Teesside Pension Fund Annual Report and Accounts for the Year

Teesside Pension Fund Annual Report and Accounts for the year ended 31 March 2015 Index Report of those charged with Governance . 3 Membership . 24 Head of Investments' Report . 31 Financial Statements . 41 Auditor's Report . 42 Statement of Responsibilities for the Financial Statements . 44 Fund Account and Net Assets Statement . 45 Notes to the Financial Statements . 47 Actuary’s Statement . 70 The Compliance Statement . 72 Summary of LGPS Benefits . 76 Contacts and further information . 79 2 Report of those charged with Governance Chairman’s Introduction During the last twelve months, equity and bond markets performed strongly again, with some indices finishing the year at all-time highs. Equity markets were volatile again as investors dealt with the US ending their quantitative easing (QE) programme and market rumours abound of increasing interest rates, the European Central Bank embarking on a full programme of QE following Greek elections, the Swiss discontinuing their currency peg to the Euro, and Japan resuming their QE programme. Strength in bond markets continued with some Governments, such as Switzerland, able to issue bonds with negative interest rate. In other words, you pay them for owning their bond. The divergence in monetary policies between the US, looking to tighten monetary policy and raise interest rates, and the Eurozone and Japan, loosening monetary policy through QE also caused the US Dollar to strengthen against other major currencies. The other big financial story of the year was the rapid demise of the oil price. The price of Brent Crude fell from over $100 a barrel to $55 at 31 March 2015. The financial performance of the Fund for the year to 31 March 2015 was positive. The Fund’s value rose to £3,244 million, an increase over the year of £195 million. The rise was due to strong equity and property markets. The membership of the Fund continues to increase, with total membership at the year end now standing at 68,054, an increase of 1,528 over last year. The number of active members has decreased by 1,168 (4.9%) over the year, and decreased by 9.1% over the past five years. The number of pensioners increased by 411 (2.0%) over the year, and increased by 20.8% over the past five years. The number of deferred members increased last year by 2,285 (10.3%), and increased by 41% over the past five years. Where a member retires early there is a cost to the Fund arising from the fact that Contributions are no longer being received for the member, and a Pension is drawn earlier than the Actuary had assumed. It is the policy of the Fund to recharge the actuarial cost of these retirements to the employers. This policy has the advantage that the Fund recovers the cost of an early retirement at the outset. For the employer the advantages are twofold; 1 the impact of retirement decisions is transparent; and 2 the cost is invoiced separately rather than being recovered in the employers Contribution Rate, which was once the case. In this financial year the Fund received over £5.5 million from these early retirement recharges, up on last year figure of £4.8 million, a 13.7% increase on last year. Every three years the Fund actuary, AON Hewitt, carries out a full actuarial valuation of the Fund. The purpose of this is to calculate how much employers in the scheme need to contribute going forward to ensure that the Fund’s liabilities, the pensions due to current and future pensioners, will be covered. Unlike most other Public Sector schemes the Local Government Scheme is a funded scheme. That means there is a pool of investments producing income which meet a significant part of the liabilities. The actuary calculates to what extent the Fund’s assets meet its liabilities. This is presented as a Funding Level. The aim of the fund is to be 100% funded, and at the last valuation the actuary was able to declare a funding level of 100%. This allowed many of the employers in the Fund to decrease the amount of their contribution for the next three years, releasing money for front-line services . The next valuation is due to be carried out in March 2016. 3 Nature of the Scheme The Teesside Pension Fund (the Fund) is part of the Local Government Pension Scheme. From April 2014 the scheme is governed by: • The Local Government Pension Scheme Regulations 2013 (as amended); and • The Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014. These regulations replaced the Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations 2007 and the Local Government Pension Scheme (Administration) Regulations 2008. Full details of the changes to the Scheme, along with updated scheme guides, are on our website at: www.teespen.org.uk . The Regulations specify the pensions and other benefits payable and fix the rates of member contributions. Employer contributions are set every three years by the Fund Actuary. The purpose of the Fund is to provide retirement benefits for local authority employees in the Teesside area and other bodies admitted by agreement. The Fund is administered by Middlesbrough Council on behalf of all participating employers. A full list of participating organisations is given in the Membership section below. The Fund is financed by way of contributions from employers and employees, based upon a percentage of pensionable pay, and supplemented by earnings from Fund investments. The surplus funds, after payment of benefits, are invested by an Investment Panel. The Panel comprises elected members of Middlesbrough Council, representatives of the other unitary authorities, the Trade Unions and the Fund's Investment Advisers. Management of the Fund The Fund is administered by Middlesbrough Council via the Teesside Pension Fund Pensions and Investment Panel which has plenary powers to make decisions without reference to the Council. This panel acts in a similar manner to the Board of Trustees of a private sector pension fund. The day to day running of the Teesside Pension Fund is delegated to the Chief Financ e Officer of Middlesbrough Council who is responsible for implementing the strategies and policies set by the Pensions and Investment Panel. Supporting him is a team of staff split into two units. The Pensions Administration Unit is responsible for the calculation and payment of pension benefits and for looking after employer interests in the Fund. The Loans and Investment Unit manages the investment of the Fund in conjunction with the advice of the Fund’s external Investment Advisors. 4 The Teesside Pension Fund Pensions and Investment Panel Panel membership and meeting attendance during the year 2014/15 Members With voting rights 18 Jun 17 Sep 10 Dec 11 Mar Chair Councillor SE Bloundele Vice Chair Councillor J Rostron Middlesbrough Council Councillor R Brady Councillor JG Cole Councillor J Hobson Councillor N Hussain Councillor G Purvis Councillor P Sharrocks Redcar & Cleveland BC Councillor V Jeffries Stockton BC Councillor J Beall Hartlepool BC Councillor P Jackson Other Employers Mr P Fleck Without voting rights Trades Unions Unison, GMB and ACTS The current Panel consists of representatives from all the district councils in the former Cleveland County area as well as representatives from the Trade Unions. The Panel held 4 quarterly meetings during the year. The size and political make-up of the Panel is determined annually by Middlesbrough Council, and the Councillors are then nominated by each political party. Representatives of the other district Councils are nominated by them. The ‘Other Employers’ representative, is chosen by election by the admitted bodies of the Fund. Terms of Reference – Teesside Pension Fund & Investment Panel Terms of Reference 1. For Members of the Council to act as Trustees of the Fund. 2. To have delegated powers to manage the investments of the Fund within the requirements of the Local Government Pension Scheme Regulation as amended from time to time. 3. To manage the Fund in accordance with the Management Agreement: 5 (i) To ensure that the Fund complies with the Local Government Pension Scheme Regulations 1997 (as amended), the Inland Revenue requirements for Pension Funds and any other relevant statutory provision. (ii) The selection, appointment and dismissal of investment managers, scheme administrators, independent advisors and ad hoc advisors. (iii) The formulation of investment strategy and risks strategy for the Fund under its stewardship, after receiving advice from its independent advisors and the Loans and Investment Manager. (iv) Setting investments targets and monitoring the investment performance and financial control of the Funds’ assets and commissioning the preparation of actuarial valuations and accounts. (v) Ensuring that value for money is achieved from all the specialists supplying services to the Fund through a competitive and qualitative selection process and through budgetary control. (vi) Commissioning

Working for Outwood Grange Academies Trust Welcome, Thank you for choosing to apply to Outwood. If you are successful, we hope that you will have an enjoyable and fulfi lling career with us and that together, we continue to have a positive impact on the life-chances of thousands of young people. While this pack will provide you with all the details you’ll need as you progress with your application, and hopefully your career with us, I wanted to introduce myself as the Chief Executive and Accounting Offi cer of Outwood Grange Academies Trust and introduce the Outwood vision to you. Quite simply, we want to be known for putting Students First, raising standards and transforming lives. It’s a bold vision, we know, but every day our colleagues strive to put it in place, whether that be in the classroom or in one of our business services roles, and we make sure we support every Outwood colleague in doing so. Whether you’re joining us as a support staff member, an NQT, teacher or in a leadership position, and everything in between, we will invest in you and your development throughout your career. By all working together, supporting and motivating each other, we believe we can raise current standards, and transform the lives of our students. We fully understand that as a Trust if we support and care for you to help you reach your potential, then in turn we can help ensure all the children in your charge will also reach theirs. With all but one of our inspected academies now rated as a Good or Outstanding school, even though almost all of them joined the Trust when they were inadequate or requiring improvement, now is an exciting time to join us.

Primary and Secondary Education in Middlesbrough A Guide for Parents 2021 - 2022 Middlesbrough middlesbrough.gov.uk moving forward Introduction MIDDLESBROUGH COUNCIL This booklet aims to help you if your child is starting school for the first time, moving from primary to secondary education, transferring from one school to another or if you are new to the area. It describes admission arrangements for our primary and secondary schools. The Guide contains general information on education in Middlesbrough and lists each of the schools in the Local Authority (LA), together with admission arrangements, including the type of school, and the maximum number of places normally available in each school year. You are entitled to express a preference as to which primary or secondary school you want your child to attend. Details of how to do this are given in the booklet. Each school produces a prospectus. This contains information of a general nature about the day to day running of the school, including details of the admissions policy agreed by the school and the LA or Governing Body. If you would like a prospectus, contact the school concerned. If you require more details or clarification about admission arrangements, admission zones or education in general, please write to: School Admissions, Middlesbrough Council, Middlesbrough House, Corporation Road, Middlesbrough, TS1 1LT The information contained in this Guide is correct at the time of going to press. middlesbrough.gov.uk 1 Contents CONTENTS PAGE PART ONE ADMISSIONS ARRANGEMENTS 3 1. Types Of School 3 2. Nursery Education 3 3. School Admissions General Information 4 4. Primary School Admissions 11 5.

URN DFE School Name Does your Does your Is your Number school school meet our school our attainment eligible? Ever6FSM criteria? 137377 8734603 Abbey College, Ramsey Ncriteria? N N 137083 3835400 Abbey Grange Church of England Academy N N N 131969 8654000 Abbeyfield School N N N 138858 9284069 Abbeyfield School N Y Y 139067 8034113 Abbeywood Community School N Y Y 124449 8604500 Abbot Beyne School N Y Y 102449 3125409 Abbotsfield School N Y Y 136663 3115401 Abbs Cross Academy and Arts College N N N 135582 8946906 Abraham Darby Academy Y Y Y 137210 3594001 Abraham Guest Academy N Y Y 105560 3524271 Abraham Moss Community School Y Y Y 135622 3946905 Academy 360 Y Y Y 139290 8884140 Academy@Worden N Y Y 135649 8886905 Accrington Academy N Y Y 137421 8884630 Accrington St Christopher's Church of England High School N N N 111751 8064136 Acklam Grange School A Specialist Technology College for Maths and Computing N Y Y 100053 2024285 Acland Burghley School Y Y Y 138758 9265405 Acle Academy N N Y 101932 3074035 Acton High School Y Y Y 137446 8945400 Adams' Grammar School N N N 100748 2094600 Addey and Stanhope School Y Y Y 139074 3064042 Addington High School Y Y Y 117512 9194029 Adeyfield School N Y Y 140697 8514320 Admiral Lord Nelson School N N N 136613 3844026 Airedale Academy N Y Y 121691 8154208 Aireville School N N Y 138544 8884403 Albany Academy N N N 137172 9374240 Alcester Academy N N N 136622 9375407 Alcester Grammar School N N N 124819 9354059 Alde Valley School N N Y 134283 3574006 Alder Community High School N Y Y 119722 8884030

Contextual Data Education Indicators: 2022 Cycle Schools are listed in alphabetical order. You can use CTRL + F/ Level 2: GCSE or equivalent level qualifications Command + F to search for Level 3: A Level or equivalent level qualifications your school or college. Notes: 1. The education indicators are based on a combination of three years' of school performance data, where available, and combined using z-score methodology. For further information on this please follow the link below. 2. 'Yes' in the Level 2 or Level 3 column means that a candidate from this school, studying at this level, meets the criteria for an education indicator. 3. 'No' in the Level 2 or Level 3 column means that a candidate from this school, studying at this level, does not meet the criteria for an education indicator. 4. 'N/A' indicates that there is no reliable data available for this school for this particular level of study. All independent schools are also flagged as N/A due to the lack of reliable data available. 5. Contextual data is only applicable for schools in England, Scotland, Wales and Northern Ireland meaning only schools from these countries will appear in this list. If your school does not appear please contact [email protected]. For full information on contextual data and how it is used please refer to our website www.manchester.ac.uk/contextualdata or contact [email protected]. Level 2 Education Level 3 Education School Name Address 1 Address 2 Post Code Indicator Indicator 16-19 Abingdon Wootton Road Abingdon-on-Thames

School report Outwood Academy Acklam Hall Drive, Acklam, Middlesbrough, TS5 7JY Inspection dates 29–30 April 2015 Previous inspection: Not previously inspected as an academy Overall effectiveness This inspection: Good 2 Leadership and management Outstanding 1 Behaviour and safety of pupils Good 2 Quality of teaching Good 2 Achievement of pupils Good 2 Summary of key findings for parents and pupils This is a good school. Outstanding leadership by the Academy Trust, Work in students’ books shows that they achieve governors, and leaders and managers at all levels well as a result of the good teaching they receive. has ensured that Outwood Academy Acklam is Teachers’ good subject knowledge, well-planned improving rapidly and has the capacity to improve lessons and interesting tasks all engage students’ even further. interest so they want to learn. High expectations of what students and staff can From starting points which are below average, achieve are helping to build confidence and raise students make good progress as they move through aspirations across the academy. Close monitoring the academy. Standards improved in 2014, but of students’ progress, well-targeted extra help for remained below average. However, progress those who need it and high quality training for continues to accelerate and Year 11 students are on staff are all combining to raise achievement and track to reach average standards in mathematics improve teaching. and above average standards in English this year. Students behave well and have good attitudes to A broad curriculum ensures that students are well learning. They, rightly, feel valued, show respect equipped with basic skills in literacy and numeracy for staff and are aware of the needs of others, and promotes their spiritual, moral, social and including those who come from backgrounds cultural awareness very successfully.

Use of contextual data at the University of Warwick The data below will give you an indication of whether your school meets the eligibility criteria for the contextual offer at the University of Warwick. School Name Town / City Postcode School Exam Performance Free School Meals 'Y' indicates a school with below 'Y' indcicates a school with above Schools are listed on alphabetical order. Click on the arrow to filter by school Click on the arrow to filter by the national average performance the average entitlement/ eligibility name. Town / City. at KS5. for Free School Meals. 16-19 Abingdon - OX14 1RF N NA 3 Dimensions South Somerset TA20 3AJ NA NA 6th Form at Swakeleys Hillingdon UB10 0EJ N Y AALPS College North Lincolnshire DN15 0BJ NA NA Abbey College, Cambridge - CB1 2JB N NA Abbey College, Ramsey Huntingdonshire PE26 1DG Y N Abbey Court Community Special School Medway ME2 3SP NA Y Abbey Grange Church of England Academy Leeds LS16 5EA Y N Abbey Hill School and Performing Arts College Stoke-on-Trent ST2 8LG NA Y Abbey Hill School and Technology College, Stockton Stockton-on-Tees TS19 8BU NA Y Abbey School, Faversham Swale ME13 8RZ Y Y Abbeyfield School, Chippenham Wiltshire SN15 3XB N N Abbeyfield School, Northampton Northampton NN4 8BU Y Y Abbeywood Community School South Gloucestershire BS34 8SF Y N Abbot Beyne School and Arts College, Burton Upon Trent East Staffordshire DE15 0JL N Y Abbot's Lea School, Liverpool Liverpool L25 6EE NA Y Abbotsfield School Hillingdon UB10 0EX Y N Abbs Cross School and Arts College Havering RM12 4YQ N

Outwood Academy Acklam Teacher of Geography with TLR within the Humanities Required for: September 2015 Salary Range: MPS/UPS plus TLR 2a Outwood Grange Academies Trust seeks applications from outstanding applicants with integrity, imagination and energy for this rewarding role. This is a fantastic opportunity for an enthusiastic, driven professional to join our Family of Schools. An excellent knowledge and understanding of geography is essential. You must possess the skills and determination to make a significant difference to the lives of our students and share our single goal of ‘students first’. Applications are invited from experienced professionals ready to take a leadership role across the humanities subjects. The Outwood Grange Family of Schools offers: • The opportunity to work and progress across the Family of Schools. • The chance to apply for leadership roles in the Deeps working across the whole Academy. • A further comprehensive programme of professional development is provided through the Outwood Institute of Education (formerly the teaching school). We believe that all teaching and support staff posts within our Family of Schools are key posts in terms of supporting student success and achievement across a broad range of subjects and experiences. As such we are keen to recruit dedicated and ambitious professionals who will add value to our Academy in both academic terms and through involvement in the fabric of learning and success beyond the classroom. The Outwood Grange Academies Trust is committed to safeguarding and promoting the welfare of children. All appointments will be subject to a satisfactory enhanced DBS disclosure. Application packs for the above vacancy are available to download from: www.outwood.com or contact HR Dept, Outwood Academy Acklam, Hall Drive, Acklam, Middlesbrough, TS5 7JY.

Applicant Information Pack Contents Welcome Letter Outwood Grange Academies Trust Vision Child Safeguarding Policy Explanatory Notes How to Apply Welcome Dear applicant Thank you for your interest in working within the Outwood Grange Family of Schools. Outwood Grange Academies Trust is an education charity that has a proven track record of revolutionary school improvement and transforming the lives of children and young people. You will be joining a highly innovative, inspirational and ambitious organisation, so we are seeking an outstanding candidate who can realise the highest possible quality of services to support our educational vision, strong leadership and effective support to colleagues, to enable the organisation to achieve the best possible outcomes for students. This is an exciting and very rewarding role and we look forward to receiving your application. Yours faithfully Sir Michael Wilkins Chief Executive and Academy Principal Ethos and Vision “The whole point of schools is that children come first and everything we do must reflect this single goal.’’ Sir Michael Wilkins - Academy Principal & Chief Executive Outwood Grange Academies Trust Vision Academies within the Trust That Trust places students at the centre of everything The OGAT Multi-Academy Trust (MAT) currently it does, with a focus on creating a culture of success, comprises the following academy schools: a positive climate for learning, and increased student Outwood Grange Academy, Wakefield attainment, achievement and social and emotional Outwood Academy Acklam,

Eligible if taken GCSEs Eligible if taken A-levels School Postcode at this School (Y/N) at this School (Y/N) 16-19 Abingdon 9314127 N/A Yes 3 Dimensions TA20 3AJ No N/A Abacus College OX3 9AX No No Abbey College Cambridge CB1 2JB No No Abbey College in Malvern WR14 4JF No No Abbey College Manchester M2 4WG No No Abbey College, Ramsey PE26 1DG No Yes Abbey Court Foundation Special School ME2 3SP No N/A Abbey Gate College CH3 6EN No No Abbey Grange Church of England Academy LS16 5EA No No Abbey Hill Academy TS19 8BU Yes N/A Abbey Hill School and Performing Arts College ST3 5PR Yes N/A Abbey Park School SN25 2ND Yes N/A Abbey School S61 2RA Yes N/A Abbeyfield School SN15 3XB No Yes Abbeyfield School NN4 8BU Yes Yes Abbeywood Community School BS34 8SF Yes Yes Abbot Beyne School DE15 0JL Yes Yes Abbots Bromley School WS15 3BW No No Abbot's Hill School HP3 8RP No N/A Abbot's Lea School L25 6EE Yes N/A Abbotsfield School UB10 0EX Yes Yes Abbotsholme School ST14 5BS No No Abbs Cross Academy and Arts College RM12 4YB No N/A Abingdon and Witney College OX14 1GG N/A Yes Abingdon School OX14 1DE No No Abraham Darby Academy TF7 5HX Yes Yes Abraham Guest Academy WN5 0DQ Yes N/A Abraham Moss Community School M8 5UF Yes N/A Abrar Academy PR1 1NA No No Abu Bakr Boys School WS2 7AN No N/A Abu Bakr Girls School WS1 4JJ No N/A Academy 360 SR4 9BA Yes N/A Academy@Worden PR25 1QX Yes N/A Access School SY4 3EW No N/A Accrington Academy BB5 4FF Yes Yes Accrington and Rossendale College BB5 2AW N/A Yes Accrington St Christopher's Church of England High School

School Name POSTCODE AUCL Eligible if taken GCSE's at this AUCL Eligible if taken A-levels at school this school City of London School for Girls EC2Y 8BB No No City of London School EC4V 3AL No No Haverstock School NW3 2BQ Yes Yes Parliament Hill School NW5 1RL No Yes Regent High School NW1 1RX Yes Yes Hampstead School NW2 3RT Yes Yes Acland Burghley School NW5 1UJ No Yes The Camden School for Girls NW5 2DB No No Maria Fidelis Catholic School FCJ NW1 1LY Yes Yes William Ellis School NW5 1RN Yes Yes La Sainte Union Catholic Secondary NW5 1RP No Yes School St Margaret's School NW3 7SR No No University College School NW3 6XH No No North Bridge House Senior School NW3 5UD No No South Hampstead High School NW3 5SS No No Fine Arts College NW3 4YD No No Camden Centre for Learning (CCfL) NW1 8DP Yes No Special School Swiss Cottage School - Development NW8 6HX No No & Research Centre Saint Mary Magdalene Church of SE18 5PW No No England All Through School Eltham Hill School SE9 5EE No Yes Plumstead Manor School SE18 1QF Yes Yes Thomas Tallis School SE3 9PX No Yes The John Roan School SE3 7QR Yes Yes St Ursula's Convent School SE10 8HN No No Riverston School SE12 8UF No No Colfe's School SE12 8AW No No Moatbridge School SE9 5LX Yes No Haggerston School E2 8LS Yes Yes Stoke Newington School and Sixth N16 9EX No No Form Our Lady's Catholic High School N16 5AF No Yes The Urswick School - A Church of E9 6NR Yes Yes England Secondary School Cardinal Pole Catholic School E9 6LG No No Yesodey Hatorah School N16 5AE No No Bnois Jerusalem Girls School N16

MIDDLESBROUGH COUNCIL Final Report Children and Young People’s Learning Scrutiny Panel Behaviour, Discipline and Bullying in Schools CONTENTS THE AIM OF THE SCRUTINY REVIEW Page 2 TERMS OF REFERENCE Page 2 BACKGROUND INFORMATION Page 2 SUMMARY OF EVIDENCE Term of Reference A - To identify the powers and duties of schools to Page 3 manage behaviour and discipline pupils. Term of Reference B - To investigate the Local Authority's role in Page 4 supporting schools with behaviour management and the impact of its work. Term of Reference C - To examine the causes of pupil behaviour problems Page 7 e.g. unmet educational or other needs. Term of Reference D - To identify the challenges faced by schools in Page 7 dealing with poor behaviour and bullying and to examine the reasons some schools have higher rates of fixed-term and permanent exclusions. Term of Reference E - To investigate the types of sanctions used by Page 9 schools that can impact on a pupil's educational outcomes and life chances. Term of Reference F - To examine the successful and proactive strategies Page 10 and solutions used by schools to promote positive behaviour, manage poor behaviour and prevent and tackle bullying. Page 14 Additional Information Conclusions Page 15 Recommendations Page TBA Acknowledgments Page 16 Acronyms Page 16 1 THE AIM OF THE SCRUTINY REVIEW 1. The purpose of the review was to examine the key principles to help improve behaviour in schools. The review aims to assist the Local Authority in achieving its strategic priority: People - Ensuring Middlesbrough has the very best schools.

Report on the 31 March 2019 actuarial valuation Teesside Pension Fund Prepared for: Middlesbrough Borough Council as Administering Authority of the Teesside Pension Fund Prepared by: Aon 2019 Date: 31 March 2020 At a glance Past Service Position Shorthand There was a surplus of £527.3M relative to the liabilities. The funding level was 115%. Funding level: the value of assets held by the Fund divided by the liabilities. Funding target (liabilities): the level of assets determined by the Administering Authority as being Assets (£4,088.1M) 4,088.1M appropriate to meet member benefits, assuming the Fund continues indefinitely. Primary rate: the employer share of the cost of benefits Funding Target (£3,560.8M) 1,222.6M 627.0M 1,711.2M being earned in future, expressed as a percentage of pensionable pay. The figure quoted is a weighted average of all employers' primary rates. Actives Deferreds Pensioners Pensionable pay: as defined in the Regulations in relation to post-2014 membership. Employer Contributions Recovery period: the period over which any surplus or shortfall is eliminated. % of 2019 valuation 2016 valuation Pensionable Pay Secondary rate: the adjustment to the primary which Primary rate 17.2% p.a. 15.7% p.a. reflects the specific circumstances of the Fund as a whole, including any surplus or shortfall and the Secondary rate (3.4%) p.a. (0.1%) p.a. potential impact of the legislative uncertainties (see Total rate 13.8% p.a. 15.6% p.a. Further Information section c for more details). the difference between Recovery period 22 years from 1 April 2020 20 years from 1 April 2017 Shortfall (deficit) or Surplus: the value of assets and the aggregate funding target The contributions payable by each employer or group of employers may differ because they (value of the liabilities) for the Fund as a whole, where allow for each employer's or group's membership profile, funding target and funding level, the value of assets is less/higher than the funding target.