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Pension and Post-Employment Benefits | 6 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
Pension and Post-Employment Benefits | NOTE 6 – PENSION AND POST EMPLOYMENT BENEFITS The Company maintains a defined benefit pension plan covering certain current and former employees in the United Kingdom (the “UK Plan”). The UK Plan is closed to future service accrual and has a large number of deferred and current pensioners. The Company also maintains an unfunded defined benefit pension plan covering certain current and former employees in Germany (the “German plan”). The German plan is closed to new entrants and has no assets. The net periodic benefit of these plans is shown in the following table:
|  | Three months Ended June 30 |  |  | Six Months Ended June 30 |
(in millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | (0.6 | ) |  | $ | (0.5 | ) |  | $ | (1.2 | ) |  | $ | (0.9 | )
Interest cost on projected benefit obligation |  |  | (2.6 | ) |  |  | (1.9 | ) |  |  | (5.4 | ) |  |  | (3.8 | )
Expected return on plan assets |  |  | 4.2 |  |  |  | 3.9 |  |  |  | 8.5 |  |  |  | 7.8 |
Amortization of prior service cost |  |  | (0.2 | ) |  |  | — |  |  |  | (0.3 | ) |  |  | (0.1 | )
Amortization of actuarial net losses |  |  | (0.2 | ) |  |  | (0.6 | ) |  |  | (0.3 | ) |  |  | (1.3 | )
Net periodic benefit |  | $ | 0.6 |  |  | $ | 0.9 |  |  | $ | 1.3 |  |  | $ | 1.7 |
The service cost has been recognized in selling, general and administrative expenses. All other items have been recognized within other income and expense. The amortization of prior service cost and actuarial net losses are a reclassification out of accumulated other comprehensive loss into other income and expense. In addition, we have obligations for post-employment benefits in some of our other European businesses. As at June 30, 2022, we have recorded a liability of $4.3 million (December 31, 2021 – $4.6 million). In May 2022, the Trustees of the UK Plan entered into an agreement with Legal and General Assurance Society Limited to acquire an insurance policy that operates as an investment asset, with the intent of matching the remaining uninsured part of the UK Plan’s future cash flow arising from the accrued pension liabilities of members. Such an arrangement is commonly termed as a “buy-in”. The buy-in reduces the UK Plan’s value at risk in relation to key risks associated with improved longevity, inflation and interest rate movements whilst improving the security to the UK Plan and its members. The Company consequently benefits from the buy-in as it reduces the UK Plan’s potential reliance on the Company for future cash funding requirements. In accordance with US GAAP the buy-in does not trigger a remeasurement at an interim period, so accounting entries to reflect this will be included in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2022.

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