Five-year history of experience adjustments

2011 £000

Actual return less expected return on assets Percentage of scheme assets

Experience adjustments on scheme liabilities Percentage of scheme liabilities

Total fair value of scheme assets Present value of scheme liabilities

Net pension liability

5,462 2%

6 0% £000 359,636

(375,159) (15,523)

2010 £000

57,338 18%

(13,646) (4%)

£000 324,425

(360,905) (36,480)

2009 £000

(63,468) (26%)

1,321 1%

£000 247,161

(251,012) (3,851)

2008 £000

(19,913) (7%)

(400) (0%)

£000 290,050

(294,569) (4,519)

2007 £000

(2,900) (1%)

16,552 6%

£000 292,939

(300,888) (7,949)

Pensions payable by annuities held with Prudential have been excluded from the assets and liabilities of the Cancer Research UK Pension Scheme, as the value of these annuities (which is between £0.5 million and £1 million) equals the value of the pension liabilities they cover under FRS17. Also, as the future return on these annuities is assumed to be equal to the discount rate when calculating the value of the corresponding pension liabilities, this has no impact on the pension charge to the SOFA.

(b) Pension schemes accounted for as defined contribution schemes (i) Cancer Research UK Retirement Plan New employees are entitled to join the Cancer Research UK Retirement Plan, which is a defined contribution plan. Employer contributions to the Cancer Research UK Retirement Plan vary depending on the employee’s own contributions.

(ii) NHS Pension Scheme The NHS Pension Scheme, of which 12 employees were members at 31 March 2011 (2010: 8), is a statutory unfunded multi- employer defined benefit scheme. As this is a ‘pay as you go’ scheme, it is accounted for on a defined contribution basis. The employer’s contribution rate is 14%.

(iii) Scottish NHS Pension Scheme The Scottish NHS Pension Scheme, of which 29 employees were members at 31 March 2011 (2010: 30), is a statutory unfunded multi-employer defined benefit scheme. As this is a ‘pay as you go’ scheme, it is accounted for on a defined contribution basis. Employer’s contribution rates are assessed every five years by the actuary. The current employer’s rate is 13.5%.

(iv) Universities Superannuation Scheme The Universities Superannuation Scheme, of which 146 employees were members at 31 March 2011 (2010: 153), is an externally funded multi-employer defined benefit scheme. As the Group is unable to identify its share of the underlying assets and liabilities, this scheme is accounted for on a defined contribution basis. The latest actuarial valuation of the scheme was at 31 March 2008 and at that date the assets were sufficient to cover 103% of the benefits that had accrued to members. The employer’s contribution rate is 16%.

All of the pension schemes, with the exception of the Cancer Research UK Stakeholder Pension Plan Scheme, are contracted out of the State Second Pension (S2P).

Annual Report and Accounts / Notes to the Accounts / 57