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48 National Grid Gas plc Annual Report and Accounts 2009/10
5. Pensions
2010 2009
£m £m
Amounts recognised in the consolidated balance sheet of National Grid pl
c
Present value of funded obligations (13,483) (10,771)
Fair value of plan assets 13,352 11,040
(131) 269
Present value of unfunded obligations (23) (15)
Net (liability)/asset (154) 254
2010 2009
£m £m
Changes in the present value of the defined benefit obligation
Opening defined benefit obligation (including unfunded obligations) (10,786) (11,831)
Current service cost (37) (47)
Interest cost (713) (762)
A
ctuarial (losses)/gains (2,607) 1,244
Curtailment gains on redundancies 63
Special termination benefits (17) (11)
Curtailment cost - augmentations (3) (5)
Employee contributions (5) (7)
Benefits paid (including unfunded obligations) 656 630
Closing defined benefit obligation (including unfunded obligations) (13,506) (10,786)
2010 2009
£m £m
Changes in the fair value of plan assets
Opening fair value of plan assets 11,040 12,660
Actual return on plan assets 2,822 (1,356)
Employer contributions 156 373
Employee contributions 57
Benefits paid (including unfunded obligations) (656) (630)
Expenses paid (15) (14)
Closing fair value of plan assets 13,352 11,040
Expected contributions to defined benefit plans in the following year 65 120
The following disclosures relate to the scheme as a whole and include amounts not recognised in these financial statements, but which are
recognised in the consolidated financial statements of National Grid plc.
Substantially all of NGG's employees are members of the defined benefit section of the National Grid UK Pension Scheme. There is no
contractual arrangement or stated policy for charging the net defined benefit cost of the scheme to NGG. Accordingly, the Company accounts
for the scheme as if it were a defined contribution scheme. For further details regarding the nature and terms of the scheme and the actuarial
assumptions used to value the associated assets and pension obligations, refer to note 26.