50
WWT Report and Financial Statements 2012/13
Change in fair value of scheme assets:
Other assumptions:
2013
£’000
2012
£’000
Opening fair value of scheme assets
9,460
9,111
Expected return on scheme assets, net of expenses
418
501
Actuarial gain/(loss)
992
7
Contributions by the employer
255
255
Benefits paid
(331)
(414)
Closing fair value of scheme assets
10,794
9,460
Actual return on scheme assets
1,410
508
History of amounts for current and previous four accounting periods:
2013
£’000
2012
£’000
2011
£’000
2009
£’000
2008
£’000
Scheme liabilities
(13,214)
(9,981)
(9,281)
(9,453)
(6,352)
Scheme assets
10,794
9,460
9,111
8,315
7,290
(Deficit)/surplus
(2,420)
(521)
(170)
(1,138)
938
Experience adjustments on scheme liabilities
(454)
-
304 (2,845)
2,058
Experience adjustments on scheme assets
992
7
260
678 (1,700)
All of the surplus/deficit figures shown above are attributable to the employer rather than the scheme participants.
Expected contributions for next accounting period:
£’000
Expected contributions by the employer
255
Expected contributions by scheme participants
-
The contributions are determined by regular actuarial valuations of the Scheme under the Scheme Funding regime
prescribed by the Pensions Act 2004. The assumptions underlying these valuations, in particular the discount rate, are
derived using a different methodology to that used for the purposes of FRS 17.
The contributions payable by the employer under the Scheme’s current Schedule of Contributions to meet the scheme
funding deficit are £255k per annum until 31 March 2014, then £275k for the following 19 years.
(b) Defined contribution schemes
From 1 April 1997, WWT contributed to a defined contribution Group Stakeholder Personal Pension Plan (GSPPP)
invested in Friends Provident, an ethical fund. The pension charge for the year was £232k (2011/12: £221k).
WWT also contributes to one other scheme that is a defined contribution scheme. The assets of the scheme are held
separately from those of WWT in independently administered funds. The pension charge for these funds was £5k
(2011/12: £5k).
Included within Other Creditors are outstanding contributions of £38k (2012: £33k).
27. Pension commitments (continued)
