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127Experian Annual Report 2009
Introduction
2 – 7
Business review
8 – 43
Governance
44 – 72
Financial statements
Group nancial statements
28. Retirement benet assets/obligations (continued)
Assets of the Group’s dened benet plans and their expected
long-term rates of return
Fair value Return Fair value Return
2009 2009 2008 2008
US$m % p.a. US$m % p.a.
Equities 345 8.7 693 9.1
Fixed interest securities 214 6.0 343 5.7
Other 36 6.5 9 5.1
595 7.5 1,045 8.0
The overall return has been determined by considering the mix of returns anticipated on the assets held in accordance with
the current investment policy. Expected yields on xed interest securities are based on gross redemption yields as at the
balance sheet date. Expected returns on equities and other assets reect the long-term real rates of return experienced in the
respective markets.
History of experience gains and losses
2009 2008 2007 2006 2005
US$m US$m US$m US$m US$m
Present value of dened benet obligations (653) (913) (984) (1,989) (2,025)
Fair value of plans’ assets 595 1,045 1,069 2,020 1,814
Net pension (obligations)/assets (58) 132 85 31 (211)
Experience adjustment arising on dened benet obligations:
Losses/(gains) 1 8 (5) 2 (110)
Experience adjustment arising on plans’ assets:
Losses/(gains) 236 101 53 (241) –
29. Deferred tax
(a) Net deferred tax (liabilities)/assets
2009 2008
US$m US$m
At 1 April (144) 35
Differences on exchange 37 (11)
Income statement charge (note 10) (58) (38)
Business combinations (note 33(a)) (13) (90)
Tax charged to equity 59 (16)
Disposal of subsidiaries (note 33(b)) (3) –
Tr a n s f e r s – (24)
At 31 March (122) (144)
Net deferred tax (liabilities)/assets have been presented in the Group balance sheet as follows:
Deferred tax assets 13 26
Deferred tax liabilities (135) (170)
(122) (144)
The movement in gross deferred tax assets and liabilities, without taking into consideration the offsetting of balances within
the same tax jurisdiction, is shown below.