| Table 31c i) | 2024/25 £000's | 2025/26 £000's |
|---|---|---|
| Present Value of the defined benefit obligation | (1,316,485) | (1,355,242) |
| Fair value of plan assets | 1,528,666 | 1,694,127 |
| Net (liability)/asset arising from defined benefit obligation post asset ceiling | 212,181 | 338,885 |
| Impact of asset ceiling* | (263,062) | (338,885) |
| Net Liability arising from defined benefit obligation post asset ceiling | (50,881) | - |
*IAS 19 allows for an asset ceiling which is the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.
Reconciliation of the Movements in the Fair Value of Scheme (Plan) Assets:
| Table 31c ii) | 2024/25 £000's | 2025/26 £000's |
|---|---|---|
| Opening fair value of scheme assets | 1,491,125 | 1,528,666 |
| Interest Income | 72,818 | 88,524 |
| Remeasurement gain/(loss) on the return on plan assets | (23,332) | 83,657 |
| Contributions from employer | 41,392 | 43,855 |
| Contributions from employees into the scheme | 12,377 | 13,414 |
| Benefits paid | (63,869) | (62,034) |
| Other | (1,845) | (1,955) |
| Closing fair value of scheme assets | 1,528,666 | 1,694,127 |
Reconciliation of Present Value of the Scheme Liabilities (Defined Benefit Obligation):
| Table 31c iii) | 2024/25 £000's | 2025/26 £000's |
|---|---|---|
| Opening balance at 1 April | (1,469,564) | (1,316,485) |
| Current service cost | (30,700) | (22,856) |
| Interest cost | (70,748) | (74,946) |
| Contributions from scheme participants | (12,377) | (13,414) |
| Remeasurement (gains) and losses:- | ||
| Experience (gains) / loss | 1,820 | 10,383 |
| assumptions | 197,343 | 422 |
| Actuarial (gains) and losses from changes in demographic assumptions | 4,804 | 655 |
| Benefits paid | 63,869 | 62,034 |
| Past Service Cost | - | - |
| Losses / (gains) on curtailments | (932) | (1,035) |
| Liabilities extinguished on settlements | - | - |
| Closing balance at 31 March | (1,316,485) | (1,355,242) |
Change in asset ceiling:
| Table 31c iv) | 2024/25 £000's | 2025/26 £000's |
|---|---|---|
| Asset ceiling impact at 1 April | 77,686 | 263,062 |
| Interest on surplus above asset ceiling | 3,807 | 15,258 |
| Change in asset ceiling (net of interest) | 181,569 | 60,565 |
| Asset ceiling impact at 31 March | 263,062 | 338,885 |
The Pension Fund net liabilities must be reviewed every three years by an actuary and a recovery plan agreed to eliminate any deficit. An actuarial valuation of the London Borough