Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 53
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019 (continued)
19
Loans and other borrowings (continued)
Finance leases
The future minimum finance lease payments are as follows:
At 31 March
2019
£m
Less than one year
Between two and five years
After five years
Carrying amount of liability
(6.0)
(13.5)
(0.8)
(20.3)
The finance leases relate to plant and machinery used in the wastewater contracts.
20 Pensions and similar obligations
Defined benefit scheme
The group operates one material defined benefit scheme, which is closed to future accrual, within
MUS - the Morrison CARE Pension Scheme (‘MCARE’ or ‘the Scheme’).
The scheme provides retirement benefits on the basis of members’ average salary over their working
life with the company. The plan is administered by an independent trustee. Contributions are agreed
with the trustee to reduce the funding deficit where necessary.
A comprehensive actuarial valuation of the scheme, using the projected unit credit method, was
carried out at 31 March 2017 by an independent actuary. Adjustments to the valuation at that date
have been made based on current market conditions and the following assumptions:
2019
% pa
Discount rate
2.50
Inflation rate
3.45
Increase to deferred benefits during deferment
3.45
Increases to inflation related pension in payment
3.35
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