Pension Plan

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pension Plan

15. Pension Plan

We operate a defined contribution plan in the US, and both defined benefit and defined contribution pension schemes in the UK. The defined contribution scheme assets are held separately from those of the Company in independently administered funds.

Defined Benefit Pension Scheme

The defined benefit scheme has been closed to new entrants since April 1, 1999 and closed to future accruals for services rendered to the Company for the entire financial statement periods presented. On March 15, 2019, it was agreed that no further deficit reduction contributions would be made to the scheme, except in the event that the scheme funding level does not progress as expected, in which case contingent contributions would be made subject to an agreed maximum amount.

In January 2021, the funding level of the scheme was tested against the expected position at December 31, 2020 and it was determined that further contingent contributions of $1.2 million and expense contributions of $0.4 million will be payable during the year ending December 31, 2021.

The funding level of the scheme will next be tested against the expected position at December 31, 2021 to determine whether further contingent contributions are payable during the year ending December 31, 2022.

The total amount of employer contributions paid during the six months ended June 30, 2021 amounted to $0.6 million relating to the six months ended June 30, 2021, and $0.4 million of contributions relating to the year ending December 31, 2020 agreed with the trustees of the scheme to be deferred into the year ending December 31, 2021.

The following table presents the components of our net periodic pension benefit cost:

	Six Months Ended June 30,
	2021			2020
	(in millions)
Components of net periodic pension benefit cost:
Interest cost	$	0.8		$	1.1
Expected return on plan assets		(1.4	)		(1.5	)
Net periodic benefit	$	(0.6	)	$	(0.4	)

The following table sets forth the estimate of the combined funded status of the pension plans and their reconciliation to the related amounts recognized in our consolidated financial statements at the respective measurement dates:

	June 30, 2021			December 31, 2020
	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of period	$	127.8		$	110.4
Interest cost		0.8			2.2
Actuarial (gain)/loss		(7.1	)		14.5
Benefits paid		(1.3	)		(4.1	)
Foreign currency translation adjustments		1.6			4.8
Benefit obligation at end of period	$	121.8		$	127.8
Change in plan assets:
Fair value of plan assets at beginning of period	$	118.7		$	107.3
Actual (loss)/gain on plan assets		(0.6	)		9.8
Employer contributions		0.6			1.6
Benefits paid		(1.3	)		(4.1	)
Foreign currency translation adjustments		1.4			4.1
Fair value of assets at end of period	$	118.8		$	118.7
Amount recognized in the consolidated balance sheets:
Unfunded status (non-current)	$	(3.0	)	$	(9.1	)
Net amount recognized	$	(3.0	)	$	(9.1	)