Financial Statements For the year ended
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| – 15 Net interest 338 329 Pension costs under the Schemes 338 344 Past service costs - GMP Equalisation Guaranteed Minimum Pension (‘GMP’) is a portion of pension that was accrued by individuals who were contracted out of the State Second Pension prior to 6 April 1997. Historically there was an inequality of benefits between male and female members who have GMP. A High Court case concluded on 26 October 2018 which determined that GMPs should be equalised, with several methods being possible and the employer can require the minimum cost option to be adopted. The Scheme Actuary estimated the financial impact of equalising GMPs for members for the ACCA Staff Pension Scheme at m and this was accounted for as a past service cost in the accounts for the year ended 31 March 2019. On 27 November 2020, the High Court ruled that transfer payments out of the Scheme since May 1990 will also need to be topped up to allow for GMP equalisation. The Scheme Actuary has estimated the financial impact of equalising transfer payments out of the ACCA Staff Pension Scheme since May 1990 at m and this was accounted for as a past service cost in the accounts for the year ended 31 March 2021. Association of Chartered Certified Accountants Notes to the Financial Statements for the year ended 31 March 2022 22 Retirement benefit obligations (continued) (c) Contributions and the effect of the Schemes on the future cashflows ACCA is required to agree a schedule of contributions with the Trustees of the Schemes following actuarial valuations which take place every three years. In accordance with actuarial advice and with the agreement of ACCA and the UK Scheme’s Trustees, a recovery plan was put in place with effect from January 2020 to which ACCA will contribute annual deficit recovery contributions of min respect of the UK scheme increasing by 3% pa. fora period of 13 years, subject to review at future actuarial valuations. The triennial valuation due as at 1 January 2021 for the Irish scheme was completed during the year and it revealed that the funding position had worsened by £152,000 to £381,000. ACCA has agreed to maintain annual contributions for the year ended 31 March 2022 at about £96,000. In respect of other overseas schemes, it is expected that ACCA will contribute on average 9% of pensionable salary in the coming year. (d) Movement in the net (asset)/liability recognised in the balance sheet Download 0.68 Mb. Share with your friends:
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