The assets in the scheme were:
Market value at 31 March 2024 £’000
Market value at 31 March 2023 £’000
Market value at 31 March
2022 £’000 44,374 32,087 14,995 2,306 19,195 71,109 40,007 21,550 245,623
Equity type
14,517 7,256 7,946 11,782 15,940 63,580 21,174 18,112 160,307
4,040 10,227 13,203 6,365 20,520 70,361 22,652 22,623 169,991
Bonds
Property
Cash Other
Liability-driven investments (LDI)
Liquid alternatives
Private credit Total assets
Present values of defined benefit obligation, fair value of assets and defined benefit liability
Market value at 31 March 2024 £’000
Market value at 31 March 2023 £’000
Market value at 31 March
2022 £’000
Note
Fair value of scheme assets
160,307 (159,922)
169,991 (159,680) 10,311 (10,311)
245,623 (219,107) 26,516 (26,516)
Present value of defined benefit obligation
Surplus
385 (385)
Effect of asset ceiling
Deficit in the scheme to be recognised
25
–
–
–
The rules of the pension scheme do not permit a refund of surplus to the Association. In the event of the scheme being wound up any surplus must be used to either augment benefits to members or to make a charitable donation.
Reconciliation of opening and closing balances of the defined benefit obligation
Year ended 31 March 2024 £’000
Year ended 31 March 2023 £’000
Defined benefit obligation at start of year
159,680
219,107
Interest expense Actuarial gains
7,591
5,973
370
(56,836) (8,564) 159,680
Benefits paid and expenses
(7,719)
Defined benefit obligation at end of year
159,922
102 Anchor Hanover Group Annual Report & Financial Statements 2024
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