Diverse plc has established a defined benefit pension scheme for all the company’s fulltime…

Diverse plc has established a defined benefit pension scheme for all the company’s fulltime employees. The scheme receives contributions from the company and the participating employees. The scheme was originally established on 31 December 1991 and was actuarially valued at 31 December 1994. The scheme showed a deficit of £6 million. This deficit was caused by a reassessment of the original actuarial assumptions (an experience deficiency). No change to contribution levels was made as a result of the 1994 valuation. However, the deficit was funded by a one-off lump sum payment of £6 million into the scheme on 30 June 1995. The result of the 1994 valuation was not available when the 1994 financial statements of Diverse plc were approved by the Directors.

The scheme was actuarially valued for the second time at 31 December 1997. The results of this second valuation showed a surplus of £4 million. The actuaries advised that £3 million of this surplus was caused by a significant reduction in the number of scheme members because of a redundancy programme. The result of the 1997 valuation was not available when the 1997 financial statements of Diverse plc were approved by the Directors. No change was made to the normal contribution levels for 1998. Total contributions payable to the scheme for 1998 were £5 million. The average remaining service lives of participating employees in the scheme was estimated to be 20 years at the date of inception of the scheme. This estimate is reckoned to continue to be applicable in the medium term as older employees retire and younger employees join.

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