30. Pension costs (continued)
Other pension schemes
The Charity has also made payments into a stakeholder scheme operated by Legal & General. This is a defined contribution
scheme. During the year the Charity made contributions for 2,130 employees totalling £9,286,000 (2022: 2,005 employees,
£7,486,000) and this is reflected in expenditure for the year (see note 13).
The Charity participates in the NHS Pension Scheme, a statutory, unfunded, defined benefit scheme open to employees who
were formerly employed in the NHS, GP practices and other bodies allowed under the direction of the Secretary of State, in
England and Wales. During the year the Charity made contributions for 82 employees totalling £596,000 (2022: 91 employees,
£620,000) to the NHS Scheme, and this is reflected in expenditure for the year (see note 13). There were no contributions
outstanding at the end of the year (2022: £0). The NHS Scheme has been closed to new Macmillan employees from
1st January 2020.
The latest published actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2020, which
reported that the scheme had accumulated a notional deficit of £40.9 billion against the notional assets as at 31 March 2020.
This valuation set the employer contribution rate payable from April 2024. The new rate will be 23.78%, increased 3.1% from the
previous rate of 20.68% (inclusive of 0.08% administrative levy). The previous 6.3% increase was met by NHS England and the
Department of Health and Social Care for the financial years 2019/20 - 2023/24 so in real terms for Macmillan, the increase will
be 9.4% if no similar arrangement is put forward. The next actuarial valuation will be for the year ending 31 March 2024 and will
set the employer contribution rate payable in future years. From an accounting perspective, a valuation of the scheme liability is
carried out annually by the scheme actuary by updating the results of the full actuarial valuation based on detailed membership
data. The latest assessment of the liabilities of the scheme was undertaken for the year to 31 March 2023 and is contained in the
scheme actuary report which forms part of the annual NHS Pension (England and Wales) Resource Account, published annually.
These accounts can be viewed on the NHS website (www.nhsbsa.nhs.uk) and are published annually.
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Environmental, social
and governance review
Financial review
Strategic report
Overview
Financial statements
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