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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2012
Employee Benefit Plans  
Employee Benefit Plans

13          Employee Benefit Plans

 

Pension Plan

 

The Company operates a defined contribution group personal pension plan for all of its U.K. based employees. Company contributions to the plan totaled approximately $0.2 million for the year ended December 31, 2009 and $0.1 million for the years ended December 31, 2011 and 2012.

 

401(k) Plan

 

The 401(k) Plan provides for matching contributions by the Company in an amount equal to the lesser of 100% of the employee’s deferral or 6% of the U.S. employee’s qualifying compensation. The 401(k) Plan is intended to qualify under Section 401(k) of the Internal Revenue Code, so that contributions to the 401(k) Plan by employees or by the Company, and the investment earnings thereon, are not taxable to the employees until withdrawn. Company matching contributions are tax deductible by the Company when made. Company employees may elect to reduce their current compensation by up to the statutorily prescribed annual limit of $17,000 if under 50 years old and $22,500 if over 50 years old in 2012 and to have those funds contributed to the 401(k) Plan. For each of the years ended December 31, 2010, 2011 and 2012, the Company made contributions of approximately $0.1 million to the 401(k) Plan.