TRUSTEES' REPORT AND ACCOUNTS 2014 35
20 PENSIONS (CONTINUED)
Expected company contributions over the next year
Over the next year, the RSPCA is expected to pay £1.5m plus a minimum of £0.5m in contributions into the scheme.
This is in accordance with the agreed contribution schedule and recovery plan.
Reconciliation of liabilities during the year 2014
£'000
2013
£'000
Liabilities at beginning of the year (239,087) (199,035)
Operating charge (6,210) (5,944)
Employee contributions (3) (3)
Interest cost (10,786) (8,404)
Benefits paid 5,133 4,731
Net transfers out 176 122
Actuarial loss (12,745) (30,554)
Liabilities at end of the year (263,522) (239,087)
History of experience gains and losses 2014 2013
Difference between expected and actual return on scheme assets (£'000) 7,932 15,667
Percentage of scheme assets 3.9% 8.5%
Experience gains on scheme liabilities (£'000) 127 700
Percentage of the present value of the scheme liabilities 0.0% 0.3%
Total amount recognised in the STRGL (£'000) (4,813) (14,887)
Percentage of the present value of the scheme liabilities 1.8% 6.2%
Cumulative amount recognised in the STRGL (£'000) (61,889) (57,076)
Five-year history 2014
£'000
2013
£'000
2012
£'000
2011
£'000
2010
£'000
Present value of plan liabilities (263,522) (239,087) (199,035) (193,163) (186,506)
Market value of plan assets 204,973 183,908 149,050 146,066 144,398
Deficit on pension plans (58,549) (55,179) (49,985) (47,097) (42,108)
Experience gains/(losses) arising on the scheme liabilities 127 700 5,210 (764) 1,620
NOTES TO THE ACCOUNTS