Page 103 - Pobl Annual Report FY25

Annual Report 2025 101
Notes to the Financial Statements
for the year ended 31 March 2025
Pobl Group has the following defined benefit pension assets and liabilities:
Assets Group Company
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Swansea Pension Fund 1,706 2,636 - -
Dyfed Pension Fund - - - -
1,706 2,636 - -
Liabilities Group Company
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Pobl Scheme (12,830) (20,557) (5,629) (8,999)
Pobl Pension Scheme (“the Pobl Scheme”)
The Pobl Pension Scheme was established with effect from the 1 February 2024 following a bulk transfer from the
Social Housing Pension Scheme (SHPS).
The Board’s overarching aim is to provide a pension scheme that is optimised for the benefit of Pobl and its
colleagues. All benefits which members enjoyed within SHPS (including life cover) continue within the Pobl
Scheme, with the added benefit of the lower contribution rates. The CARE 80th scheme remains open to new
members with the CARE 60th closed to new members as was the case prior to the transfer.
The Pobl Scheme is a separate trustee administered fund holding the Scheme assets to meet long term pension
liabilities. An actuarial valuation is being carried out as at 30 September 2024 and the preliminary results of this
have been updated to 31 March 2025 by a qualified actuary, independent of the Scheme's sponsoring employer.
The Pobl Scheme remains under the oversight of the trustee, TPT Retirement Solutions (TPT). Under the bulk
transfer arrangement, all assets and liabilities of the SHPS scheme which relate to Pobl were transferred into a
separate scheme within TPT’s master trust.
TPT as trustee is responsible for ensuring the Pobl Scheme is managed responsibly and in line with regulations,
which includes ensuring decisions are made that enable the scheme to meet its financial commitments. The
Pension Regulator protects the UK’s workplace pensions, making sure employers and trustees fulfil their duties to
scheme members. TPT is required to carry out an actuarial valuation each pension scheme every three years.
Until completion of the Scheme's first actuarial valuation, the Employer and Trustee agreed an interim Schedule of
Contributions whereby the Employer will pay deficit contributions, increasing on each 1 April by 5.5% with the first
increase on 1 April 2025. Contributions in respect of future accrual of benefits are payable at the rates set out in the
interim Schedule of Contributions.
The Employer will also make payments in respect of Scheme expenses. Separately, the Employer will pay the
Pension Protection Fund levy, any Group life assurance costs and any FRS102 accounting support cost due to the
Scheme.
Scheme benefits review - We have been notified by the Trustee of the Scheme that it has performed a review of
the changes made to the Scheme’s benefits over the years and the result is that there is uncertainty surrounding
some of these changes. The Trustee has been advised to seek clarification from the Court on these items. This
process is ongoing and the matter is unlikely to be resolved before the end of 2025 . It is recognised that this could
potentially impact the value of Scheme liabilities, but given the current level of uncertainties, it is not possible to
calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time. No
adjustment has been made in these financial statements in respect of this potential issue.
26. Pensions