National Grid 2008 Annual Report Download - page 652

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 45997
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 125
Description: EXHIBIT 15.1
0/5321.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/321/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 45997
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 125 Description: EXHIBIT 15.1
0/5321.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/321/5*
Table of Contents
Annual Report and Accounts 2007/08
133
5. Pensions and other post-retirement benefits continued
The amounts recognised in the balance sheet with respect to pensions and other post-retirement benefits are as follows:
Pensions US other post-retirement benefits
2008 2007 2006 2008 2007 2006
£m £m £m £m £m £m
Present value of funded obli
g
ations
(
16,233
)
(
16,044
)
(
16,520
)
(
1,784
)
(
1,126
)
(
1,223
)
Fair value of
p
lan assets 16,536 15,468 15,341 737 531 568
303
(
576
)
(
1,179
)
(
1,047
)
(
595
)
(
655
)
Present value of unfunded obli
g
ations
(
158
)
(
83
)
(
96
)
–
–
–
Other
p
ost-em
p
lo
y
ment liabilities
–
–
–
(
34
)
(
33
)
(
34
)
Unrecognised past service cost – – – 36 42 49
Net asset/
(
liabilit
y)
in the balance sheet 145
(
659
)
(
1,275
)
(
1,045
)
(
586
)
(
640
)
Liabilities
(
701
)
(
696
)
(
1,275
)
(
1,045
)
(
586
)
(
640
)
Assets 846 37
–
–
–
–
Net asset/
(
liabilit
y)
145
(
659
)
(
1,275
)
(
1,045
)
(
586
)
(
640
)
Changes in the present value of the defined benefit
obli
g
ation
Opening defined benefit obligation (including unfunded
obligations) (16,127) (16,616) (15,769) (1,126) (1,223) (1,068)
Current service cost
(
127
)
(
115
)
(
119
)
(
22
)
(
15
)
(
16
)
Interest cost
(
912
)
(
808
)
(
828
)
(
89
)
(
63
)
(
63
)
Actuarial
g
ains/
(
losses
)
1,335 450
(
1,300
)
8
(
4
)
(
40
)
Curtailment gain on redundancies 16 10 24 4 – –
Curtailment
g
ain on sale of subsidiar
y
undertakin
g
12
–
–
–
–
–
Curtailment gain/settlement on sale of distribution
networks
–
–
757
–
–
–
Net transfers and disposals 8 (1) 15 – – –
Gains on settlements
–
–
20
–
–
–
S
p
ecial termination benefits
(
80
)
(
23
)
(
45
)
(
1
)
–
–
Curtailment cost
–
au
g
mentations
(
3
)
(
3
)
(
5
)
–
–
–
Acquisition of subsidiary undertakings (1,362) (89) – (639) (19) –
Plan amendments
(
5
)
–
–
–
(
6
)
–
Em
p
lo
y
ee contributions
(
15
)
(
14
)
(
14
)
–
–
–
Benefits
p
aid
(
includin
g
unfunded obli
g
ations
)
875 845 775 78 62 59
Transferred to liabilities of businesses held for sale
–
48
–
–
–
–
Exchange adjustments (6) 189 (127) 3 142 (95)
Closing defined benefit obligation (including unfunded
obligations) (16,391) (16,127) (16,616) (1,784) (1,126) (1,223)
Changes in the fair value of plan assets
O
p
enin
g
fair value of
p
lan assets 15,468 15,341 14,077 531 568 488
Ex
p
ected return on
p
lan assets 1,014 887 862 50 41 41
Actuarial
(
losses
)
/
g
ains
(
838
)
(
93
)
1,497
(
73
)
12 24
Assets distributed on settlements and transfers (16) – (623) – – –
Transfers
(
out
)
/in
(
8
)
1
–
–
–
–
Em
p
lo
y
er contributions 465 276 191 46 28 30
Em
p
lo
y
ee contributions 15 14 14
–
–
–
Acquisition of subsidiary undertakings 1,302 82 – 259 7 –
Benefits
p
aid
(
875
)
(
845
)
(
774
)
(
76
)
(
58
)
(
59
)
Transferred to liabilities of businesses held for sale
–
(
46
)
–
–
–
–
Exchan
g
e ad
j
ustments 9
(
149
)
97
–
(
67
)
44
Closin
g
fair value of
p
lan assets 16,536 15,468 15,341 737 531 568
Actual return on plan assets 176 794 2,359 (23) 53 65
Expected contributions to defined benefit plans in
the followin
g
y
ear 581 307 153 128 27 50