BRITISH TOURIST AUTHORITY TRADING AS VISITBRITAIN ...

VisitBritain and VisitEngland
Notes forming part of the financial statements for the year ended 31 st March 2010 (Continued)
28 Retirement benefits (Continued)
72
UK scheme
2009/10 2008/09
Overseas
(US)
scheme UK scheme
Overseas
(US)
scheme
Principal actuarial assumptions
Discount rate on plan liabilities 5.50% 5.90% 6.70% 7.30%
Expected rate of return on plan assets 5.50% 6.95% 6.70% 7.16%
Expected increase in pensionable salary 3.40% 3.00% 2.65% 3.50%
Expected increase in deferred pensions 3.40% 2.50% 2.65% 2.50%
Expected increase in pensions-in-payment 3.40% 2.50% 2.65% 2.50%
Inflation rate 3.40% 2.50% 2.65% 2.50%
The expected return on plan assets is equal to the weighted average return appropriate to each class of asset within the schemes.
The return attributed to each class has been reached following discussions with the actuaries.
The overall position of the UK scheme (VisitBritain share) as at 31st March 2009 which was not included within the primary financial
statements were
31 st March
2009
(£’000)
Fair value of plan assets 85,514
Present value of funded obligations (82,855)
Net assets/(liability) 2,659
Defined Contribution Schemes
Other schemes in place during the year to 31 st March 2010 are in Netherlands, Germany, Belgium, Denmark, Norway, Poland, Brazil,
Sweden, Australia, New Zealand and Canada. All of these are defined contribution schemes with the employer’s basic rate of
contribution varying between 3% and 8% of pensionable salaries. The total charges for contributions to these schemes in the year were
£95k (2009 £105k) and are included within the total pension cost for the year.