DRAFT PENSION AND ASSURANCE SCHEME FOR LAY EMPLOYEES OF THE METHODIST CHURCH Schedule of Contributions for the period 1 September 2015 to 31 August 2020 The schedule of contributions agreed by the Trustee on 1 March 2012 has been reviewed and revised by the Trustee to satisfy the requirements of Section 227 of the Pensions Act 2004, after obtaining the advice of Diana Simon, the Scheme Actuary and after obtaining the agreement of the Employers, namely: The , Central Finance Board Guy Chester Centre Methodist Ministers’ Housing Society Trustees for Purposes Central Hall Westminster Limited Methodist Relief and Development Fund It covers contributions to the Scheme from all Employers who participate in the Scheme from time to time. Employer contributions In respect of future accrual of benefits, the provision of death in service benefits and the expenses of administering the Scheme, each Employer will pay the following: 24.1% pa of pensionable earnings from 1 September 2015. These contributions are to be paid to the Scheme on or before the 19th day of the calendar month following that to which the payment relates. In respect of the shortfall in funding in accordance with the recovery plan agreed by the Trustee on 5 March 2015, a lump sum payment of £448,000 will be transferred from the Pension Reserve Fund to the Scheme in September 2015. Expenses These contributions include 3.7% pa of pensionable earnings in respect of expenses, including an annual provision of £23,300 pa for payment of the regulatory fees including the Pension Protection Fund levy. Augmentation payments In respect of any augmentations granted, the relevant Employer will pay additional amounts to cover the costs of benefit augmentations within one month of the later of the date of granting
DRAFT PENSION AND ASSURANCE SCHEME FOR LAY EMPLOYEES OF THE METHODIST CHURCH Schedule of Contributions for the period 1 September 2015 to 31 August 2020 The schedule of contributions agreed by the Trustee on 1 March 2012 has been reviewed and revised by the Trustee to satisfy the requirements of Section 227 of the Pensions Act 2004, after obtaining the advice of Diana Simon, the Scheme Actuary and after obtaining the agreement of the Employers, namely: The Central Finance Board Methodist Ministers’ Housing Society Central Hall Westminster Limited , Guy Chester Centre Trustees for Purposes Methodist Relief and Development Fund It covers contributions to the Scheme from all Employers who participate in the Scheme from time to time. Employer contributions In respect of future accrual of benefits, the provision of death in service benefits and the expenses of administering the Scheme, each Employer will pay the following: 24.1% pa of pensionable earnings from 1 September 2015. These contributions are to be paid to the Scheme on or before the 19th day of the calendar month following that to which the payment relates. In respect of the shortfall in funding in accordance with the recovery plan agreed by the Trustee on 5 March 2015, a lump sum payment of £448,000 will be transferred from the Pension Reserve Fund to the Scheme in September 2015. Expenses These contributions include 3.7% pa of pensionable earnings in respect of expenses, including an annual provision of £23,300 pa for payment of the regulatory fees including the Pension Protection Fund levy. Augmentation payments In respect of any augmentations granted, the relevant Employer will pay additional amounts to cover the costs of benefit augmentations within one month of the later of the date of granting
coun-paslemc-statement-of-funding-principles-recovery-plan-and-schedule-of-contribution0315.docx