BT 2009 Annual Report Download - page 125

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ADDITIONAL INFORMATION FINANCIAL STATEMENTS REPORT OF THE DIRECTORS BUSINESS AND FINANCIAL REVIEWS OVERVIEW
FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
123BT GROUP PLC ANNUAL REPORT & FORM 20-F
FINANCIAL STATEMENTS
29. Retirement benefit plans continued
The present value of the obligation is derived from long-term cash flow projections and is thus inherently uncertain. The benefits payable
by the BTPS are expected to be paid as follows:
Forecast benefits payable by the BTPS at 31 March 2009
£m
An analysis of actuarial gains and losses and the actual return on plan assets is shown below:
2009 2008 2007
£m £m £m
Actuarial (loss) gain recognised in the year (7,037) 2,621 1,409
Cumulative actuarial (losses) gains (591) 6,446 3,825
Actual return on plan assets (6,830) (124) 3,285
Changes in the present value of the defined benefit pension obligation are as follows:
2009 2008
£m £m
Opening defined benefit pension obligation (34,669) (38,779)
Current service cost (459) (576)
Interest cost (2,308) (2,028)
Contributions by employees (18) (19)
Actuarial gain 2,414 5,193
Business combinations (4) –
Benefits paid 1,741 1,559
Exchange differences (23) (19)
Closing defined benefit pension obligation (33,326) (34,669)
Changes in the fair value of plan assets are as follows:
2009 2008
£m £m
Opening fair value of plan assets 37,448 38,390
Expected return 2,621 2,448
Actuarial loss (9,451) (2,572)
Regular contributions by employer 441 388
Deficiency contributions by employer – 320
Contributions by employees 18 19
Benefits paid (1,741) (1,559)
Exchange differences 17 14
Closing fair value of plan assets 29,353 37,448
31 Mar
2033
31 Mar
2010
31 Mar
2056
31 Mar
2079
31 Mar
2102
0
500
1,000
1,500
2,000
2,500
3,000
3,500