BP 2012 Annual Report Download - page 246

37. Pensions and other post-retirement benefits continued
$ million
2010
UK
pension
plans
US
pension
plans
US other
post-
retirement
benefit
plans
Other
plans Total
Analysis of the amount charged to profit before interest and taxation
Current service costa393 241 48 120 802
Past service cost –––33
Settlement, curtailment and special termination benefits 24 – – 161 185
Payments to defined contribution plans 1 187 – 35 223
Total operating chargeb418 428 48 319 1,213
Analysis of the amount credited (charged) to other finance expense
Expected return on plan assets 1,580 465 1 178 2,224
Interest on plan liabilities (1,183) (396) (169) (429) (2,177)
Other finance income (expense) 397 69 (168) (251) 47
Analysis of the amount recognized in other comprehensive income
Actual return less expected return on pension plan assets 1,577 425 (1) 36 2,037
Change in assumptions underlying the present value of the plan liabilities (1,144) (498) (132) (489) (2,263)
Experience gains and losses arising on the plan liabilities 12 (167) (8) 69 (94)
Actuarial (loss) gain recognized in other comprehensive income 445 (240) (141) (384) (320)
aThe costs of managing the plan’s investments are treated as being part of the investment return, the costs of administering our pension plan benefits are generally included in current service cost and
the costs of administering our other post-retirement benefit plans are included in the benefit obligation.
bIncluded within production and manufacturing expenses and distribution and administration expenses.
At 31 December 2012, reimbursement balances due from or to other companies in respect of pensions amounted to $732 million reimbursement
assets (2011 $546 million) and $15 million reimbursement liabilities (2011 $13 million). These balances are not included as part of the pension surpluses
and deficits, but are reflected within other receivables and other payables in the group balance sheet.
$ million
2012 2011 2010 2009 2008
History of surplus (deficit) and of experience gains and losses
Benefit obligation at 31 December 52,203 46,082 41,912 40,073 34,847
Fair value of plan assets at 31 December 38,666 34,081 34,231 31,453 26,154
Deficit (13,537) (12,001) (7,681) (8,620) (8,693)
Experience losses on plan liabilities (222) (123) (94) (421) (178)
Actual return less expected return on pension plan assets 1,651 (2,042) 2,037 2,549 (10,253)
Actual return on plan assets 4,018 460 4,261 4,528 (7,331)
Actuarial loss recognized in other comprehensive income (2,335) (5,960) (320) (682) (8,430)
Cumulative amount recognized in other comprehensive income (12,237) (9,902) (3,942) (3,622) (2,940)
Estimated future benefit payments
The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, up until 2022 are as follows:
$ million
UK
pension
plans
US
pension
plans
US
other post-
retirement
benefit
plans
Other
plans Total
2013 1,115 813 167 560 2,655
2014 1,163 829 169 568 2,729
2015 1,211 847 171 567 2,796
2016 1,268 851 173 561 2,853
2017 1,276 849 173 554 2,852
2018-2022 7,059 4,003 851 2,659 14,572
244 Financial statements
BP Annual Report and Form 20-F 2012