From 2007/08 NATS annual report:
At 31 March 2008, measured under international accounting
standards, the pension scheme had a surplus of assets over
liabilities of £413.5m compared with a surplus of £238.6m
at 31 March 2007. The £174.9m increase in the surplus is
due mainly to a decrease in the present value of the
obligations arising from an increase in the prescribed
discount rate from 5.2% to 6.2%. The scheme’s assets
increased by just £13.1m or 0.5% to £2,846.2m in the year.
The group made cash contributions to the scheme of 12.2%
(2007: 12.2%) of pensionable pay during the year giving a
cash cost of £37.7m (2007: £32.6m). From 1 April 2008,
cash contributions to the scheme will be paid at an annual
effective rate of 20.0% of pensionable pay. This follows the
outcome of the triennial valuation performed as of 31
December 2006, which reported a surplus of assets over
liabilities of 112% and an increase in the future service cost
to 37.3% of pensionable pay (from 26.8% at 31 December
2003).
The group is currently engaged in discussions with its Trades
Unions on proposals to reduce the cost and risk of future
pension provision.
12.2%<26.8% n'est pas?