier than the due date.
Augmentation and pension strain contributions are accounted for in the period in which the liability arises. Any amount due in year but unpaid is classed as a current financial asset.
Transfer values represent the amounts received and paid during the year for members who have either joined or left the Fund during the financial year and are calculated in accordance with the LGPS Regulations. Individual transfers in/out are accounted for when received/paid, which is normally when the member liability is accepted or discharged. Bulk (group) transfers are accounted for on an accruals basis in accordance with the terms of the transfer agreement.
Investment income is reported gross of withholding taxes which are accrued in line with the associated investment income. Income arising from the underlying investments of the Pooled Investment Vehicles is either reinvested within the Pooled Investment Vehicles and