Contents
1. Report of the manager 3
Background to the scheme 3
Corporate governance 4
Changes to the teachers' pension scheme 4
Changes to the Premature Retirement Compensation (PRC) scheme 5
Membership statistics 5
Events after the reporting period 10
Free-standing additional voluntary contributions and stakeholder pensions 10
The managers, administrators and actuary are listed below 11
Further information 13
Audit 13
2. Report of the actuary 14
Introduction 14
Membership data 14
Methodology 15
Pension cost 17
Sensitivity analysis 18
3. Statement of accounting officer's responsibilities 21
4. Governance statement 22
Scope of responsibility 22
Governance structure: TPS boards 22
Risk management and controls 25
Independent assurance 30
Overall assessment 30
The certificate and report of the Comptroller and Auditor General to The House of Commons 31
Respective responsibilities of the Accounting Officer and auditor 31
Scope of the audit of the financial statements 31
Opinion on regularity 32
Opinion on financial statements 32
Opinion on other matters 32
Matters on which I report by exception 32
Report 33
Statement of Parliamentary Supply 34
Notes to the Accounts (Statement of Parliamentary Supply) 36
S1. Statement of accounting policies 36
S2. Net outturn 38
S3. Reconciliation of net resource outturn to net expenditure 39
S4. Reconciliation of net resource outturn to net cash requirement 40
S5. Analysis of income payable to the consolidated fund 40
Combined Statement of Comprehensive Net Expenditure 41
Combined Statement of Financial Position 42
Combined Statement of Changes in Taxpayers' Equity 43
Combined Statement of Cash Flows 44
Notes to the Accounts 45
1. Basis of preparation 45
2. Accounting policies 46
3. Contributions receivable 50
4. Transfers in 50
5. Other pension income 51
6. Service cost 51
7. Enhancements 51
8. Transfers in - additional liability 51
9. Pension financing cost 52
10. Compensation benefits 52
11. Receivables 52
12. Cash and cash equivalents 53
13. Payables 54
14. Provisions for pension liabilities 55
15. Provision for early retirement benefits 60
16. Financial instruments 60
17. IAS 37 contingent liabilities 60
18. Losses and special payments 60
19. Related party transactions 61
20. Events after the reporting period. 61
Table A. Active members 14
Table B. Deferred members 15
Table C. Pensions in payment 15
Table D. Principal financial assumptions 16
Table E. Statement of Financial Position 17
Table F. Contribution rate 17
Table G. Sensitivity to significant assumptions 19