Barclays 2011 Annual Report Download - page 264

Notes to the financial statements
For the year ended 31 December 2011 continued
39 Pensions and post retirement benefits continued
Amounts recognised
The following tables include: the amounts recognised in the income statement, an analysis of benefit obligations and an analysis of scheme assets for
all Group schemes. The net position is reconciled to the assets and liabilities recognised on the balance sheet. The tables include funded and unfunded
post-retirement benefits.
Income statement charge 2011
£m
2010
£m
2009a
£m
Current service cost 348 349 291
Interest cost 1,154 1,146 1,001
Expected return on scheme assets (1,176) (1,122) (935)
Recognised actuarial loss 57 75 96
Past service cost 23 (233) 6
Curtailment or settlements 3 16 (473)
Total 409 231 (14)
Balance sheet reconciliation 2011 2010
Total
£m
Of which
relates to
UKRF
£m
Total
£m
Of which
relates to
UKRF
£m
Benefit obligation at beginning of the year (21,801) (20,173) (20,646) (19,209)
Current service cost (348) (300) (349) (293)
Interest cost (1,154) (1,053) (1,146) (1,049)
Past service cost (23) – 238 240
Actuarial loss (569) (418) (590) (522)
Benefits paid 802 684 779 678
Exchange and other movements 99 (3) (87) (18)
Benefit obligation at end of the year (22,994) (21,263) (21,801) (20,173)
Fair value of scheme assets at beginning of the year 18,905 17,621 16,700 15,675
Expected return on scheme assets 1,176 1,094 1,122 1,031
Employer contribution 2,220 2,128 728 666
Actuarial gain 1,419 1,470 1,012 995
Benefits paid (802) (684) (779) (678)
Exchange and other movements (170) (89) 122 (68)
Fair value of scheme assets at the end of the year 22,748 21,540 18,905 17,621
Net (deficit)/asset (246) 277 (2,896) (2,552)
Unrecognised actuarial losses 1,728 1,403 2,657 2,501
Net recognised asset/(liability) 1,482 1,680 (239) (51)
Recognised assets 1,803 1,680 126 –
Recognised liabilities (321) – (365) (51)
Net recognised asset/(liability) 1,482 1,680 (239) (51)
As at 31 December 2011, the UKRF’s IAS 19 scheme assets exceeded obligations by £277m (2010: deficit of £2,552m). The most significant drivers for
this change were favourable asset performance and deficit contributions paid over the year.
Included within the benefit obligation was £1,560m (2010: £1,470m) relating to overseas pensions and £171m (2010: £158m) relating to other
post-retirement benefits. Of the benefit obligations of £22,994m (2010: £21,801m), £334m (2010: £258m) were wholly unfunded.
Note
a Includes £3m relating to discontinued operations.
262 Barclays PLC Annual Report 2011 www.barclays.com/annualreport