Martlet Homes Limited - Hyde Housing Association

MARTLET HOMES LIMITED
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2010
30. PENSION SCHEMES
During the financial year the Association participated in two pension schemes. One is a
defined contribution pension scheme; the Hyde Housing Association Defined Contribution
Pension Scheme. The other scheme is a Local Government Pension Scheme.
West Sussex County Council Pension Fund (WSCCPF)
Martlet Homes Limited is an admitted member of the Local Government Pension Scheme.
Contributions are made to the West Sussex County Council Pension Fund which is
administered by West Sussex County Council. On 31 March 2010 164 current employees of
Martlet Homes Limited were members of the West Sussex County Council Pension Fund.
There were also 160 deferred pensioners and 50 active pensioners. It is a defined benefit
pension scheme providing benefits held separately from the assets of the Association.
Contributions to the scheme are charged to the Income & Expenditure account of the
Association. The pension contribution cost, which includes liability for pension increases, has
been determined in accordance with the advice of professionally qualified consulting
actuaries based on an actuarial valuation made as at 31 March 2010 using the projected
unit method. The contributions are determined on the basis of 31 March 2010 valuations.
Total contributions made by the Association to the scheme were £1,000k (2009: £756k).
The majority of the employees who participate in the scheme are employees of the
Association. 12 employees of both Hyde and In Touch, a fellow subsidiary undertaking, are
in the West Sussex pension scheme. These employees were originally employees of Martlet
Homes Limited but their contract has transferred to these entities. The pension liability of
these employees cannot be identified and therefore the scheme is accounted for fully
within the accounts of Martlet Homes Limited.
Hyde Housing Association Defined Contribution Pension Scheme (HHADCPS)
The Association has closed the defined benefit scheme to new members. All new
employees can join a defined contribution scheme, the HHADCPS. On 31 March 2010 there
were 56 current employees of the Association who were members of the HHADCPS. The
employer contribution rate payable by the Association per annum is dependent on the
contribution by the employee as follows:
Employee contributes
Employer contributes
3% 6%
4% 8%
5% 10%
2010 2009
£'000 £'000
Company contributions:
WSCCPF 501 648
HHADCPS 103 65
604 713
Pension costs are recharged to the Parent for staff paid and contracted by the Association,
but seconded to the Parent.
There were no contributions outstanding at the year end.
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