Spartacus You are right - it has not been kept under wraps. However, it has not been spotted or understood by politicians (hardly a surprise there then!) and it is only since FRS17 has been applied by the States of Guernsey in their own audited accounts that the scale of the problem has been realised. It has got massively worse since 2008 as projected future investment returns have dropped off the cliff. The "people who matter". Now - that's an interesting one. Who are they? The "people who matter" are the ones who have to pay for the darn thing - us - the taxpayers. Now we know the full extent of the problem we can highlight it. How can you say that is FACT that there is no funding deficit? Go and tell the States of Guernsey Chief Accountant and Deloittes that as they've obviously misunderstood their responsibilities and obligations to present a set of accounts which represent a "true and fair view". The actuarial valuation is the unreliable figure. Let the States maintain a 90% funding target. But based on the CORRECT quantum of liabilities, ie based on FRS17. That's how 91.3% becomes 76.3%. I am not remotely confused by FRS17. I know its the most appropriate accounting method of reasonable projecting the liabilities of the pension scheme. Do I have more faith in global accounting standards than I do of Spartacus' ability to understand the basics of accounting and liabilities? Oh yes.
Voice For Victims
Voice for Victims is a campaign aimed at promoting the rights of those affected by child sexual abuse.
