18. Pension Schemes

The Group Scheme, which ceased to admit new employees from April 2004, is a funded scheme with assets, held in a separate trustee administered fund which is independently managed. A 2 February 2008 and 3 February 2007 measurement date was used in determining the Group's scheme benefit obligation and fair value of plan assets. Contributions to the Group Scheme were assessed as at 5 April 2006.

The following schedules provide information concerning the Group Scheme as of and for the fiscal years ended:

Amounts recognized in accumulated other comprehensive income/(loss)consistsof:

The estimated actuarial loss, and prior service cost for the Group Scheme that will be amortized from accumulated other comprehensive income/(loss) into net periodic benefit cost over the next fiscal year are $2.0 million and $1.2 million, respectively.

The accumulated benefit obligation for the Group Scheme was $240.4 million, $246.9 million and $235.0 million at 2 February 2008, 3 February 2007 and 28 January 2006 respectively.

The components of net periodic pension cost and other amounts recognized in other comprehensive income/(loss) for the Group Scheme are as follows:

Amount recognized in the balance sheet upon application of SFAS 158:

The discount rate is based upon published rates for high-quality fixed-income investments that produce cash flows that approximate the timing and amount of expected future benefit payments.

The expected return on the Group Scheme assets assumption, is based upon the historical return and future expected returns for each asset class, as well as the target asset allocation of the portfolio of Group Scheme assets. The expected return is adjusted for an allowance for Group Scheme expenses.

The composition of the assets in the Group Scheme was as follows:

The long term target allocation for the Group Scheme's assets is equities 68 per cent, bonds 27 per cent and property 5 per cent.

The Group's overall investment strategy is guided by an objective of achieving a return on the investments, which is consistent with the long term return assumptions to ensure the Group Scheme obligations are met. There is no investment by the Group Scheme in the shares of the Company or in property occupied by or other assets used by the Group. The Group expects to contribute a minimum of $7.4 million to the Group Scheme in 2008/09.

The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the Group Scheme:

In June 2004, the Group introduced a defined contribution plan which replaced the Group Scheme for new UK employees. The contributions to this scheme in the period were $0.2 million (2006/07: $0.2 million; 2005/06: $0.1 million).

In the US, the Group sponsors a defined contribution 401(k) retirement savings plan for all eligible employees who meet minimum age and service requirements. The assets of this plan are held in a separate trust and the Group matches 25 per cent of up to the first 6 per cent of employee elective salary deferrals. The Group's contributions to this plan in the 52 weeks 2 February 2008 were $4.8 million (2006/07: $4.1 million, 2005/06: $4.1 million). The Group has also established, in the US, an unfunded, non-qualified deferred compensation plan ("DCP") which permits certain management employees to elect annually to defer all or a portion of their remuneration and earn interest on the deferred amounts. The DCP also provides for a Group matching contribution based on each participant's annual remuneration deferral. In connection with this plan, the Group has invested in trust-owned life insurance policies. The cost recognized in connection with the DCP in the year were $1.7 million (2006/07: $1.6 million, 2005/06: $1.5 million).