To ask Her Majesty's Government what the costs of Ofcom have been in each year since its commencement; how much has been paid each year by way of employer and other cash contributions to staff pension schemes and pension deficit repair payments to Ofcom pension plans; and what percentage of annual expenditure such payments have represented.
Ofcom's primary means of providing pension benefits is through a defined contribution pension allowance that is available to all staff. Ofcom staff are employed on terms with access to a stakeholder pension plan. The allowance may be used to contribute to the Ofcom-defined contribution stakeholder pension plan.
Staff who joined Ofcom from legacy regulators were entitled to retain membership of one of two defined benefit (DB) pension plans. Both these plans were closed to new entrants from the date Ofcom assumed its powers on
The defined benefit obligation disclosed in the annual accounts has been calculated in accordance with IFRS accounting standards. Ofcom's cash contributions to the two defined benefit plans are, however, determined in accordance with the Pensions Act 2004 and this requires a significantly more prudent measure of the liabilities than IFRS. Pensions Act funding valuations with an effective date of
The below table sets out the employer contributions and deficit repair payments made by Ofcom for both the defined contribution and defined benefit schemes. No other cash contributions have been made to the pension schemes.
|Employer Contributions||Employer Contributions||Deficit Repair Payments||Total Pension Scheme Costs||Actual Operating Cost Outturn||%|
|DC scheme||DB scheme|
*3 month period only from