Meeting documents
Pension Fund Committee
Friday, 22 February 2002
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\s66\qc\sb140\sa140\keep\keepn\widctlpar\noline\intbl\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright \b\fs26\lang2057\cgrid {\fs48 \cell }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell
}\pard \widctlpar\intbl\adjustright {\row }\trowd \trrh2835 \clvertalt\cltxlrtb \cellx1361\clvertalt\cltxlrtb \cellx7428\clvertalt\cltxlrtb \cellx8846\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell
}\pard\plain \s66\qc\sb140\sa140\keep\keepn\widctlpar\noline\intbl\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright \b\fs26\lang2057\cgrid {\b0\fs40 {\*\bkmkstart Start}{\*\bkmkend Start}Oxfordshire County Council
\par Pension Fund}{\fs40
\par }\pard \s66\sb140\sa140\keep\keepn\widctlpar\noline\intbl\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright {\b0\fs32
\par }{\i Report on the Actuarial Valuation as at 31\~March 2001}{\cell }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \widctlpar\intbl\adjustright {\row }\trowd \trrh567
\clvertalt\cltxlrtb \cellx1361\clvertalt\cltxlrtb \cellx7428\clvertalt\cltxlrtb \cellx8846\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \s66\sb140\sa140\keep\keepn\widctlpar\noline\intbl
\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright \b\fs26\lang2057\cgrid {\cell }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \widctlpar\intbl\adjustright {\row }\trowd \trrh1701
\clvertalt\cltxlrtb \cellx1361\clvertalt\cltxlrtb \cellx7428\clvertalt\cltxlrtb \cellx8846\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \s66\sb140\sa140\keep\keepn\widctlpar\noline\intbl
\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright \b\fs26\lang2057\cgrid {\cell }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \widctlpar\intbl\adjustright {\row }\pard
\qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {
\par }\trowd \trrh3000 \clvertalt\cltxlrtb \cellx1247\clvertalt\cltxlrtb \cellx7484\clvertalt\cltxlrtb \cellx8902\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain
\s66\sb140\sa140\keep\keepn\widctlpar\noline\intbl\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright \b\fs26\lang2057\cgrid {\cell }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard
\widctlpar\intbl\adjustright {\row }\trowd \trrh2600 \clvertalt\cltxlrtb \cellx1247\clvertalt\cltxlrtb \cellx8902\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \s57\sb70\sl-280\slmult0
\keepn\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \b\lang2057\cgrid {\i Prepared by:
\par
\par
\par Watson Wyatt Partners
\par (Actuaries & Consultants)
\par }{\field{\*\fldinst {\i TIME \\@ "d MMMM yyyy" }}{\fldrslt {\i\lang1024 18 February 2002}}}{\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {\sect
}\sectd \binfsxn1\binsxn1\psz9\sbkcol\pgnrestart\pgnstarts0\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\header \pard\plain \s15\sl-360\slmult0\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phpg\posx1442\posy862\absh-907\absw9245\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {\fs32
\par }\pard\plain \s30\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }}\pard\plain \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\phpg\posx1442\posy862\absh-907\absw9245\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Oxfordshire County Council Pension Fund \line }{\fs32
Report on the Actuarial Valuation as at 31 March 2001
\par }\pard\plain \s66\sb140\sa140\keep\keepn\widctlpar\noline\tx907\tx1304\tqr\tx9185\hyphpar0\adjustright \b\fs26\lang2057\cgrid {\i To the County Treasurer \line Oxfordshire County Council}{
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
Following your instructions, in accordance with Regulation 77(1) of The Local Government Pension Scheme Regulations 1997 (SI 1997 No 1612,
as amended), we have completed our valuation of the assets and liabilities of the Oxfordshire County Council Pension Fund ("the Fund") as at 31 March 2001. The results of the valuation are set out in our formal Report which follows.
\par The Report has been prepared in accordance with Professional Guidance (GN9:\~
Retirement Benefit Schemes - Actuarial Reports) published by the Institute of Actuaries and the Faculty of Actuaries so far as the Guidance is applicable to a Local Government Pension Fund.
\par
\par
\par
\par
\par
\par }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {\b P M Stoaling\line Fellow of the Faculty of Actuaries}{ \line }{\b Partner, Watson Wyatt Partners
\par
\par
\par
\par \sect }\sectd \binfsxn1\binsxn1\psz9\sbkcol\pgnrestart\pgnstarts0\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\header \pard\plain \s30\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b\fs40
\par }}\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\phpg\posx1442\posy862\absh-907\absw9245\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Oxfordshire County Council Pension Fund \line }{\fs32
Report on the Actuarial Valuation as at 31 March 2001
\par }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {List of Contents
\par
\par }\trowd \trgaph85\trrh360\trleft-85 \clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx8462\clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9171\pard\plain \s57\sb70\sl-280\slmult0\keepn\widctlpar\noline\intbl
\tx907\tqr\tx9185\hyphpar0\adjustright \b\lang2057\cgrid {Section\cell }\pard \s57\qr\sb70\sl-280\slmult0\keepn\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {Page\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\trowd \trgaph85\trrh-480\trleft-85 \clvertalt\cltxlrtb \cellx482\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b
\cell }{Summary of this Report \cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 1\cell }{Introduction\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {1\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 2\cell }{Statistical and financial data\cell }\pard
\s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {4\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 3\cell }{Actuarial approach and methods\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {7\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 4\cell }{Actuarial assumptions\cell }\pard
\s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {11\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 5\cell }{Results of the valuation\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {17\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 6\cell }{Brief overview of the results\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0
\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {21\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph85\trrh-500\trleft-85 \clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx8462
\clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9171\pard\plain \s57\sb70\sl-280\slmult0\keepn\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \b\lang2057\cgrid {Appendix\cell }\pard\plain
\s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph85\trrh-800\trleft-85 \clvertalt\cltxlrtb \cellx482
\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b A\cell }\pard \s17\sb140\sa140\sl-280\slmult0
\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {Distribution of membership by sex, status (active members only) and category as at 31\~March 1998 and 31 March 2001\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b B\cell }\pard
\s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {Distribution of membership by employer as at 31 March 1998 and 31\~March\~2001\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph85\trleft-85 \clvertalt\cltxlrtb \cellx482\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171\pard\plain
\s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b C\cell }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {
Consolidated revenue account for the period 1 April 1998 to 31\~March 2001\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b D\cell }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {
Description of the demographic assumptions made\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph85\trrh-800\trleft-85 \clvertalt\cltxlrtb \cellx482\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b E\cell
}\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {Description of the adjustment to future contributions arising from investment in equities\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0
\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph85\trleft-85 \clvertalt\cltxlrtb \cellx482\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171
\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b F\cell }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {
Contribution rates in payment during the year 1 April 2001 to 31 March 2002\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\trowd \trgaph85\trrh-800\trleft-85 \clvertalt\cltxlrtb \cellx482\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b G
\cell }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {Certificate required under Regulation 77 covering future contribution arrangements for each employer\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0
\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph85\trleft-85 \clvertalt\cltxlrtb \cellx482\clvertalt\cltxlrtb \cellx8462\clvertalt\cltxlrtb \cellx9171
\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b H\cell }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {
Statutory certificate covering the surplus position\cell }\pard \s17\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\sect }\sectd \binfsxn1\binsxn1\psz9\sbkcol\pgnrestart\pgnstarts0\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\header
\pard\plain \s30\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }}{\footer \pard\plain \s29\qj\widctlpar\tqc\tx4680\adjustright \fs12\lang1024\cgrid {\field{\*\fldinst {\fs16\cgrid0 FILENAME }}{\fldrslt {\fs16\cgrid0 PF_FEB2202R05.doc}}}{\fs16 \tab
\par }}\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\phpg\posx1450\posy862\absh-907\absw9235\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Summary
\par }\pard\plain \s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 1\tab }{
Section 1 of the Report sets out the background to the valuation, summarises the results of the previous valuation as at 31 March 1998, lists changes to the Regulations and comments on changes in the economic outlook.
\par }{\b 2\tab }{Section 2 of the Report outlines the data used for the valuation and comments on the salient features. The data used appeared to be of satisfactory quality.
\par }{\b 3\tab }{Sections 3 and 4 of the Report sets out the general actuarial method and assumptions used for the valuation. The actuarial method adopted (the "Projected Unit\rdblquote
method) is that used in 1998. However, the present valuation uses assets at their market values at 31 March 2001 and adopts rates of investment return based on those market values, whereas the 1998 valuation used an \ldblquote assessed\rdblquote
value method. The demographic assumptions made are similar to those adopted in 1998, except that we have assumed that longevity continues to increase and we have used more
recent mortality tables in consequence. Though framed somewhat differently, the assumptions are of similar overall effect to those used in 1998.
\par }{\b 4\tab }{The principal results of the valuation are set out in Section 5 for the Fund as a whole The overall funding
level has deteriorated since 1998, from 96% to 91% mainly because of investment performance, which while only marginally below the LGPS median, was poor relative to the 1998 valuation assumptions.
\par \tab The cost of accruing benefits for the Administering Autho
rity has increased by 40% of members' contributions, some 2.4% of payroll, largely because members are now assumed to live longer than in 1998. However, much of this increase has been offset by the additional allowance for investment returns on the Fund'
s holdings of equities.
\par }{\b 5\tab }{The overall effect of the valuation is that the employer contributions to the Fund would need to rise, on average, by some 56% of employee contributions with effect from \line 1 April 2002. Given the size of this change, the increase i
s being phased in for some employers over 3 years from 1 April 2002.
\par }\pard\plain \s34\qj\fi-1304\li1304\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par \sect }\sectd \binfsxn1\binsxn1\psz9\sbkodd\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\header \pard\plain \s30\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }}{\footer \pard\plain \s29\qj\widctlpar\tqc\tx4590\adjustright \fs12\lang1024\cgrid {\field{\*\fldinst {\cs49\fs16\cgrid0 FILENAME }}{\fldrslt {\cs49\fs16\cgrid0 PF_FEB2202R05.doc}}}{\cs49\fs24 \tab }{\field{\*\fldinst {\cs49\fs24 PAGE }}{\fldrslt {
\cs49\fs24 3}}}{
\par }}{\listtext\pard\plain\s1 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 1\tab}\pard\plain \s1\qc\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\outlinelevel0\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Introduction
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.1\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Regulation 77 of The Local Government Pension Scheme [LGPS] Regulations 1997 (SI\~1997 No 1612) specifies that an administering authority must obtain an actuarial valuation of the assets and liabilities of their pension fund as at 31\~March\~
1998 and every third year thereafter. This valuation must be accompanied by a report by an actuary and by a "rates and adjustments" certificate. The latter specifies:
\par {\listtext\pard\plain\s5 \b\cgrid \hich\af0\dbch\af0\loch\f0 a.\tab}}\pard\plain \s5\qj\fi-397\li1304\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl4\outlinelevel4\adjustright \lang2057\cgrid {the common rate of
employer's contribution (to be paid by every participating employer); and
\par {\listtext\pard\plain\s5 \b\cgrid \hich\af0\dbch\af0\loch\f0 b.\tab}adjustments for individual employers.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {The implications of this specification are discussed more fully in Section 3 of this Report.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.2\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Thus the principal purpose of the valuation is to establish appropriate contribution arrangements for each participating employer. New contribution rates will be implemented from 1 April 2002.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.3\tab}A subsidiary purpose of the valuation - in effect, a step towards the main purpose - is to establish the current
financial position of the Fund. A further purpose is to provide a starting point for any further consultations needed to fulfil employers' \line
obligations under Financial Reporting Standard 17 - Retirement Benefits (FRS 17). The issues involved with FRS 17 are being discussed by the joint committee of CIPFA and LASAAC.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.4\tab}
The benefits valued are those set out in The Local Government Pension Scheme Regulations 1997 as amended to 31 March 2001. Discretionary benefits awarded under the Regulations are generall
y awards to individuals where the employer concerned has paid or is paying additional contributions to cover any costs imposed on the Scheme. Where such discretionary benefits have been awarded, they have been allowed for in this valuation. No allowance
has been made for any future exercise of discretionary powers.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.5\tab}
The previous actuarial valuation of the Fund was undertaken as at 31 March 1998, also under The Local Government Pension Scheme Regulations 1997. The results of that valuation may be summarised as:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {for the Fund as a whole, the level of funding of the past-service liabilities was found to be 96%
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {the rate of contribution shown to be required for the administering authority from 1\~April\~1999 was as set out in the table below:
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par
\par
\par }\trowd \trgaph108\trleft992 \clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx6096\clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\page \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Percentage of members' contributions}{\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\trowd \trgaph108\trrh-160\trleft992 \clvertalt\cltxlrtb \cellx6096\clvertalt\cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\trowd \trgaph108\trleft992 \clvertalt\cltxlrtb \cellx6096\clvertalt\cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
Cost of the year-by-year accrual of benefits less the cost met by members\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1593\hyphpar0\adjustright {\line 165\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1593\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid
{\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Contribution needed to amortise the past-service deficiency over a period of 13 years\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx1593\hyphpar0\adjustright {\line 26\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-160\trleft992 \clvertalt\cltxlrtb \cellx6096\clvertalt\cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1593\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft992 \clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx6096\clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\b Total rate of contribution\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1593\hyphpar0\adjustright {\b 191\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s36\qj\li1304\sb70\sa70\widctlpar\noline\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {It was decided to impl
ement this rate of contribution in steps with rates of 185%, 189% and 192% of members' contributions being paid over the Fund years 1999/00, 2000/01 and 2001/02 respectively.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {The contributions to be paid in 2001/02 are shown in Appendix F. The contribution
s payable during the whole of the intervaluation period were set out in our Report on the 1998 valuation dated 12\~March\~1999.
\par }\pard \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright {\b Main events since the 1998 valuation
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.6\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Since the 1997 Regulations were made, the LGPS has been amended on a number of occasions}{\cs25\super *{\footnote \pard\plain \s24\qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cs25\super *}{ by SIs 1997 No 1
613; 1998 Nos 1238 and 2118; 1999 Nos 1212 and 3438; 2000 Nos 1005, 1164, 1410 and 3025; 2001 Nos 770 and 1418 }}}{ principally to:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {reflect changes in the organisation of various bodies participating in the LGPS
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {clarify provisions related to the qualification for ill-health retirement
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {enable "best value" authorities to make admission agreements covering members transferred to a private contractor
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {introduce into the LGPS the statutory provision for pension sharing on divorce
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {make minor corrections.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.7\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {\page
Some of the organisational changes have led, or may lead, to bulk transfer payments into or out of the Fund. However, neither these nor the other changes should have any material effect on the financial position of the Fund. }{\b
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.8\tab}}{In 1998, the investment powers and requirements were replaced by The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998,
SI 1998 No 1831. These new Regulations were intended to be in 'plain English' and made few changes of substance. These were later amended}{\cs25\super +{\footnote \pard\plain \s24\qj\sl-280\slmult0\widctlpar\noline
\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cs25\super +}{ by SIs 1999 No 3259; 2000 Nos 2552 and 3025}}}{ principally to:}{\b
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {mandate the publishing of a "Statement of Investment Principles" for each Fund
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {extend the limit on investing in insurance contracts (which include 'managed funds' operated by insurance companies) to 25% of the Fund for any one such contract rather than 25% of the Fund for all such contracts.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.9\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The major external influence on the LGPS has been in the inve
stment markets. Gilt yields have fallen substantially since 1998. The performance of equity investments in the last 12 months of the intervaluation period has been poor following good returns earlier in the period. The effects of these are discussed in
Sections 3 and 4 of this Report.}{\b
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.10\tab}}{The consequences of the events of 11 September in the USA have further unsettled the investment markets, though it is too soon to assess the long-term effects.}{\b
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 1.11\tab}}{The Scheme is contracted out of the State Earnings Related Pension Scheme and is not subject to the Minimum Funding Requirement of the Pensions Act 1995.
\par {\listtext\pard\plain\s1 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 2\tab}}\pard\plain \s1\qc\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\outlinelevel0\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Statistical and financial data
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 2.1\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
In order to undertake the valuation, we have been provided with full particulars of individuals who have been members of the Fund ove
r the intervaluation period. The membership particulars as at the valuation date are summarised in Appendix A to this Report. Corresponding figures as at 31 March 1998 are inserted for comparison. Appendix B summarises membership numbers by category and
employer.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 2.2\tab}
We scrutinise the data for self-consistency, for consistency with the data supplied for the previous valuation in 1998, and for consistency with the accounts, particularly the audited accounts for the year ended 31 March 2001. In general, the d
ata proved satisfactory and queries on detailed matters were quickly resolved. However, ultimately the valuation relies upon the accuracy of the data provided by the Administering Authority.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 2.3\tab}We have been provided with the accounts of the Fund for each year of the three year intervaluation period and these indicate that the market value of the assets of the Fund increased from
\'a3569 million as at 31 March 1998 to \'a3658 million as at 31 March 2001. A consolidated revenue account for the three years to 31 Mar
ch 2001 is shown in Appendix C. The investment return secured on the assets of the Fund over the intervaluation period, when measured with reference to market value, was about 4.1% per annum. This compares with a median return of about 4.3% per annum se
cured by Local Government Funds over this period. The average return was about 4.5% per annum, showing that the larger funds tended to do better. These figures are based upon information produced by the WM\~
Company, supplemented with information from CAPS.
\par }\pard \s2\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel1\adjustright {
\par
\par
\par
\par
\par
\par
\par \page
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 2.4\tab}}\pard \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright {
The following table summarises in broad categories the breakdown of the market value of the investments at the valuation date, according to the information supplied:
\par }\pard\plain \s61\li907\keepn\widctlpar\noline\brdrt\brdrs\brdrw15\brsp60 \brdrb\brdrs\brdrw15\brsp60 \tx907\tqc\tx5954\tqc\tx7088\tqc\tx8222\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \b\fs18\lang2057\cgrid {\tab \tab Market Value\line \tab \'a3m\tab
\tab %
\par }\pard\plain \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright {Fixed interest
\par }\pard \s60\li907\sl-280\slmult0\widctlpar\noline\tx1276\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {Government
\par }\pard \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tx1276\tqdec\tx6237\tqdec\tx8364\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright { \tab UK\tab 27.969\tab 4.3
\par \tab Overseas\tab 52.359\tab 8.0
\par Other
\par \tab UK\tab 13.936\tab 2.1
\par \tab Overseas\tab 5.702\tab 0.9
\par Index-Linked
\par \tab UK\tab -\tab -
\par \tab Overseas\tab 2.372\tab 0.4
\par Equities
\par \tab UK\tab 341.274\tab 51.8
\par \tab Overseas\tab 142.172\tab 21.6
\par Property (including property unit trusts)\tab 20.670\tab 3.1
\par Cash\tab 46.334\tab 7.0
\par Net Current Assets\tab 5.248\tab 0.8
\par
\par }\pard\plain \s62\li907\sl-280\slmult0\widctlpar\noline\brdrt\brdrs\brdrw15\brsp60 \brdrb\brdrs\brdrw45\brsp60 \tx907\tqdec\tx6237\tqdec\tx8364\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \b\lang2057\cgrid {Totals\tab 658.036\tab 100.0
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 2.5\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The above analysis shows that 76.5% of the assets are in equities and properties, a composition which is higher in equity type investments than the (weighted) average of large occupational pension schemes (67% at 31 March 2001). Such an asset mix, wher
e the proportion held in equities exceeds that needed to "match" the liabilities, is held in the expectation that better returns will be achieved in the long run and reflects the need to keep the cost of the Fund at reasonable levels, even at the risk of
p
ossible adverse and volatile returns from time to time. Such a strategy may need to be restrained if the proportion of liabilities in respect of pensioners is or becomes unusually large, or the cashflow of the Fund negative. The investment profile at
31 March 2001 is used to modify the contributions to be paid - see Section 4 and Appendix E of this Report.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 2.6\tab}\page We expect the cashflow in the Fund to remain positive for the foreseeable future: there is no immediate prospect of the Fund needing to sell
investments to meet benefit payments. However, if there were to be a significant reduction in the active membership, the need to realise investments, perhaps at disadvantageous times, to meet benefit payments may arise. We understand that an asset/liabil
ity modelling exercise is to be undertaken following this valuation. This will allow the strategic investment risks to be considered in some detail.
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par {\listtext\pard\plain\s1 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 3\tab}}\pard\plain \s1\qc\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\outlinelevel0\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Actuarial approach and methods
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.1\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
In our discussions on the preliminary results of the 1998 valuation, we co
nsidered both "assessed" and "market" value approaches to valuations, though the former was adopted for the final results and formal Report. Since 1998, the move to market value based valuations has continued strongly. This move is reinforced by the FRS
\~17 approach to accounting for pension costs, based entirely on market values. Consequently, for the present valuation, we have adopted the market value approach.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.2\tab}As in previous valuations, we have adopted the actuarial valuation method known as the "projected unit" method. Using this method, actuarial valuations are carried out in three parts:
\par {\listtext\pard\plain\s5 \b\cgrid \hich\af0\dbch\af0\loch\f0 a.\tab}}\pard\plain \s5\qj\fi-397\li1304\sb70\sa70\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl4\outlinelevel4\adjustright \lang2057\cgrid {
the accrued position, comparing liabilities for non-active members and for active members in respect of their service up to the valuation date, with the market value of the assets held;
\par {\listtext\pard\plain\s5 \b\cgrid \hich\af0\dbch\af0\loch\f0 b.\tab}the rate of contribution needed to support accruing benefits; and
\par {\listtext\pard\plain\s5 \b\cgrid \hich\af0\dbch\af0\loch\f0 c.\tab}any adjustment needed to }{\b b. }{to allow for surpluses or deficiencies revealed at }{\b a.}{
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.3\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The determination of the contributions required in }{\b b.}{ above starts with the calculatio
n of the cost of the benefits which will accrue over the year after the review date to members then in service (allowing for all expected future pay increases until their membership of the Fund terminates). This cost is then expressed as a percentage of
the contributions payable by members under Regulation\~
12. This method of determining the contribution is known as the "projected unit" method and, for a given set of assumptions, leads to a stable level of contribution if the profile of the membership by a
ge, sex, status and pay remains constant. This implies a continued flow of new entrants. If, however, the average age of the membership were to increase, perhaps as a result of a reduction in the flow of new entrants, the projected unit contribution rat
e would tend to rise because the cost of a member's benefits tends to increase with age. The rates derived also include an allowance for expenses of administering the Fund based on the level observed between 1 April 1998 and 31\~March 2001.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.4\tab}This process has been carried out for each employer participating in the Fund though some smaller employers have been grouped together.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.5\tab}\page Regulation 77 of the LGPS Regulations specifies that the "common" contribution rate applicable to all participating employers should be
such as to "maintain the solvency of the Fund." "Individual adjustments" should then take into account circumstances peculiar to an employer. The rates set out in Appendix G are therefore made up as follows:
\par }\trowd \trgaph108\trleft851 \clvertalt\cltxlrtb \cellx4649\clvertalt\cltxlrtb \cellx9406\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {"common rate"\cell the cost of accruing benefits fo
r the administering authority\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft851 \clvertalt\cltxlrtb \cellx4649\clvertalt\cltxlrtb \cellx9406\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft851 \clvertalt\cltxlrtb \cellx4649\clvertalt\cltxlrtb \cellx9406\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {"individual adjustments"\cell
the sum of the difference between the cost of accruing benefits for the particular employer and the common rate and the deficiency (or surplus) adjustment for that employer. \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row {\listtext
\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.6\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {Paragraph 3.5 sets ou
t our practice for all recent valuations of the LGPS Funds and, we believe, the practice adopted by other actuaries working for local authorities.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.7\tab}The valuation process attributes to each employer, or group of employers, the main elements of the experience of the Fund in 1998/2001 including:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {salary increases
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {ill-health retirement costs varying from those allowed for in the 1998 valuation
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {extra costs imposed by other early retirements, less the related contributions paid or committed for the future
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {contributions paid by the employer, including any extra payments in respect of early retirement costs and any lump sum payments
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {the effects of any large outsourcing exercise.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.8\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Other experience items, such as mortality and investment returns, are taken into account across all participating employers.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.9\tab}
For the present valuation (as in 1998), we have assumed that each individual member would retire on reaching age 60 or on later satisfaction of the 85-year rule (but not later than age 65). This has the advantage bot
h of being prudent and of consistency with the method of calculating the cost of non ill-health early retirements.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.10\tab}\page Allowance has been made in the valuation for future ill-health retirements by applying the same rates of ill-health retirement (see Append
ix D) to the active membership of each employer. Any mis-match between the expected costs of ill-health retirements in the period 2001/04 will be picked up in the 2004 valuation. Where costs exceed the expected level for any employer or group of employer
s by an appropriate and statistically significant margin, the total excess should be amortised by additional contributions in accordance with the agreed procedures.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.11\tab}No allowance has been made in the valuation for non ill-health retirements before age\~60.
Extra costs arising from any such retirements should be amortised by way of additional contributions as set out in our letter of 9 April 1998.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.12\tab}Subject to the separate provisions for early retirements described above, surpluses or deficiencies have been am
ortised as a percentage of employee contributions over a period equal to the average expected future membership period of the active members pertaining to each employer. This period starts on 1\~April\~
2002, ie one year after the valuation. In view of the size of the increases, they are being phased in for some employers over the 3 years from 1 April 2002.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.13\tab}A further consideration which we have taken into account is the variation between the characteristics of different employers within the Fund, a variation
which has widened in recent years. At one extreme there are some employers with few employees and many pensioners, at the other extreme recent outsourcings with a young active membership and at most a few pensioners.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.14\tab}}\pard \s2\qj\fi-907\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright {The Regulations can be interpreted to
allow adjustments in circumstances where employers no longer have employees in the Fund. However, there can be no guarantee that the previous employer still exists to pay adjustments, and in these circumstances we believe that the valuation method shoul
d
be based on the principle that the liabilities have been fully secured by retirement or earlier leaving service. This implies proper allowance for current mortality and future improvement in mortality and backing by assets which closely match the charac
t
eristics of the liabilities. In consequence, the value we placed on the past service liabilities of the Fund took account of the characteristics of those liabilities and is independent of the actual asset mix chosen by the administering authority. Depa
r
ture from a matched portfolio implies increased risks, but with the expectation of the reward of increased returns. We have anticipated some of those rewards (which do depend on the asset mix) in setting the contribution rate (see Section 4 and Appendix
E).
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 3.15\tab}\page We consider that this is best achieved as follows:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright
\lang2057\cgrid {to value current pensions in payment, and future pensions once in payment, by discounting at the rate of return available on high quality bonds of mean term similar to that of the current pensions in p
ayment (ie if the income stream from the bond holdings and the pension payments due were considered as a single item of income and expenditure then the two would, broadly, occur at the same time and be of equal amount)
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright {
to discount the past service liabilit
ies of current active members and deferred pensioners for the period before retirement at a higher rate of return consistent with a cautious estimate of the expected returns from investing in a diverse and carefully selected range of high quality equities
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright {
to calculate the contribution rate required to meet accruing benefits initially on the same basis as for the active members' past service liabilities
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright {
to adjust the above contribution rate by the rate required to liquidate the deficiency [or surplus] disclo
sed (by the comparison of the sum of the above liabilities with the market value of the assets) over the future working lifetime of the contributing membership
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright {
to adjust the combined contribution rate calculated above by the difference between the more optimistic expected return on the assets held over the return implied by the basis used in valuing the past service liabilities.
\par {\listtext\pard\plain\s1 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 4\tab}}\pard\plain \s1\qc\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\outlinelevel0\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Actuarial assumptions
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.1\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The assumptions underlying the valuation of the Fund can be regarded as falling into two groups as follows:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {
the "demographic" assumptions which cover such matters as future rates of withdrawal and retirement from service, rates of mortality, the proportion of members married and the progression of pensionable pay from age to age attributable to increasing res
ponsibility and promotion;
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {the "economic" assumptions which cover the valuation rate of interest, future increases in general pay levels, the advance provision to be made for future pension increases and dividend growth.
\par }\pard\plain \s18\qj\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {These two groups of assumptions are considered separately in the following paragraphs.
\par }\pard \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright {\b Demographic assumptions
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.2\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The main assumptions include the following:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {the rates of mortality, ill\_health retirement, withdrawal from membership and retirement in normal health which will be experienced by active members in the future;
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {the rates of mortality which will be experienced by members after they have retired and by their spouses;
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {the future progression of pensionable pay as a result of promotion etc, ie not as a result of inflationary pressure.
\par }\pard\plain \s18\qj\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {For
many of the assumptions, past experience has been found to be a good guide to the future. These assumptions may therefore be derived from past experience adjusted to provide for trends such as a continuation of the reduction in rates of mortality.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.3\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {The ass
umptions adopted for the 2001 valuation are mainly based on our analysis of the experience of all the local government pension funds we advise. For most of the assumptions, we have found no reason to make any changes and have therefore retained the assum
ptions used in 1998. The main change we have made to the demographic assumptions for the present valuation is to assume that pensioners will live longer than we assumed in 1998.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.4\tab}\page Since the 1998 valuation was made there have been two important large scale i
nvestigations of pension scheme mortality in retirement which have shown, firstly that the pattern of mortality has changed and secondly that the pace of improvement in mortality has quickened.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.5\tab}In consequence, we have made two changes to the way we allow f
or current and improving mortality. First, the tables of mortality have been changed to more recent tables to reflect both the change in the pattern of mortality and the improvements which have already taken place. Secondly, the allowance for future imp
r
ovements in mortality has been increased - effectively by assuming that the cost of a pension payable at retirement will increase by 0.25% each year (this is nearly twice as fast as previously assumed), with similar adjustments to pensions already in paym
ent.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.6\tab}As indicated in paragraph 3.9, we have assumed that all age retirements would occur at age 60 or on later satisfaction of the 85-year rule, but not later than age 65.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {Specimen rates of decrement, etc, are given in Appendix D.
\par }\pard \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright {\b Economic assumptions
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.7\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {The e
conomic assumptions are of more financial significance than the demographic assumptions - small changes to the assumptions may have a significant effect on the financial position disclosed by the valuation - and represent our view of the likely average ec
onomic conditions applying over the long-term future lifetime of the Fund.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b \page Assumptions used in the 1998 valuation
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.8\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The assumptions adopted for the 1998 valuation both in nominal and in real terms, ie relative to price inflation, were as follows:
\par }\pard\plain \s61\li907\keepn\widctlpar\noline\brdrt\brdrs\brdrw15\brsp60 \brdrb\brdrs\brdrw15\brsp60 \tx907\tqc\tx6521\tqc\tx7797\tqc\tx8931\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \b\fs18\lang2057\cgrid {\tab \tab Annual rate\line
Assumptions for 1998 valuation\tab Nominal\tab \tab Real\line \tab %\tab \tab %\tab
\par }\pard\plain \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx9072\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \lang2057\cgrid {Rate of price inflation\tab 3\'bd\tab n/a
\par
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx9072\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright {The valuation rate of interest, ie the long\_term
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx9072\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {rate of accumulation, taking income and capital
\par together, which will be obtained on new
\par investments made over the long\_term future \line of the Fund\tab 7\'bd\tab 4
\par
\par Future escalation of pensionable pay arising\line as a result of general economic conditions\tab 5\'bc\tab 1\'be
\par
\par *Allowance for future pension increases - such
\par increases are in line with price inflation\tab 3\'bd\tab -
\par
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx7655\tqdec\tx9072\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright {The increase to be expected from time to time
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx9072\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {in the flow of dividend income from ordinary
\par }\pard \s60\li907\widctlpar\noline\brdrb\brdrs\brdrw15\brsp20 \tx907\tqdec\tx6521\tqdec\tx7655\tqdec\tx9072\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {shares and similar investments\tab 4\'bd\tab \tab 1
\par }\pard\plain \s18\qj\fi-425\li1276\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx1276\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {* The assumption covers all pensions other than Guaranteed Minimum Pensions (GMPs); post\_
5 April 1988 GMPs were assumed to increase by 2\'bd% per annum and GMPs accrued prior to that date were assumed not to increase.
\par }\pard \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright {\b Reviewing the economic assumptions
\par }{\i Rate of price inflation
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.9\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Over the last ten years, the annual rate of inflation each September (which determines the pension increase to be given in the Fund the follow
ing April) has varied between 1.1% and 4.1%, and averaged 2.9%; over the valuation period (as measured by pension increases) it has averaged 2.5%. The underlying rate of inflation is currently around 2%, and the target of the Bank of England's monetary p
olicy committee is 2.5%.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.10\tab}\page
We see no compelling reason to suggest that inflation will be either significantly above or below this target and therefore we based our calculations for the 31 March 2001 valuation on an assumed long-term average rate of price inf
lation of 2.5% per annum. The assumption is also broadly consistent with current financial markets. The allowance for inflation in the 1998 valuation was 3.5% per annum.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\i Rate of general growth in pay
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.11\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Future salary increases are made up of three components:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {price inflation
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {real growth in general salary levels over price inflation
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {age specific increases, which may be positive or negative.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.12\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
We have already covered price inflation above. The age specific element is regarded as a statistical assumption and is
covered in paragraphs 4.2 and 4.3 above. The other component is the real rate of salary growth above price increases in the UK economy as a whole.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.13\tab}Over the last 40 years (during which the real growth in the national economy has been just under 2.5% per an
num) salaries have increased on average about 1.8% a year above price inflation. Both the Bank of England and the OECD are forecasting long-term UK real economic growth at rates averaging between 2% and 2.5% per annum, with perhaps higher rates in the sh
o
rt-term. In these circumstances we have assumed that salaries will continue to increase at about 1.75% per annum, which combined with an inflation rate of 2.5% leads to a nominal rate of increase of 4.3% per annum. A similar assumption (in real terms) w
as made in 1998.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\i Discount rate for past service liabilities
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.14\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The basic principle of a valuation which takes assets into account at market value is to value the liabilities using rates of discount consistent with those available in the market on appropriate securities at the valuation date.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.15\tab}}\pard \s2\qj\fi-907\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright {
At the valuation date, by comparison with government bond markets in the USA and in Europe, and by historical standards, gilt yields and index-linked yields appear artificially low, especially for those with the greatest te
rm to redemption. High quality corporate bonds give significant increases in return, only a small part of which is attributable to the risk of default. Discounting at a higher rate than gilts is therefore justified. How much higher depends upon the dif
ference at any point in time between the yields available on gilts and corporate bonds and the assumed risk of default (at any future time) on those corporate bonds.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.16\tab}Taking into account the above comments, we valued present and future pensioner liabilitie
s at a nominal rate of 5.9% per annum which is consistent with the yield on AA-rated (ie very good quality) corporate bonds of appropriate term at the valuation date.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.17\tab}We used a rate of 6.75% to value non-pensioner liabilities before retirement, some 0.85%
higher than the rate used to value pensions in payment. This is consistent with assuming investment in equities and achieving a real dividend growth of some 1.5% per annum and future dividend yields being similar to those as at the valuation date. In 19
98, the real dividend growth assumed was 1% per annum. The increase is justified by the change in composition in the All Share Index and the continued (but slow) switch towards buy backs increasing the dividend growth per share.
\par }\pard\plain \s17\qj\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\i Contribution "credit" from equity investment
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.18\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The contribution rate to meet the cost of accruing benefits is first calculated by reference to the rates of return described above for past service benefits. This is necessary to ensure that sufficient contributions are received to secu
re the reserves required as each year's accrual is added to past service. However, it does not give any credit for the returns which it is expected will be achieved by investing more heavily in equities than has been assumed above.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.19\tab}}\pard \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright {We calculated such a cr
edit in terms of a reduction in employer contributions in relation to the actual portfolio of investments held at 31 March 2001. The determination of the credit is set out in some detail in Appendix E.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b \page Summary of the 2001 economic assumptions
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 4.20\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {To summaris
e, the assumptions adopted for the 2001 valuation, both in nominal and in real terms, ie relative to price inflation are as follows:
\par }\pard\plain \s61\li907\keepn\widctlpar\noline\brdrt\brdrs\brdrw15\brsp60 \brdrb\brdrs\brdrw15\brsp60 \tx907\tqc\tx6521\tqc\tx7655\tqc\tx8647\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \b\fs18\lang2057\cgrid {\tab \tab Annual rate\line
Assumptions for 2001 valuation\tab Nominal\tab \tab Real\line \tab %\tab \tab %\tab
\par }\pard\plain \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \lang2057\cgrid {Rate of price inflation\tab 2.5\tab n/a
\par }\pard \s60\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {Future escalation of pensionable pay arising\line as a result of general economic conditions\tab 4.3\tab 1.75
\par
\par *Allowance for future increases on\line pensions in payment - (such increases are in line \line with price inflation)\tab 2.5\tab -
\par \tab \tab
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx7655\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright {The increase to be expected from time to time
\par }\pard \s60\li907\widctlpar\noline\tx907\tqdec\tx6521\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {in the flow of dividend income from ordinary
\par }\pard \s60\li907\widctlpar\noline\brdrb\brdrs\brdrw15\brsp20 \tx907\tqdec\tx6521\tqdec\tx7655\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {shares and similar investments\tab 4}{\super #}{\tab \tab 1.5}{\super #
\par }{
\par Discount rate for periods:
\par }\pard \s60\li907\widctlpar\noline\brdrb\brdrs\brdrw15\brsp20 \tx907\tx1276\tqdec\tx6521\tqdec\tx7655\tqdec\tx8789\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {\tab after retirement\tab 5.9\tab \tab 3.4
\par \tab before retirement\tab 6.75\tab \tab 4.25
\par }\pard\plain \s18\qj\fi-283\li1276\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx1276\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {* The assumption covers all pensions other than Guaranteed Minimum Pensions (GMPs); post-5 April 1988 GM
Ps were assumed to increase by 2% per annum; pre-6 April 1988 GMPs have no increases.
\par }\pard\plain \s17\qj\fi-283\li1276\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tx1276\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
# In assessing the "credit" from equity investment used to reduce contribution rates, the rates were assumed to be 4.5% and 2.0% respectively.
\par {\listtext\pard\plain\s1 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 5\tab}}\pard\plain \s1\qc\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\outlinelevel0\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Results of the valuation
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.1\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Using the methods set out in Section 3, and the assumptions described in Section 4 and Appendix D, we carried out the valuation calculations and our findings are summarised below.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b Past service
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.2\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The results of the valuation for the Fund as a whole are set out in the following statement :
\par }\trowd \trgaph42\trleft-42 \clvertalt\cltxlrtb \cellx851\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx6663\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx7230\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx8507\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b \'a3m\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph42\trleft-42 \clvertalt\cltxlrtb \cellx851\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx6663\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx7230\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx8507\pard \qj\li680\sb140\sa140\sl240\slmult0
\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cf1 Pensioners, spouses and other beneficiaries
\par }\pard \fi-567\li525\sl-280\slmult0\widctlpar\noline\intbl\tx525\tqr\tx9185\hyphpar0\adjustright {\b\cf1 less:}{\cf1 \tab value of outstanding contributions covering the cost of early retirements prior to 1 April 2001
\par }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\cf1 Deferred pensioners
\par Active members (Fund membership to 31 March 2001)\cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqdec\tx1405\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx666\hyphpar0\adjustright \lang2057\cgrid {307.4
\par
\par (1.5)
\par 96.1
\par 325.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqdec\tx1667\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqr\tx9185\hyphpar0\adjustright {\b\cf1 Total past-service liabilities}{\cf1
\par Market value placed on the assets\cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqdec\tx1405\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx666\tx907\hyphpar0\adjustright
\lang2057\cgrid {\tab 727.0
\par }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx666\hyphpar0\adjustright {658.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqdec\tx1667\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\b\cf1 Past-service shortfall}{\cf1 \cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tqdec\tx1405\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx666\hyphpar0\adjustright \lang2057\cgrid {69.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph42\trleft-42 \clvertalt\cltxlrtb \cellx851\clvertalt\clbrdrt\brdrs\brdrw45 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6663\clvertalt\clbrdrt\brdrs\brdrw45 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7230\clvertalt\clbrdrt\brdrs\brdrw45 \clbrdrb
\brdrs\brdrw10 \cltxlrtb \cellx8507\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqdec\tx1667\tqr\tx9185\hyphpar0\adjustright {\cf1 \cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright {\b\cf1
\par Funding Level\cell }\pard \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqdec\tx1405\tqr\tx9185\hyphpar0\adjustright {\cf1
\par \cell }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx666\hyphpar0\adjustright \lang2057\cgrid {
\par 91.0 %\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {The valuation has shown a past service deficiency of
\'a369 million and a funding level of 91%.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.3\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
On the occasion of the 1998 valuation the level of funding of the past service liabilities was 96% The main reasons for the level decreasing by 5% are as follows:
\par }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9214{\pntext\pard\plain\s38 \intbl\f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\intbl
\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright \lang2057\cgrid {the payment of contributions in excess of those needed to fund accruing benefits \cell }\pard\plain
\s2\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\hyphpar0\outlinelevel1\adjustright \lang2057\cgrid {1%\cell }\pard\plain \widctlpar\intbl{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }
\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9214{\pntext\pard\plain\s38 \intbl\f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}\pard\plain
\s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\intbl\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright \lang2057\cgrid {hig
her than assumed increases in salaries relative to price inflation \cell }\pard\plain \s2\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\hyphpar0\outlinelevel1\adjustright \lang2057\cgrid {
(1%)\cell }\pard\plain \widctlpar\intbl{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\adjustright \lang2057\cgrid {\row {\pntext\pard\plain\s38 \intbl\f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain
\s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\intbl\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright \lang2057\cgrid {
unfavourable investment performance relative to the 1998 valuation assumptions\cell }\pard\plain \s2\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\hyphpar0\outlinelevel1\adjustright
\lang2057\cgrid {(4%)\cell }\pard\plain \widctlpar\intbl{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9214{\pntext\pard\plain\s38 \intbl
\f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\intbl\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}\hyphpar0\ls4\adjustright
\lang2057\cgrid {miscellaneous items (mortality, staff turnover, lighter future mortality assumption)\cell }\pard\plain \s2\qr\sb140\sa140\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\outlinelevel1\adjustright \lang2057\cgrid {(1%)
\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {The im
provement in the funding level arising from the deficiency element in the contributions paid has been more than offset by investment losses.\tab }{\b
\par }\pard\plain \s57\sb70\sl-280\slmult0\keepn\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \b\lang2057\cgrid {\tab
\par \page Future service
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.4\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The cost for the Administering Authority of providing the current benefits of the LGPS in respec
t of service after the valuation date has been assessed as 205% of members' contributions using the 'projected unit' method of assessment (this rate includes an allowance of 7% of members' contributions to cover a share of the administrative costs borne b
y the Fund each year). The corresponding rate disclosed by the previous valuation was 165% of members' contributions; the main reasons for the net increase are:
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard\plain \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright \lang2057\cgrid {the changes in actuarial basis underlying the valuation\tab 34%
\par {\pntext\pard\plain\s38 \f14\fs30\cgrid \loch\af14\dbch\af0\hich\f14 \'a7\tab}}\pard \s38\qj\fi-397\li1304\sb70\sa70\sl280\slmult0\widctlpar\noline\tx680\tqr\tx9412{\*\pn \pnlvlblt\ilvl0\ls4\pnrnot0\pnf14\pnfs30\pnstart1 {\pntxtb \'a7}}
\hyphpar0\ls4\adjustright {changes in the composition of the active members \tab 6%
\par }\pard\plain \s18\qj\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b \page The Contribution arrangements
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.5\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The derivation of the rate of contribution for the Administering Authority with effect from April 2002 is set out below:
\par }\pard\plain \s61\li907\keepn\widctlpar\noline\brdrt\brdrs\brdrw15\brsp60 \brdrb\brdrs\brdrw15\brsp60 \tx907\tqc\tx7655\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright \b\fs18\lang2057\cgrid {\tab Percentage of members' contributions
\par }\pard\plain \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {Cost of the year-by-year accrual of
\par }\pard \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tqdec\tx7797\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {benefits less the cost met by members\tab 205
\par
\par }\pard \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tqdec\tx7797\tqr\tx9185\tqr\tx9639\hyphpar0\outlinelevel0\adjustright {Contribution required to meet the past-service
\par }\pard \s60\li907\sl-280\slmult0\widctlpar\noline\tx907\tqdec\tx7797\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright {deficiency over a period of 12* years\tab 70
\par
\par Reduction from credit for equity investment\tab (26)
\par }\pard\plain \s62\li907\sl-280\slmult0\widctlpar\noline\brdrt\brdrs\brdrw15\brsp60 \brdrb\brdrs\brdrw45\brsp60 \tx907\tqdec\tx7797\tqr\tx9185\tqr\tx9639\hyphpar0\adjustright \b\lang2057\cgrid {Net total rate of contribution\tab 249
\par }\pard\plain \s34\qj\fi-1304\li1304\sb70\sa70\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\tab *\tab The period equal to the average expected working lifetime of the Authority's employees in the Fund.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
In view of the size of this increase compared with the rate payable in 2001/02 the increase is being phased in over 3 years with rates payable of 211%, 231% and 251% in 2002/03, 2003/04 and 2004/05, respectively.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.6\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
Contribution rates for all employers in the Fund are set out in the Rates and Adjustments Certificate shown in Appendix G.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.7\tab}The need to record the costs incurred on early retirements continues and the tables and instructions we have issued in
1998 provide a means of doing this. An allowance is made in the valuation for ill-health retirements and a suitable budget yardstick is included in Appendix G for each employer. As no allowance is made in the valuation for non ill-health early retiremen
ts, there is no budget yardstick against which actual costs can be measured.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.8\tab}As the wording of Regulation 77 of the 1997 Regulations is essentially the same as its predecessors, the contribution increase (compared to the rates in payment in 2001/02) shown t
o be needed for some employers has been phased-in. Where the rates of contributions now in payment exceed the cost of year-by-year accrual of benefits, such a phasing-in would not, on the basis of the assumptions adopted, reduce the funding level over th
e next year or two as happened in some cases in the 1992/95 and 1995/98 periods. However, it should be noted that the phasing-in of increases will increase the rate of contributions needed in future years.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b \page Other legislative requirements
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.9\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {Under the terms of
the Income and Corporation Taxes Act 1988 supplementary investigations must be completed in conjunction with the present review in order to ascertain whether the Inland Revenue regards the Fund as excessively over-funded when assessed by reference to a "p
rescribed basis". The results of these investigations indicate no such excessive over-funding . The appropriate certificate to this effect has been prepared and is shown at Appendix H.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.10\tab}As there are no provisions in the Local Government Pension Scheme Regulations to discontinue or to wind up the Fund, it is not necessary to consider what would happen in such an event.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.11\tab}As a statutory public service scheme, the Local Government Pension Scheme is not subject to the Minimum Funding Requirements of the Pensions Act 1995.
\par }\pard\plain \s18\qj\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b Investment policy
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 5.12\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
The question of matching assets and liabilities should be considered in the context of investment policy and the maturity of the Fund. Paragraph 5.2 above shows that the liabilities in respect of pensioners, spouses and other
beneficiaries now make up 42% of the total liabilities of the Fund, and the accrued liabilities for active members and deferred pensioners comprise 58%. We note that the investment portfolio had over 70% in equity investments at the valuation date. Consi
d
eration should be given to the degree of investment in bonds as a greater allocation should reduce future volatility in the funding level and in the contribution rate, albeit at a higher expected long term cost of funding the Fund. We understand that thi
s is to be investigated in detail by means of an asset/liability modelling exercise following completion of this valuation.
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {\i
\par {\listtext\pard\plain\s1 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 6\tab}}\pard\plain \s1\qc\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\outlinelevel0\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Brief overview of the results
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 6.1\tab}}\pard\plain \s2\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl1\outlinelevel1\adjustright \lang2057\cgrid {
We have undertaken a valuation of the Fund as at 31 March 2001 in compliance with Regulation 77.
The valuation shows the assets held at the valuation were sufficient to cover 91% of the accrued liabilities assessed on an ongoing basis, a decrease of 5% compared to the level found in 1998.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 6.2\tab}The revised contribution arrangements which are effective fro
m 1 April 2002 are set out in the Rates and Adjustments Certificate required by Regulation 77 which is appended to this Report as Appendix G. The required average contribution rates have increased significantly from those anticipated at the 1998 valuatio
n. In view of the increases, these are to be phased in for some employers, starting from 1 April 2002.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 6.3\tab}It should be noted that contribution rates are subject to review under Regulation\~78(3)(b) if the need arises and, in any case, rates for years from 2005
/06 onwards will be reviewed at the next valuation.
\par {\listtext\pard\plain\s2 \cgrid \hich\af0\dbch\af0\loch\f0 6.4\tab}
In the normal course of events, it would be expected that the funding level would increase by the time of the next valuation at 31 March 2004, largely because the rates of contribution to be paid contain
an element to liquidate the deficiency found at this valuation. The residual deficiency would then be respread at the next valuation. The effect of phasing the required contribution increases will, however, defer any improvement in the Fund's position due
to higher contribution rates. However, any increase in funding level is dependent on the assumptions made being borne out in practice, the main areas where variations might be expected being increases in pay and investment returns in excess of price infla
tion.
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par
\par }\trowd \trgaph108\trrh1985\trleft-108 \clvertalt\cltxlrtb \cellx4677\clvertalt\cltxlrtb \cellx9462\pard\plain \sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b P M Stoaling
\par Partner, Watson Wyatt Partners
\par
\par
\par 6 February 2002\cell }\pard\plain \s73\sl280\slmult0\widctlpar\noline\intbl\tx680\tqr\tx9412\hyphpar0\adjustright \lang2057\cgrid {\b Watson House
\par London Road
\par Reigate
\par Surrey
\par RH2 9PQ
\par }\pard\plain \sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \widctlpar\intbl\adjustright {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx9462\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Watson Wyatt Partners is the UK representative of Watson Wyatt Worldwide.}{\b\i\fs20
\par }{\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b \row }\trowd \trgaph108\trrh840\trleft-108 \clvertalt\cltxlrtb \cellx9462\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Watson Wyatt Partners is regulated by the Institute of Actuaries in the conduct of UK investment business.
\par }{
\par }{\fs18 A list of the names of all partners of Watson Wyatt Partners is available at the above address.
\par }\pard\plain \s29\widctlpar\intbl\adjustright \fs12\lang1024\cgrid {\field{\*\fldinst { USERINITIALS \\* MERGEFORMAT }}{\fldrslt {WWW}}}{\\}{\field{\*\fldinst { FILENAME \\p \\* MERGEFORMAT }}{\fldrslt {I:\\PENC\\OXFORDCC\\01\\valrep.doc}}}{
\par }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs18 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b \row }\pard\plain \s29\widctlpar\noline
\tqc\tx4536\tqr\tx9214\abslock1\hyphpar0\outlinelevel0\adjustright \fs12\lang1024\cgrid {\sect }\sectd
\lndscpsxn\pgwsxn16840\pghsxn11907\marglsxn1134\margrsxn1418\margtsxn1021\margbsxn1021\binfsxn1\binsxn1\psz9\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid
\hich\af0\dbch\af0\loch\f0 A\tab}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright
\scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\phpg\posx2669\posy840\absh-781\absw12873\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Distribution of membership by sex, status (active members only)
\line and category as at 31 March 1998 and 31 March 2001
\par }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx2552\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx8293\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 As at 31 March 1998\cell As at 31 March 2001\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx2552\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx3700\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4848\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5996
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7144\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8293\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9441\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx10589\clvertalt\clbrdrb\brdrs\brdrw10
\cltxlrtb \cellx11737\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12885\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard
\s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par Male Officers\cell
\par Female Officers\cell Male Manual Workers\cell Female Manual Workers\cell
\par
\par Total\cell
\par Male Officers\cell
\par Female Officers\cell Male Manual Workers\cell Female Manual Workers\cell
\par
\par Total\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2552\clvertalt\cltxlrtb \cellx3700\clvertalt\cltxlrtb \cellx4848\clvertalt\cltxlrtb \cellx5996\clvertalt\cltxlrtb \cellx7144
\clvertalt\cltxlrtb \cellx8293\clvertalt\cltxlrtb \cellx9441\clvertalt\cltxlrtb \cellx10589\clvertalt\cltxlrtb \cellx11737\clvertalt\cltxlrtb \cellx12885\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\b (a) Active members\cell }{\cell \cell \cell \cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell \cell \cell \cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {Number\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {2,302\cell 6,323\cell 1,055\cell 2,542\cell 12,222\cell 2,572\cell 7,610\cell 952\cell 2,300\cell 13,434\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell \cell
\cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Pensionable}{\super 1}{ pay (\'a3m)\cell }\pard
\s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {47.9\cell 92.2\cell 12.3\cell 25.1\cell 177.5\cell 58.9\cell 122.2\cell 12.8\cell 24.3\cell 218.2\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell \cell \cell \cell \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Average reckonable service by pensionable pay (yrs)\cell }\pard \s70\qr\sl-280\slmult0
\widctlpar\noline\intbl\hyphpar0\adjustright {\line \line 14.8\cell \line \line 8.2\cell \line \line 9.0\cell \line \line 4.6\cell \line \line 9.5\cell \line \line 13.8\cell \line \line 8.5\cell \line \line 9.1\cell \line \line 5.6\cell \line \line 10.2
\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {
\cell \cell \cell \cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx2552\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx3700\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4848\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5996\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7144\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8293\clvertalt\clbrdrb\brdrs\brdrw10
\cltxlrtb \cellx9441\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx10589\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11737\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12885\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Average age by pensionable pay (yrs)\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\line 44.7\cell \line 43.4\cell \line 44.9\cell
\line 44.7\cell \line 44.0\cell \line 45.4\cell \line 43.7\cell \line 45.9\cell \line 45.1\cell \line 44.6\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2552
\clvertalt\cltxlrtb \cellx3700\clvertalt\cltxlrtb \cellx4848\clvertalt\cltxlrtb \cellx5996\clvertalt\cltxlrtb \cellx7144\clvertalt\cltxlrtb \cellx8293\clvertalt\cltxlrtb \cellx9441\clvertalt\cltxlrtb \cellx10589\clvertalt\cltxlrtb \cellx11737
\clvertalt\cltxlrtb \cellx12885\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell \cell \cell \cell \cell \cell \cell \cell \cell \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 1\tab}}\pard\plain \s4\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl3\outlinelevel3\adjustright
\lang2057\cgrid {The pensionable remuneration received over the year to 31 March 2001 with new entrants during the year rated-up to the whole year equivalent; remuneration of part-timers is at the part-time level.
\par }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\tab
\par \page
\par }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 As at 31 March 1998\cell As at 31 March 2001\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6828\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9710
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11151\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 \cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Males\cell Females\cell Total\cell Males\cell Females\cell Total\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\trowd \trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034
\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b (b) Deferred Pensioners}{\cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034
\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep
\clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Number\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {1,312\cell 2,257\cell 3,569\cell 1,740\cell 3,862\cell 5,602\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151
\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell
\cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710
\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Amount of deferred pension}{\super 1}{ (\'a3m)\cell }\pard
\s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {2.7\cell 2.5\cell 5.2\cell 3.9\cell 4.1\cell 8.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb
\cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft-108\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6828\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt
\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11151\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
Average age by deferred pension (yrs)\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {46.4\cell 43.9\cell 45.2\cell 47.3\cell 45.3\cell 46.3\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\b \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6828\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx11151\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b (c) Pensioners}{\cell }\pard
\s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6828\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx9710\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11151\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Males\cell Females\cell Total\cell Males\cell Females\cell Total\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151
\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Number\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {2,550
\cell 2,195\cell 4,745\cell 2,738\cell 2,681\cell 5,419\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb
\cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard
\s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb
\cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {Amount of pension}{\super 1}{ (\'a3m)\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {13.0\cell 5.4\cell 18.4\cell 15.0\cell 6.9\cell 21.9\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\row }\trowd \trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb
\cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6828\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11151\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Average age by pension (yrs)\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {67.5\cell 66.3\cell 67.2\cell 68.2\cell 66.8\cell 67.8\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151
\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx884\hyphpar0\adjustright {
\cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b (d) Widow(er)s\cell }{\cell \cell \cell \cell
\cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx6828\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11151\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell
}\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Widows\cell Widowers\cell Total\cell Widows\cell Widowers\cell Total\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Number\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {745\cell 26\cell 771\cell 803\cell 60\cell 863\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151
\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell
\cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710
\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Amount of pension}{\super 1}{ (\'a3m)\cell }\pard
\s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {1.5\cell 0.0\cell 1.5\cell 1.8\cell 0.0\cell 1.8\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb
\cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft-108\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5387\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6828\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8269\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9710\clvertalt
\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11151\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12592\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14034\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
Average age by pension (yrs)\cell }\pard \s70\qr\sl-280\slmult0\widctlpar\noline\intbl\hyphpar0\adjustright {74.0\cell 60.5\cell 73.8\cell 75.7\cell 62.5\cell 75.3\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trrh-120\trleft-108\trkeep \clvertalt\cltxlrtb \cellx5387\clvertalt\cltxlrtb \cellx6828\clvertalt\cltxlrtb \cellx8269\clvertalt\cltxlrtb \cellx9710\clvertalt\cltxlrtb \cellx11151\clvertalt\cltxlrtb \cellx12592\clvertalt\cltxlrtb \cellx14034
\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx884\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\fi-851\li851\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx851\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {1\tab Includes pension increase ap
plied on 1 April following the valuation date\line
\par {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 B\tab}}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\phpg\posx2579\posy870\absh-691\absw13473\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {
Distribution of membership by employer as at 31 March 1998 and 31 March 2001
\par }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw5 \cltxlrtb \cellx2977\clvertalt\clbrdrt\brdrs\brdrw5 \cltxlrtb \cellx8684\clvertalt\clbrdrt\brdrs\brdrw5 \cltxlrtb \cellx14391\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \cell As at 31 March 1998\cell As at 31 March 2001\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx2977
\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx4403\clvertalb\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx5830\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx7257\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx8684\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb
\cellx10110\clvertalb\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx11537\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx12964\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx14391\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\b\fs20
\par }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Participating Employer\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par Actives\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Deferred Pensioners\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par Pensioners\cell
\par Widow(er)s\cell
\par Actives\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Deferred Pensioners\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par Pensioners\cell
\par Widow(er)s\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh378\trleft-108 \clvertalt\cltxlrtb \cellx2977\clvertalt\cltxlrtb \cellx4403\clvertalt\cltxlrtb \cellx5830\clvertalt\cltxlrtb \cellx7257
\clvertalt\cltxlrtb \cellx8684\clvertalt\cltxlrtb \cellx10110\clvertalt\cltxlrtb \cellx11537\clvertalt\cltxlrtb \cellx12964\clvertalt\cltxlrtb \cellx14391\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20
Scheduled Bodies\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2977\clvertalb\cltxlrtb \cellx4403\clvertalb\cltxlrtb \cellx5830\clvertalb\cltxlrtb \cellx7257\clvertalb\cltxlrtb \cellx8684\clvertalb\cltxlrtb \cellx10110\clvertalb\cltxlrtb \cellx11537\clvertalb\cltxlrtb
\cellx12964\clvertalb\cltxlrtb \cellx14391\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire County Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 7,373\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 1,966\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 2,846\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 356
\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 7,886\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx839\hyphpar0\adjustright {\fs20 3,273\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx829\hyphpar0\adjustright {\fs20 3,244\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx820\hyphpar0\adjustright {\fs20 416\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 West Oxfordshire District Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 285\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 110\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 146\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 36\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 320\cell 163\cell 161\cell 45\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 South Oxfordshire County Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 254\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 255\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 305\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 59\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 218\cell 288\cell 318\cell 68
\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cherwell District Council\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 585\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 189\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 263\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 60\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 587\cell 256\cell 285\cell 72\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Vale of the White Horse District Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 275\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 131\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 228\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 48\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 310\cell 164\cell 234\cell 53\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 Oxford City Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 1,231\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 392\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 563\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 150\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1,329\cell 506\cell 614\cell
144\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Thames Valley Magistrates Courts Committee\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 156\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 64\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 50\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 6\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 304\cell 66\cell 45\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire and Bucks Probation Service\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 315\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 60\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 59\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 9\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 324\cell 71\cell 60\cell 3\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 Oxford Magistrates Court Committee\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell 23\cell 22\cell 7\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Probation Service\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell 38\cell 27\cell 7\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Probation Hostel Committee\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell 1\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxford Brookes University\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 805\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 195\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 98\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 6\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1,110\cell 314\cell 148\cell 8
\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Valuation & Community Charge Tribunal\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 2\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell 4\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 14\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 6\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 4\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 13\cell 9\cell 7\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Chipping Norton Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 2\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 3\cell -\cell 1\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Didcot Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {
\fs20 10\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 2\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -
\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 11\cell 4\cell 4\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Henley on Thames Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 7\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 3\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 5\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20
15\cell 2\cell 4\cell 6\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Kidlington Parish Council\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 6\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 7\cell 2\cell 3\cell 3\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Thame Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 10\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {
\fs20 4\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 4\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx847\hyphpar0\adjustright {\fs20 14\cell 4\cell 5\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Wallingford Town Council
\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 11\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 4\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 9\cell 4\cell 6\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 North Hinksey Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell 1\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 Marcham Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2977\clvertalb\cltxlrtb \cellx4403\clvertalb\cltxlrtb \cellx5830\clvertalb\cltxlrtb \cellx7257\clvertalb\cltxlrtb \cellx8684
\clvertalb\cltxlrtb \cellx10110\clvertalb\cltxlrtb \cellx11537\clvertalb\cltxlrtb \cellx12964\clvertalb\cltxlrtb \cellx14391\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Eynsham Parish Council\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\fs20 \row }\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \sect }\sectd
\lndscpsxn\pgwsxn16840\pghsxn11907\marglsxn1134\margrsxn1418\margtsxn1021\margbsxn1021\binfsxn1\binsxn1\psz9\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl \trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb
\cellx2977\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx5830\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx7257\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx8684\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx10110\clvertalt\clbrdrt
\brdrs\brdrw10 \cltxlrtb \cellx12964\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx14391\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \cell As at 31 March 1998\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\cell }{\b\fs20
As at 31 March 2001}{\cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx2977\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4403\clvertalt\clbrdrb
\brdrs\brdrw10 \cltxlrtb \cellx5830\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7257\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8684\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx10110\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11537
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12964\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14391\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20
\par }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Participating Employer\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par Actives\cell Deferred Pensioners\cell
\par Pensioners\cell
\par Widow(er)s\cell
\par Actives\cell Deferred Pensioners\cell
\par Pensioners\cell
\par Widow(er)s\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2977\clvertalb\cltxlrtb \cellx4403\clvertalb\cltxlrtb \cellx5830\clvertalb\cltxlrtb \cellx7257\clvertalb\cltxlrtb
\cellx8684\clvertalb\cltxlrtb \cellx10110\clvertalb\cltxlrtb \cellx11537\clvertalb\cltxlrtb \cellx12964\clvertalb\cltxlrtb \cellx14391\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Rotherfield Peppard Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Rotherfield Greys Parish Council\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cumnor Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright
{\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Town Council
\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Risinghurst and Sandhurst Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 Witney Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 12\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 6\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 8\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 14\cell 5\cell 11\cell 1\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Carterton Town Council\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 3\cell -\cell 1\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Wantage Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {
\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell 2\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Bicester Town Council
\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 12\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 10\cell 3\cell 3\cell -\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Sutton Courtenay Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 1\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 Chinnor Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 2\cell 1\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Littlemore Parish Council\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell 1\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Woodstock Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell 1\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Ex-Health, Motor Tax, Water, Civil Defence\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 33\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 21\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell 22\cell 14\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Colleges\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20
\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 \cell
}\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 The Henley College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 64\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 16\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 11\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 69\cell 35\cell 22\cell 1\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Rycotewood College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {
\fs20 19\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 5\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -
\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 28\cell 9\cell 9\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 North Oxfordshire College and School of Art\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 86\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {
\fs20 9\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 15\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx847\hyphpar0\adjustright {\fs20 86\cell 32\cell 18\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
West Oxfordshire College*\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 50\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 8\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 12\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford College of Further Education\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx856\hyphpar0\adjustright {\fs20 193\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 46\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 29\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx799\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 196\cell 93\cell 47\cell 3\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon and Witney College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 68\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx855\hyphpar0\adjustright {\fs20 15\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\fs20 12\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 137\cell 54\cell 34\cell 2\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 Shennington School\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx855\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx827\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 4\cell -\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Culham College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {
\fs20 -\cell 3\cell 12\cell 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell 2\cell 12\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\trowd \trgaph108\trleft-108
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx2977\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4403\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5830\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7257\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx8684\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx10110\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11537\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12964\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14391\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Drama Board\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 0\cell }{\b\fs20 -\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx856\hyphpar0\adjustright {\fs20 1\cell -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell 1\cell -\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\fs20 \row }\pard\plain \s24\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par * Part of Abingdon and Witney College from 1 April 2001\page
\par }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx3261\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx4652\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx7434\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx8826
\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx10217\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx12999\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx14391\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\b\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx827\hyphpar0\adjustright {\b\fs20 As at 31 March 1998}{\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx799\hyphpar0\adjustright {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\cell }{\b\fs20 As at 31 March 2001}{\cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx3261\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4652\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6043\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7434
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8826\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx10217\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11608\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12999\clvertalt\clbrdrb\brdrs\brdrw10
\cltxlrtb \cellx14391\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20
\par Participating Employer\cell
\par Actives\cell Deferred Pensioners\cell
\par Pensioners\cell
\par Widow(er)s\cell
\par Actives\cell Deferred Pensioners\cell
\par Pensioners\cell
\par Widow(er)s\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx3261\clvertalb\cltxlrtb \cellx4652\clvertalb\cltxlrtb \cellx6043\clvertalb\cltxlrtb \cellx7434\clvertalb\cltxlrtb
\cellx8826\clvertalb\cltxlrtb \cellx10217\clvertalb\cltxlrtb \cellx11608\clvertalb\cltxlrtb \cellx12999\clvertalb\cltxlrtb \cellx14391\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Admitted Bodies\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\cell \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
The Vale Housing Association Ltd\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 115\cell 5\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 4\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 109\cell 27\cell 13\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Homes\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 7\cell 2\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {
\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 4\cell 3\cell 2\cell -\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 CfBT Careers Services Ltd\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 84\cell 5\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 4\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 94\cell
17\cell 7\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Eastern Museums Service\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\fs20 25\cell 19\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 4\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 3\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 21\cell 28\cell 4\cell 2\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Cherwell Housing Trust\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 49\cell 20\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 4\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 49\cell 41\cell 10\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Archaeological Unit\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 27\cell 9\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 30\cell 18\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Swalcliffe Park School Trust\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\fs20 13\cell 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 20\cell 3\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Elmore Committee\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 3\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 4\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxon Council for Voluntary Action\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 10\cell 1\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 6\cell 4\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Institute of Legal Practice\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\fs20 2\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell 2\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxford Mental Health (OMHM)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 3\cell 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 3\cell 3\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 ACE Centre Advisory Trust\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 6\cell 1\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx652\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 10\cell 1\cell 2\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Community Foundation\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\fs20 1\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 1\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxford Womens Training Scheme\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 11\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 12\cell 3\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Citizens Advice Bureau\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 2\cell -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 2\cell -\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxon Co-op Development Agency\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\fs20 6\cell 2\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 8\cell 2\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Abingdon Citizens Advice Bureau\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 3\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 3\cell 1\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Kidlington & Gosford Swimming Pool Committee\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 -\cell 1\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell 1\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Thames & Chilterns Tourist Board\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\fs20 -\cell 16\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 5\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 1\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell 14\cell 6\cell 1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Witney and Distrcit Citizens Advice Bureau\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 -\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 3\cell 2\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Oxfordshire Leisure\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 -\cell -\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 29\cell 8\cell -\cell -\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Community Work Agency\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx680\hyphpar0\adjustright {\b\fs20 -\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\b\fs20 -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\b\fs20 -\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 6\cell }{\b\fs20 -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx3261
\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4652\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6043\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7434\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8826\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx10217\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx11608\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12999\clvertalb\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx14391\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 West Oxfordshire Housing\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\fs20 -\cell -\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {\fs20 -\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\fs20 -\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\fs20 -\cell -\cell -\cell -\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\fs20 \row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx3261\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx4652\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45
\cltxlrtb \cellx6043\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx7434\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx8826\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx10217
\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx11608\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx12999\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx14391\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b Total\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx680\hyphpar0\adjustright {\b\fs20 12,222\cell 3,569\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx652\hyphpar0\adjustright {
\b\fs20 4,745\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx765\hyphpar0\adjustright {\b\fs20 771\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx847\hyphpar0\adjustright {\b\fs20 13,434\cell 5,602\cell 5,419\cell 863\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 C\tab}}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy794\absh-945\absw13273\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {
Consolidated revenue account for the period 1 April 1998 to 31 March 2001
\par }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy780\absh-961\absw13713\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {
\par }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrt\brdrs\brdrw5 \clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx8647\clvertalt\clbrdrt\brdrs\brdrw5 \clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Period\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 1 April 1998 -
\par 31 March 2001
\par \'a3m\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx8647\clvertalt\cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\i Market value of Fund as at 1 April 1998\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {569.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trrh-80\trleft-108 \clvertalt\cltxlrtb \cellx8647\clvertalt\cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\trowd \trgaph108\trrh-260\trleft-108 \clvertalt\cltxlrtb \cellx8647\clvertalt\cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b Income\cell }\pard
\s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab
Employees' contributions\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {29.9\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Employers' contributions\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {54.2\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Transfer payments received\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {26.5\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Investment income\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx1735\hyphpar0\adjustright {60.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Other income\cell }\pard
\s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {0.4\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b
Total income\tab \cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {\b 171.0\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-213\trleft-108 \clvertalt\clbrdrb
\brdrs\brdrw5 \cltxlrtb \cellx8647\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx1735\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-279\trleft-108 \clvertalt\cltxlrtb \cellx8647\clvertalt\cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b Outgo\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trrh-260\trleft-108 \clvertalt\cltxlrtb \cellx8647\clvertalt\cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Pensions\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {63.6\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Lump sums\cell
}\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {12.1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright
\lang2057\cgrid {\tab Transfer payments made\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {9.6\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Other payments in respect of leavers\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {0.8\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Investment expenses\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {3.5\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx567\hyphpar0\adjustright \lang2057\cgrid {\tab Administrative expenses\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx1735\hyphpar0\adjustright {2.1\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-260\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8647\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx12333
\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b Total outgo\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {\b 91.7\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx8647\clvertalt\clbrdrb\brdrs\brdrw5 \cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx567\hyphpar0\adjustright \lang2057\cgrid {Change in market value of investments
\par }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx709\hyphpar0\adjustright { both realised and unrealised}{\b \cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {9.7\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\trowd \trgaph108\trrh-80\trleft-108 \clvertalt\cltxlrtb \cellx8647\clvertalt\cltxlrtb \cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw45 \cltxlrtb \cellx8647\clvertalt\clbrdrb\brdrs\brdrw45 \cltxlrtb
\cellx12333\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\i Market value of Fund as at 31 March 2001\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx1735\hyphpar0\adjustright {658.0\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\sect }\sectd
\binfsxn1\binsxn1\psz9\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 D\tab}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Description of the demographic assumptions made
\par }\trowd \trgaph108\trrh644\trleft-90\trkeep \clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx9360\pard\plain \s57\qc\sb70\sl-280\slmult0\keepn\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \b\lang2057\cgrid {\fs18
Specimen rates of decrement etc for active membership \line (ie probability of leaving for the reason stated within a year of the given age)\line }{\b0\fs18 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b\fs18 \row }\trowd
\trgaph108\trleft-90\trkeep \clvertalt\cltxlrtb \cellx810\clvertalt\cltxlrtb \cellx2250\clvertalt\cltxlrtb \cellx4590\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\b\fs18 Age\cell Withdrawal\cell Mortality in Service\cell Ill-health retirements\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b\fs18 \row }\trowd \trgaph108\trrh362\trleft-90 \clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx810
\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx2250\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx3317\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx4680\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx5850\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb
\cellx7020\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx8190\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \cell All Groups\cell Males
\cell Females\cell MO\cell FO\cell MM\cell FM\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b \row }\trowd \trgaph108\trrh508\trleft-90 \clvertalt\cltxlrtb \cellx810\clvertalt\cltxlrtb \cellx2250\clvertalt\cltxlrtb \cellx3317
\clvertalt\cltxlrtb \cellx4680\clvertalt\cltxlrtb \cellx5850\clvertalt\cltxlrtb \cellx7020\clvertalt\cltxlrtb \cellx8190\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\cell \cell \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {20\cell 0.1000\cell 0.0005\cell 0.0002\cell 0.0001\cell 0.0000\cell 0.0002\cell 0.0000\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh509\trleft-90 \clvertalt\cltxlrtb \cellx810
\clvertalt\cltxlrtb \cellx2250\clvertalt\cltxlrtb \cellx3317\clvertalt\cltxlrtb \cellx4680\clvertalt\cltxlrtb \cellx5850\clvertalt\cltxlrtb \cellx7020\clvertalt\cltxlrtb \cellx8190\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {30\cell 0.0660\cell 0.0003\cell 0.0003\cell 0.0004\cell 0.0012\cell 0.0058\cell 0.0032\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trrh508\trleft-90 \clvertalt\cltxlrtb \cellx810\clvertalt\cltxlrtb \cellx2250\clvertalt\cltxlrtb \cellx3317\clvertalt\cltxlrtb \cellx4680\clvertalt\cltxlrtb \cellx5850\clvertalt\cltxlrtb \cellx7020\clvertalt\cltxlrtb \cellx8190
\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {40\cell 0.0270\cell 0.0009\cell 0.0006\cell 0.0020\cell 0.0030\cell 0.0132\cell 0.0065\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh509\trleft-90 \clvertalt\cltxlrtb \cellx810\clvertalt\cltxlrtb \cellx2250\clvertalt\cltxlrtb \cellx3317\clvertalt\cltxlrtb \cellx4680\clvertalt\cltxlrtb \cellx5850
\clvertalt\cltxlrtb \cellx7020\clvertalt\cltxlrtb \cellx8190\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {50\cell 0.0000\cell 0.0025\cell 0.0014\cell 0.0065\cell 0.0087
\cell 0.0241\cell 0.0162\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh509\trleft-90 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx810\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx2250\clvertalt\clbrdrb
\brdrs\brdrw10 \cltxlrtb \cellx3317\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4680\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5850\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7020\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx8190
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {60\cell 0.0000\cell 0.0069\cell 0.0031\cell 0.0295\cell 0.0339\cell 0.0575\cell 0.0489\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {
\par
\par }\pard\plain \s19\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \qj\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\trowd \trgaph108\trleft-90\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9360\pard\plain \s57\sb70\sl-280\slmult0\keepn\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \b\lang2057\cgrid {\b0\fs18 \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\b\fs18 \row }\trowd \trgaph108\trleft-90\trkeep \clvertalt\cltxlrtb \cellx6570\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\b\fs18 Progression of Salaries with Age\cell Proportions Married\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b\fs18 \row }\trowd \trgaph108\trleft-90 \clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx900\clvertalt
\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx2070\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx3330\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx4500\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx5850\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx6570
\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx8010\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Age
\par \cell MO\cell FO\cell MM\cell FM\cell \cell Males\cell Females\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b \row }\trowd \trgaph108\trleft-90 \clvertalt\cltxlrtb \cellx900\clvertalt\cltxlrtb \cellx2070\clvertalt\cltxlrtb \cellx3330
\clvertalt\cltxlrtb \cellx4500\clvertalt\cltxlrtb \cellx5850\clvertalt\cltxlrtb \cellx6570\clvertalt\cltxlrtb \cellx8010\clvertalt\cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\cell \cell \cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tx175\tx907\hyphpar0\adjustright {\cell \cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx176\tx907\hyphpar0\adjustright \lang2057\cgrid {20\cell 388\cell }\pard
\s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx175\tx907\hyphpar0\adjustright {561\cell 721\cell 910\cell \cell }\pard \s70\qc\sl360\slmult1\widctlpar\noline\intbl\tqdec\tx317\tx907\hyphpar0\adjustright {0.035\cell 0.127\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx176\tx907\hyphpar0\adjustright \lang2057\cgrid {30\cell 676\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl
\tx175\tx907\hyphpar0\adjustright {816\cell 819\cell 868\cell \cell }\pard \s70\qc\sl360\slmult1\widctlpar\noline\intbl\tqdec\tx317\tx907\hyphpar0\adjustright {0.580\cell 0.691\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx176\tx907\hyphpar0\adjustright \lang2057\cgrid {40\cell 821\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx175\tx907\hyphpar0\adjustright {828\cell 827\cell 828\cell \cell }\pard
\s70\qc\sl360\slmult1\widctlpar\noline\intbl\tqdec\tx317\tx907\hyphpar0\adjustright {0.768\cell 0.798\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl
\tx176\tx907\hyphpar0\adjustright \lang2057\cgrid {50\cell 790\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx175\tx907\hyphpar0\adjustright {790\cell 790\cell 790\cell \cell }\pard \s70\qc\sl360\slmult1\widctlpar\noline\intbl
\tqdec\tx317\tx907\hyphpar0\adjustright {0.809\cell 0.803\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-90 \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx900\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx2070\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx3330\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4500\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx5850\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6570\clvertalt\clbrdrb\brdrs\brdrw10
\cltxlrtb \cellx8010\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9360\pard\plain \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx176\tx907\hyphpar0\adjustright \lang2057\cgrid {60\cell 754\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl
\tx175\tx907\hyphpar0\adjustright {754\cell 754\cell 754\cell \cell }\pard \s70\qc\sl360\slmult1\widctlpar\noline\intbl\tqdec\tx317\tx907\hyphpar0\adjustright {0.817\cell 0.723\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par
\par
\par
\par
\par }\trowd \trgaph108\trleft90\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9360\pard\plain \s34\qc\fi-1304\li1304\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b\fs26
\line Mortality Tables adopted}{\b\fs28 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft90\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx1170\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx3510
\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6840\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9360\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs18 \cell }\pard \s70\qc\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs18 Age and deferred pensioners}{\fs18 \cell }{\b\fs18 Ill health pensioners}{\fs18 \cell }\pard \s70\qc\li-108\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs18 Widow(er)s
\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs18 \row }\trowd \trgaph108\trleft90\trkeep \clvertalt\cltxlrtb \cellx1170\clvertalt\cltxlrtb \cellx3510\clvertalt\cltxlrtb \cellx6840\clvertalt\cltxlrtb \cellx9378\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\line Male Officers\cell
\par PMA80C01 rated down 2 years\cell
\par PMA80C01 rated up 2 years, subject to a minimum of 1.5%\cell }\pard \s70\li-108\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {
\par PFA80C01 rated down 2 years
\par \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\line Female Officers\cell
\par PFA80C01 rated down 2 years\cell
\par PFA80C01 rated up 2 years, subject to a minimum of 1%\cell }\pard \s70\li-108\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {
\par PMA80C01 rated down 2 years
\par \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\line Male Manual
\par Workers\cell
\par PMA80C01 not rated\cell
\par PMA80C01 rated up 4 years, subject to a minimum of 1.5%\cell }\pard \s70\li-108\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {
\par PFA80C01 not rated\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft90\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx1170\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx3510\clvertalt\clbrdrb
\brdrs\brdrw10 \cltxlrtb \cellx6840\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9378\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\line Female Manual Workers\cell
\par PFA80C01 not rated \cell
\par PFA80C01 rated up 4 years, subject to a minimum of 1%\cell }\pard \s70\li-108\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {
\par PMA80C01 not rated
\par \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 E\tab}}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {
Description of the adjustment to future contributions arising from investment in equities
\par }\pard\plain \s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b 1\tab }{Paragraphs 3.14, 3.15, 4.
18 and 4.19 of the Report mention a contribution credit arising from equity investment. This Appendix describes how the credit is constructed.
\par }{\b 2\tab }{In the current valuation, for the Fund as a whole, pensioners (and widow(er)s) make up some 42% of the liabili
ties. However, if the deficit is set against the active liabilities (on the grounds that contribution adjustments to eliminate deficiencies or surpluses are charged to current contributions), then some 46.5% of the assets represented pensioner liabilitie
s. The rate of return implicit on the whole Fund over the year following the valuation date would, therefore, be:
\par }\trowd \trgaph108\trrh-120\trleft709 \clvertalt\cltxlrtb \cellx5812\clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9072\pard \s31\qj\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright {
\cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft709 \clvertalt\cltxlrtb \cellx5812\clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9072\pard\plain \s31\qj\sb70\sa70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {46.5% (backing pensioners )\cell @ 5.9%\cell 2.74%\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s31\qj\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {14.6% (backing deferreds)\cell @6.75%\cell 0.99%\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s31\qj\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {38.9% (backing actives) \cell @6.75%\cell 2.62%\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\trowd \trgaph108\trleft709 \clvertalt\cltxlrtb \cellx5812\clvertalt\cltxlrtb \cellx7797\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9072\pard\plain \s31\qj\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell \cell 6.35%\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft709 \clvertalt\cltxlrtb \cellx5812\clvertalt\cltxlrtb
\cellx7797\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9072\pard\plain \s31\qj\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell \cell \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b
\par 3\tab }{However, the Fund at 31 March 2001 implies a total rate of return on the assets held, if a more optimistic allowance of 2% per annum for real equity dividend growth is made, as follows based on the actual holdings at 31 March 2001:
\par }\trowd \trgaph108\trrh-120\trleft709 \clvertalt\cltxlrtb \cellx4395\clvertalt\cltxlrtb \cellx6064\clvertalt\cltxlrtb \cellx7734\clvertalt\cltxlrtb \cellx9404\pard \s31\qj\sb70\sa70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright {\cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft709 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4395
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6064\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7734\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9404\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Proportion
\par }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par %\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Return
\par }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20
\par % pa\cell }\pard \s70\qc\sb70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Contribution
\par }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 to total\line % pa\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft709 \clvertalt\cltxlrtb \cellx4395\clvertalt\cltxlrtb \cellx6064
\clvertalt\cltxlrtb \cellx7734\clvertalt\cltxlrtb \cellx9404\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Equities (UK and overseas)\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tqdec\tx742\hyphpar0\adjustright {73.4\cell 7.25\cell 5.32\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Fixed gilts\cell }\pard
\s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {4.3\cell 4.9\cell 0.21\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {Index-linked gilts\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {0.4\cell 4.9\cell 0.02\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Corporate and overseas bonds\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {11.0\cell 5.9\cell 0.65\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Property (take as a corporate \line bond\~return)\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {\line 3.1\cell
\par 5.9\cell \line 0.18\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {Cash (take as gilt return)\cell }\pard \s70\sl-280\slmult0
\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {7.8\cell 4.9\cell 0.39\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft709 \clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx4395\clvertalt\clbrdrt
\brdrs\brdrw10 \cltxlrtb \cellx6064\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx7734\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9404\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
Total implied rate of return\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {\cell \cell 6.77\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trrh-120\trleft709 \clvertalt
\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx4395\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx6064\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx7734\clvertalt\clbrdrt\brdrs\brdrw10 \cltxlrtb \cellx9404\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl\tqdec\tx742\hyphpar0\adjustright {\cell \cell
\par
\par
\par
\par
\par \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b
\par 4\tab }{The more optimistic allowance of 2% per annum real growth in the income from equities is justified on the basis that some of the prudence proper to a consideration of the accr
ued position can be relaxed in considering future contributions. These can be changed more quickly if the need arises, whereas an imbalance in the accrued position can take some years to correct.
\par }{\b \page 5\tab }{Thus, it can be seen that the assets are "expected" to e
arn an additional 0.42% per annum on the whole Fund. However, the principle that benefits are fully secured by leaving service or retiring implies that this extra return should be attributed to the reserves for active members (as should any investment pr
o
fit or loss). The extra return equates to 1.08% on the proportion (38.9%) of the Fund backing employee liabilities. The cost of accruing benefits (see Section 5 of the Report) will therefore be abated by 1.08% of the Fund backing employee liabiliti
es. At 31 March 2001, this amounted to 1.41 times payroll. The abatement is, therefore, approximately 1.52% of payroll or 26% of employee contributions.
\par }{\b 6\tab }{If the Fund's asset distribution changes materially, then the investment credit and contribution rates should be reviewed.
\par \sect }\sectd \binfsxn1\binsxn1\psz9\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 F\tab}\pard\plain
\s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline\tx907\tqr\tx9185\pvpg\phpg\posx1151\posy144\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Contribution rates in payment during the year 1\~
April 2001 to 31 March 2002
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {The following rates are expressed as a percentage of members' normal contributions.
\par
\par }\trowd \trgaph107\trleft1\trbrdrt\brdrs\brdrw15 \trbrdrb\brdrs\brdrw15 \clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx3544\clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx5528\clvertalt\clbrdrt
\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx7513\clvertalt\clbrdrt\brdrs\brdrw15 \clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9498\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Employer\cell
}\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 \cell \cell Rate in payment
\par 2001/02
\par
\par %\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph107\trleft1\trbrdrt\brdrs\brdrw15 \trbrdrb\brdrs\brdrw15 \clvertalt\cltxlrtb \cellx3544\clvertalt\cltxlrtb \cellx5528\clvertalt\cltxlrtb \cellx7513\clvertalt\cltxlrtb
\cellx9498\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Scheduled Bodies\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph107\trleft1\trbrdrt\brdrs\brdrw15 \trbrdrb\brdrs\brdrw15 \clvertalt\cltxlrtb \cellx3544\clvertalt\cltxlrtb \cellx5528\clvertalt\cltxlrtb \cellx7513\clvertalt\cltxlrtb \cellx9498\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire County Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 192\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 West Oxfordshire District Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 181\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Oxfordshire District Council\cell }\pard \s70\qc\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\fs20 \cell \cell 169\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cherwell District Council\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 209\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Vale of the White Horse District Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 150\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford City Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 196\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Thames Valley Magistrates' Courts Committee\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 150\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire and Bucks Probation Service\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {
\fs20 \cell }{\fs20\super \cell }{\fs20 187\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Brookes University\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 142\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxfordshire Valuation & Community Charge Tribunal\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell
\par 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Chipping Norton Town Council\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Didcot Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 Henley on Thames Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Kidlington Parish Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Thame Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Wallingford Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Witney Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250
\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Carterton Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {
\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Wantage Town Council\cell }\pard \s70\qc\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Bicester Town Council\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Sutton Courtenay Parish Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Chinnor Parish Council\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 250\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Colleges\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 The Henley College\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 161\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Rycotewood College\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 183\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 North Oxfordshire College and School of Art\cell }\pard \s70\qc\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\fs20 \cell \cell 199\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon and Witney College\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 157\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxford College of Further Education\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell 122\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph107\trleft1\trbrdrt
\brdrs\brdrw15 \trbrdrb\brdrs\brdrw15 \clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx3544\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx5528\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx7513\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9498
\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\fs20 \page
\par }\trowd \trgaph108\trleft-108\trkeep \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4825\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9079\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs18 Employer}{\fs18 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs18 Percentage of members' contributions
\par Rate in payment 2001/02\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\b\fs18 \row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx4825\clvertalt\cltxlrtb \cellx6243\clvertalt\cltxlrtb \cellx7661\clvertalt\cltxlrtb \cellx9079
\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\cell \cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Admitted Bodies\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20
\cell \cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell \cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 The Vale Housing Association Ltd\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 174\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Homes\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 168\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 CfBT Careers Services Ltd\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 163\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Eastern Museums Service\cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cherwell Housing Trust\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Archaeological Unit\cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Swalcliffe Park School Trust\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Elmore Committee\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxon Council for Voluntary Action\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Institute of Legal Practice\cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Mental Health (OMHM)\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 ACE Centre Advisory Trust\cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Community Foundation\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Womens Training Scheme\cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Citizens Advice Bureau\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxon Co-op Development Agency\cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon Citizens Advice Bureau\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell 151\cell }\pard \s70\widctlpar\noline\intbl
\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx4825\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb
\cellx6243\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx7661\clvertalt\clbrdrb\brdrs\brdrw15 \cltxlrtb \cellx9079\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\fs20 \cell \cell }\pard \s70\widctlpar\noline\intbl\tx907\tqdec\tx1010\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs20 \row }\pard\plain
\s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 G\tab}}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Certificate required under Regulation 77 c
overing future contribution arrangements for each employer
\par }\pard\plain \s17\qc\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\outlinelevel0\adjustright \lang2057\cgrid {\b\fs26 Oxfordshire County Council Pension Fund
\par }\pard \s17\qc\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {\b Certificate of the Actuary as to the contributions payable by the Participating Employers for the period 1 April 2002 to 31 March 2005
\par
\par }\pard \s17\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {\b\i To the County Treasurer\line Oxfordshire County Council Pension Fund}{\b
\par }\pard \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {Dear Sir
\par }\pard\plain \s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {1\tab
In accordance with your instructions, I have made an actuarial valuation of the assets and liabilities of the Oxfordshire County Council Pension Fund as at 31 March 2001.
\par 2\tab In accordance with Regulation 77 of the Local Government Pension Scheme Regulations 1997, I have made an assessment of the contributions which should be paid to the Pension Fund by each participating employer.
\par 3\tab I set out in the attached Statement the contributions which, on the basis set out in my Report as at 31 March 2001, should in my view be payable to the Pension Fund by the participating employers.
\par {\pntext\pard\plain\s31 \cgrid \hich\af0\dbch\af0\loch\f0 4\tab}}\pard \s31\qj\fi-900\li900\sb70\sa70\sl-280\slmult0\widctlpar\noline\jclisttab\tx900\tx1304\tx1701\tx2098\tqr\tx9185{\*\pn \pnlvlbody\ilvl0\ls9\pnrnot0\pndec\pnstart4\pnindent900\pnhang}
\hyphpar0\ls9\adjustright {The rates set out in the Statement should be varied in accordance with the notes appended to the Statement.
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\line Yours faithfully
\par }\pard\plain \s31\qj\fi-907\li907\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx907\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par
\par }\pard \s31\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx1304\tx1701\tx2098\tqr\tx9185\hyphpar0\adjustright {\b P M Stoaling\line Fellow of the Faculty of Actuaries\line Partner, Watson Wyatt Partners
\par 6 February 2002
\par }\pard\plain \s17\qc\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\page }{\b\fs26 Oxfordshire County Council Pension Fund\line Statement of contributions to be paid by participating employers
\par }\pard \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright {Common Contribution Rate payable by each participating body under Regulation 77(3)(a): \line 205% of members' contributions.
\par Individual Adjustments payable by the respective authorities under Regulation 77(3)(b): the percentage of the respective members' contributions set out below as appropriate should be added to the common rate (subtracted where figure shown in brackets).
\par }\trowd \trgaph108\trleft-108 \clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx2977\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx7797\clvertalt\clbrdrt\brdrs\brdrw15 \cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Percentage of members' contributions}{\fs20 \cell }\pard \s70\sl-280\slmult0\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\fs18 \row }\trowd \trgaph108\trrh1240\trleft-108\trkeep \clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx2977\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb
\cellx4536\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6237\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7797\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9356\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\b\fs20 Employer}{\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 1 April 2002 to 31\~March\~2003\cell 1 April 2003 to\line 31 March 2004\cell 1 April 2004 to\line 31 March 2005\cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Budget for ill\_health retirement costs\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2977
\clvertalt\cltxlrtb \cellx4536\clvertalt\cltxlrtb \cellx6237\clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9356\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Scheduled Bodies\cell }{\fs20 \cell \cell
\cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid
{\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire County Council}{\fs20\super (6)}{\fs20 \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 6\cell 26\cell 45\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 30\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx142\tx284\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
West Oxfordshire District \tab Council}{\fs20\super (7)}{\fs20 \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 14\cell 52\cell 90\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 26\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Oxfordshire District Council\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx885\hyphpar0\adjustright {\fs20 (1)\cell 35\cell 70\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 18\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cherwell District Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 25\cell 47\cell 68\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {
\fs20 34\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx142\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Vale of the White Horse District \tab Council\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (24)\cell 8\cell 39\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 20\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford City Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 12\cell 34\cell 55\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx664\hyphpar0\adjustright {\fs20 34\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx142\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Thames Valley Magistrates' Courts \tab
Committee\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (41)\cell (27)\cell (13)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 29\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Brookes University\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (46)\cell (29)\cell (11)\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 22\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx142\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxfordshire Valuation & \tab Community Charge Tribunal\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73
\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Chipping Norton Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Didcot Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73
\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Henley on Thames Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Kidlington Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73
\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 Thame Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Wallingford Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Witney Town Council
\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Carterton Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Wantage Town Council\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Bicester Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Sutton Courtenay Parish Council\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Chinnor Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 North Hinksey Parish Council\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Marcham Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Eynsham Parish Council\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd
\trgaph108\trleft-108 \clvertalt\cltxlrtb \cellx2977\clvertalt\cltxlrtb \cellx4536\clvertalt\cltxlrtb \cellx6237\clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9356\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid
{\fs20 Rotherfield Peppard Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \sect }\sectd \binfsxn1\binsxn1\psz9\linex0\headery680\footery1134\colsx709\endnhere\sectdefaultcl \trowd
\trgaph108\trleft-108\trkeep\trbrdrb\brdrs\brdrw10 \clvertalt\cltxlrtb \cellx2977\clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9214\pard\plain \s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 \cell
}\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Percentage of members' contributions}{\fs20 \cell }\pard \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trbrdrb\brdrs\brdrw10 \clvertalt\cltxlrtb \cellx2977\clvertalt\cltxlrtb \cellx4536\clvertalt\cltxlrtb \cellx6237\clvertalt\cltxlrtb \cellx7797\clvertalt\cltxlrtb \cellx9214\pard\plain \s70\sl-280\slmult0
\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Employer}{\fs20 \cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 1 April 2002 to 31\~March\~2003\cell 1 April 2003 to\line
31 March 2004\cell 1 April 2004 to\line 31 March 2005\cell }\pard \s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 Budget for ill\_health retirement costs\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain
\s70\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Scheduled Bodies\cell }\pard \s70\qc\sl-280\slmult0\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 \cell \cell \cell }\pard
\s70\qc\widctlpar\noline\intbl\tx907\hyphpar0\adjustright {\b\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Rotherfield Greys Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cumnor Parish Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73
\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Banbury Town Council\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Risinghurst and Sandhurst P.C\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 73\cell 73\cell 73\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \cell }{\fs20 \cell
\cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 \cell }{\fs20 \cell \cell \cell \cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\fi-295\li295\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 The Henley College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (35)\cell (25)\cell (16)\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 17\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\fi-295\li295\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Ryecotewood College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (18)\cell (18)\cell (18)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 25\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx142\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 North Oxfordshire College and \tab School of Art\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 4\cell
14\cell 24\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 16\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx142\tx907\hyphpar0\adjustright \lang2057\cgrid {
\fs20 Oxford College of Further \tab Education\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (69)\cell (56)\cell (42)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 22\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon and Witney College\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (41)
\cell (41)\cell (41)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 22\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 \cell \cell \cell \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx907\hyphpar0\adjustright \lang2057\cgrid {\b\fs20 Admitted Bodies\cell }{\fs20 \cell \cell \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 \cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\cell \cell \cell \cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 The Vale Housing Association Ltd\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (10)\cell 12\cell 33\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 40\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 CfBT
Careers Services Ltd\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (31)\cell (19)\cell (8)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 32\cell }\pard\plain \widctlpar\intbl\adjustright
\lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 West Oxfordshire Housing Ltd\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 6\cell 6\cell 6\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 26\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Homes\cell
}\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Eastern Museums Service\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Cherwell Housing Trust
\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {
\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Archaeological Unit\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Swa
lcliffe Park School Trust\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Elmore Committee\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)
\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxon Council for Voluntary Action\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Institute of Legal Practice\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {
\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 Oxford Mental Health (OMHM)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 ACE Centre Advisory Trust\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {
\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl
\tx142\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxfordshire Community \tab Foundation\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl
\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Oxford Womens Training Scheme\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row
}\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Banbury Citizens Advice Bureau\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard
\s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20
Oxon Co-op Development Agency\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain
\widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Abingdon Citizens Advice Bureau\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20
(30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright
\lang2057\cgrid {\fs20 Oxford Community Work Agency\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell
}\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s70\widctlpar\noline\intbl\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 South Oxfordshire Leisure\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {
\fs20 (30)\cell (30)\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\trowd \trgaph108\trleft-108\trbrdrb\brdrs\brdrw10 \clvertalt\clbrdrb
\brdrs\brdrw10 \cltxlrtb \cellx2977\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx4536\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx6237\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx7797\clvertalt\clbrdrb\brdrs\brdrw10 \cltxlrtb \cellx9214
\pard\plain \s70\fi-142\li142\widctlpar\noline\intbl\tx284\tx907\hyphpar0\adjustright \lang2057\cgrid {\fs20 Witney & District Citizens Advice Bureau\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx885\hyphpar0\adjustright {\fs20 (30)\cell (30)
\cell (30)\cell }\pard \s70\widctlpar\noline\intbl\tqdec\tx664\hyphpar0\adjustright {\fs20 13\cell }\pard\plain \widctlpar\intbl\adjustright \lang2057\cgrid {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline
\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b
\par
\par \page Notes:
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 1\tab}}\pard\plain \s4\qj\fi-907\li907\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\ls1\ilvl3\outlinelevel3\adjustright \lang2057\cgrid {
The application of the Individual Adjustments to the Common Contribution leads to the minimum level of contributions over the period 1 April 2002 to 31 March 2005.
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 2\tab}As noted in our Report on the valuation, we have assumed rates of ill-health retirement as illustrated in Appendix D, but have made no allowance for other e
arly retirements prior to achieving age 60 (or later satisfying the 85-year rule). Consequently contributions should be paid towards the cost of non ill-health early retirements arising after 31\~March\~
2001 in accordance with the instructions contained in our letter of 9 April 1998. Contributions in respect of early retirements up to 31 March 2001 should continue as arranged, in addition to the rates of contribution identified above.
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 3\tab}Where the excess costs of ill-health retirements exceed those show
n in the table above by the agreed margin, consideration should be given (in consultation with the Actuary) to increasing the contributions payable by the relevant employer.
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 4\tab}Larger contributions may be paid in any year and if such additional contributions
are paid, smaller contributions may be paid in subsequent years provided that at all times the total contributions paid since 1 April 2002 are at least equal to the total minimum contributions since that date.
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 5\tab}Additional lump sum contributions may be made
at any time to liquidate all or part of any deficiency in respect of the employer concerned. Where this is done, future periodic contributions may be reduced on a basis approved by the Actuary.
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 6\tab}Oxfordshire County Council's rate is subject to review once the transfer of Homes for Older People is finalised.
\par {\listtext\pard\plain\s4 \cgrid \hich\af0\dbch\af0\loch\f0 7\tab}West Oxfordshire District Council's rate is subject to review once the transfer of West Oxfordshire Leisure Limited is finalised.
\par {\listtext\pard\plain\s3 \scaps\fs90\expnd-7\expndtw-60\cgrid \hich\af0\dbch\af0\loch\f0 H\tab}}\pard\plain \s3\qc\fi-708\li708\sb640\keep\keepn\pagebb\widctlpar\noline
\tx907\tqr\tx9185\pvpg\phmrg\posnegx-340\posyt\absw1134\abslock1\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\ls1\ilvl2\outlinelevel2\adjustright \scaps\fs90\expnd-7\expndtw-60\lang2057\cgrid {
\par }\pard\plain \s15\sl-360\slmult0\widctlpar\noline\tx907\tqr\tx9185\pvpg\posx907\posy862\absh-907\absw8335\dxfrtext181\dfrmtxtx181\dfrmtxty0\hyphpar0\adjustright \fs40\lang2057\cgrid {Statutory certificate covering the surplus position
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {This certificate is
given to the Commissioners of Inland Revenue for the purposes of paragraph 2(3) of Schedule 22 to the Income and Corporation Taxes Act 1988
\par }\pard \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tx3402\tqr\tx9185\hyphpar0\adjustright {Oxfordshire County Council Pension Fund
\par Inland Revenue Reference No SF49/20
\par }\pard \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tx1418\tx3402\tqr\tx9185\hyphpar0\adjustright {\tab }{\b A\tab }{I hereby certify that:
\par }\pard\plain \s48\qj\fi-425\li1843\sb70\sa70\sl-280\slmult0\widctlpar\noline\tx1843\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {(1)\tab in my opin
ion as at 31 March 2001 the value of the assets of the scheme did not exceed 105 per cent of the value of the liabilities of the scheme;
\par (2)\tab the assets and liabilities to which paragraph (1) refers have been determined in accordance with principles and requirements prescribed by the Pension Scheme Surpluses (Valuation) Regulations 1987.
\par }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par
\par
\par
\par
\par
\par }\trowd \trgaph43 \clvertalt\cltxlrtb \cellx5954\clvertalt\cltxlrtb \cellx9356\pard\plain \qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\b P M Stoaling
\par Fellow of the Faculty of Actuaries}{
\par }{\b Partner ,Watson Wyatt Partners}{
\par }{\b
\par 6 February 2002\cell }\pard\plain \s73\sl280\slmult0\widctlpar\noline\intbl\tx680\tqr\tx9412\hyphpar0\adjustright \lang2057\cgrid {\b Watson House
\par London Road
\par Reigate
\par Surrey
\par RH2 9PQ
\par }{
\par }\pard\plain \s24\qj\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }\pard\plain \qj\li242\sl-280\slmult0\widctlpar\noline\intbl\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {\cell }\pard \widctlpar\intbl\adjustright {\row }\pard\plain \s17\qj\sb140\sa140\sl-280\slmult0\widctlpar\noline
\tx907\tqr\tx9185\hyphpar0\adjustright \lang2057\cgrid {
\par }}