Pension Plan

6 Months Ended

Jun. 30, 2024

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. The latest actuarial valuation of the scheme (as at March 31, 2021), which was finalized in June 2022, determined that the statutory funding objective was not met, i.e., there were insufficient assets to cover the scheme’s technical provisions and there was a funding shortfall.

In June 2022, a recovery plan was put in place to eliminate the funding shortfall. The plan expects the shortfall to be eliminated by October 31, 2026.

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

	Six Months Ended June 30,
	2024			2023
	(in millions)
Components of net periodic pension cost:
Interest cost	$	1.8		$	1.7
Expected return on plan assets		(2.0	)		(1.9	)
Amortization of net loss		0.6			0.5
Net periodic cost	$	0.4		$	0.3