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DIOCESE OF CHICHESTER ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
20
Pension and similar obligations (Continued)
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.
Total contributions made
Employer's contributions Employees' contributions
Total contributions
Principal actuarial assumptions
Rate of increase in salaries
Rate of increase for pensions in payment/inflation Discount rate for scheme liabilities
2019 2018 ££
740,000 686,000 172,000 160,000
912,000 846,000
2019 2018 %%
2.9 3.0 2.3 2.4 1-9 2.9
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
Retiring today -Males
- Females
Retiring in 20 years - Males
2019 2018 Years Years
21.6 22.9 23.6 24.7
22.7 24.9 -Females 25.3 27.1
Scheme liabilities would have been affected by changes in assumptions as follows:
Discount rate -0.5%
Salary increase rate+0.5% Pension increase rate+0.5%
2019 2018
1,223,000 768,000 111,000 92,000 1,104,000 668,000
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