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Scottish Local Government Financial Statistics 2009-10

Scottish Local Government Financial Statistics 2009-10

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5 LOCAL GOVERNMENT PENSIONS

KEY SUMMARY FACTS

  • Local Government Pension Fund expenditure in 2009-10 was £1.1 billion.
  • Local Government Pension Fund income in 2009-10 was £5.2 billion.

Local Government Pension Funds are operated as separate funds to other accounts. In accordance with the Local Government Pension Scheme (Scotland) Regulations 1998, employer and employee contributions are paid in to the fund along with income from investments, and pensions and other lump sum benefits are paid out of the fund. The income and expenditure from these funds are therefore separate from the income and expenditure of the Authorities that administer the funds.

Table 5.1 - Local Government Pension Funds Expenditure

£ thousands

2005-06

2006-07

2007-08

2008-09

2009-10

Total Benefits 1

453,507

507,639

558,964

605,687

777,991

Payments under Pensions (Increase) Acts

100,142

105,058

116,036

131,641

63,035

Transfer Values

62,728

49,766

48,119

41,942

69,848

Premiums

699

814

967

4,775

1,442

Losses on Realisation of Investments

120,355

208,179

469,236

1,881,387

162,579

Refunds of Contributions

4,168

3,602

3,068

3,054

2,760

Adjustments

-1,701

-1,866

-1,900

-2,002

-2,434

Other

48,056

56,557

66,597

61,695

60,086

TOTAL EXPENDITURE

787,954

929,749

1,261,087

2,728,179

1,135,307

1 - See table 5.2 for breakdown.

Table 5.2 - Local Government Pension Funds Expenditure on Benefits

£ thousands

Pensions

Lump Sums

Other Benefits

Total Benefits

2005-06

364,471

87,161

1,875

453,507

2006-07

388,589

117,146

1,904

507,639

2006-07

410,955

145,942

2,067

558,964

2008-09

429,290

174,095

2,302

605,687

2009-10

544,814

230,477

2,700

777,991

Table 5.3 - Local Government Pension Funds Income

£ thousands

2005-06

2006-07

2007-08

2008-09

2009-10

Contributions (including those from other employing authorities)

Employees

239,825

252,639

236,844

247,052

273,280

Employers

558,455

599,840

696,104

759,185

866,785

Investment income (gross)

411,184

489,750

509,036

490,948

384,189

Transfer Values

207,789

70,288

77,799

62,040

72,152

Profits on Realisation of Investments

1,023,788

1,659,652

1,221,797

294,685

3,586,281

Other Income

25,845

20,310

2,364

2,051

2,001

TOTAL INCOME

2,466,886

3,092,479

2,743,944

1,855,961

5,184,688

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