BT 2013 Annual Report Download - page 135
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Financial statements
133
Financial statements
19. Retirement benefit plans continued
Management of the scheme
BT Pension Scheme Trustees Limited (the Trustee) has been appointed by BT as an independent Trustee to administer and manage the scheme on
behalf of the members in accordance with the terms of the Trust Deed of the scheme and relevant legislation. Under the terms of the Trust Deed
there are nine Trustee directors all of whom are appointed by BT. The chairman of the Trustee is appointed after consultation with, and with the
agreement of, the relevant trade unions who are also responsible for nominating four directors to act as representatives of the members. Of the
remaining four directors, two will normally hold senior positions within the group, and two will normally hold (or have held) senior positions in
commerce or industry. Subject to there being an appropriately qualified candidate at least one of the Trustee directors should be a current pensioner
or deferred pensioner of the BTPS. Trustee directors are appointed for a three-year term, but are then eligible for re-appointment.
Further details of the governance of the BTPS, its financial position, performance of its investments and a summary of member benefits are
available in the BTPS Annual Report that is expected to be published by the Trustee in June 2013.
Accounting under IAS 19
Group income statement
The expense or income arising from all group retirement benefit arrangements recognised in the group income statement is shown below.
2013 2012 2011
Year ended 31 March £m £m £m
Recognised in the income statement before specific items
Current service cost:
– defined benefit plans 225 267 297
– defined contribution plans 136 126 119
Total operating expense 361 393 416
Specific items (note 9)
Interest expense on pension plan liabilities 1,975 2,092 2,323
Expected return on pension plan assets (2,006) (2,289) (2,244)
Net interest (income) expense included in specific items (31) (197) 79
Total recognised in the income statement 330 196 495
Group statement of comprehensive income
Actuarial gains and losses arise on both defined benefit liabilities and plan assets due to changes in assumptions compared with the start of the year
and actual experience being different from those assumptions. These are recognised in full in the group statement of comprehensive income in the
year in which they arise.