Aviva 2013 Annual Report Download - page 210

Aviva plc
Annual report and accounts 2013
208
Notes to the consolidated financial statements continued
49 – Pension obligations continued
(c) Defined contribution (money purchase) section of the ASPS
The trustees have responsibility for selecting a range of suitable funds in which the members can choose to invest and for
monitoring the performance of the available investment funds. Members are responsible for reviewing the level of contributions
they pay and the choice of investment fund to ensure these are appropriate to their attitude to risk and their retirement plans.
Members of this section contribute at least 2% of their pensionable salaries and, depending on the percentage chosen, the
Company contributes up to a maximum 14%, together with the cost of the death-in-service benefits. These contribution rates
are unchanged for 2014. The amount recognised as an expense for defined contribution schemes is shown section (d) below.
(d) Charge to staff costs in the income statement
The total pension (credit)/charge to staff costs for all of the Group’s defined benefit and defined contribution schemes were:
2013
£m
2012
£m
Continuing operations
UK defined benefit schemes 19 12
Overseas defined benefit schemes1 (147) 7
Total defined benefit schemes (note 11(b)) (128) 19
UK defined contribution schemes 90 91
Overseas defined contribution schemes 17 11
Total defined contribution schemes (note 11(b)) 107 102
Total (credit)/charge from continuing operations (21) 121
Total charge from discontinuing operations 9 5
Total (credit)/charge for pension schemes (12) 126
1 Includes £145 million gain relating to plan amendments to the Irish Scheme.
There were no significant contributions payable or prepaid in the consolidated statement of financial position as at either
31 December 2013 or 2012.
50 – Borrowings
Our borrowings are either core structural borrowings or operational borrowings. This note shows the carrying values and
contractual maturity amounts of each type, and explains their main features and movements during the year.
(a) Analysis of total borrowings
Total borrowings comprise:
2013
£m
Restated1
2012
£m
Core structural borrowings, at amortised cost 5,125 5,139
Operational borrowings, at amortised cost 1,410 1,853
Operational borrowings, at fair value 1,313 1,332
2,723 3,185
7,848 8,324
Less: Amounts classified as held for sale (29) (145)
7,819 8,179
1 Restated for the adoption of IFRS 10. See note 1 for further details.
(b) Core structural borrowings
(i) The carrying amounts of these borrowings are:
2013 2012
Upper Tier 2
£m
Lower Tier 2
£m
Senior
£m
Total
£m
Upper Tier 2
£m
Lower Tier 2
£m
Senior
£m
Total
£m
Subordinated debt
6.125% £700 million subordinated notes 2036 — 692 — 692 — 691 — 691
5.250% €650 million subordinated notes 2023 — — — — — 527 — 527
5.700% €500 million undated subordinated notes 415 — — 415 404 — — 404
6.125% £800 million undated subordinated notes 793 — — 793 792 — — 792
6.125% €650 million subordinated notes 2043 — 537 — 537 — — — —
6.875% £400 million subordinated notes 2058 — 395 — 395 — 395 — 395
6.875% £200 million subordinated notes 2058 — 199 — 199 — 199 — 199
6.875% €500 million subordinated notes 2018 — 415 — 415 — 404 — 404
10.6726% £200 million subordinated notes 2019 — 200 — 200 — 200 — 200
10.464% €50m subordinated notes 2019 — 42 — 42 — 40 — 40
8.25% $400 million subordinated notes 2041 — 236 — 236 — 239 — 239
6.625% £450 million subordinated notes 2041 — 446 — 446 — 446 — 446
1,208 3,162 — 4,370 1,196 3,141 — 4,337
Debenture Loans
9.5% guaranteed bonds 2016 — — 199 199 — — 199 199
— — 199 199 — — 199 199
Commercial paper — — 556 556 — — 603 603
Total 1,208 3,162 755 5,125 1,196 3,141 802 5,139