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THE HERITAGE COUNCIL NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2009
Note 8: Superannuation Scheme
There was a defined contribution scheme with Scottish Provident in operation until 1 February 2003.
In accordance with Section 20 of the Heritage Act 1995, the Council sought to establish a superannuation scheme
for all permanent staff in line with the public sector model. Accordingly, two defined benefit schemes were
approved by the Minister for Environment, Heritage and Local Government with effect from 1 February 2003 on
an operational basis and apply to staff employed at that date in respect of qualifying past service. The Schemes are
the Heritage Council Employee Superannuation Scheme, 2003 and the Heritage Council Spouse’s and Children’s
Contributory Pension Scheme, 2003. These schemes are unfunded.
(a) ANALYSIS OF TOTAL PENSION COSTS CHARGED TO EXPENDITURE 2009 2008
€000 €000
Current Service Cost 167 198
Interest on Pension Scheme Liabilities 108 107
Employee Contributions -78 -68
Total 197 237
(b) MOVEMENT IN NET PENSION LIABILITY DURING THE FINANCIAL OF YEAR 2009 2008
€000 €000
Net Pension Liability at 1 January Movement in year: -1715 -1754
Current Service Cost -167 -198
Benefits Paid 4 4
Interest Cost -108 -107
Actuarial loss 62 340
Net Pension Liability at 31 December -1924 -1715
(c) DEFERRED FUNDING ASSET FOR PENSIONS
The Heritage Council recognises these amounts as an asset corresponding to the unfunded deferred liability for
pensions on the basis of the set of assumptions described above and a number of past events. These events include
the statutory basis for the establishment of the superannuation scheme, and the policy and practice currently in
place in relation to funding of public service pensions including the contributions by employees and the annual
estimates process. The Heritage Council has no evidence that this funding policy will not continue to meet such
sums in accordance with current practice.
The Net Deferred Funding for Pensions recognised in the Income and Expenditure Account was as follows:
2009 2008
€000 €000
Funding Recoverable in respect of current year 353 305
The deferred funding asset for pensions at 31 December 2009 amounted to €1.924m (2008: €1.715m)
(d) HISTORY OF DEFINED BENEFIT OBLIGATIONS
2009 2008 2007 2006
€000 €000 €000 €000
Defined Benefit Obligations 1,924 1,715 1,754 1,677
Experience Gains/(losses) on Scheme Liabilities 253 10 -106 21
Percentage of Scheme Liabilities 13.15% 0.58% -6.04% 1.25%
The cumulative actuarial loss recognised in the Statement of Total Recognised Gains and Losses amounts
to €428,000
THE HERITAGE COUNCIL 2009 ANNUAL REPORT 39