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44 National Grid Gas plc Annual Report and Accounts 2010/11
5. Pensions
2011 2010
£m £m
Amounts recognised in the consolidated balance sheet of National Grid pl
c
Present value of funded obligations (13,353) (13,483)
Fair value of plan assets 13,755 13,352
402 (131)
Present value of unfunded obligations (25) (23)
Net asset/(liability) 377 (154)
2011 2010
£m £m
Changes in the present value of the defined benefit obligation (including unfunded obligations
)
Opening defined benefit obligation (13,506) (10,786)
Current service cost (64) (37)
Interest cost (739) (713)
A
ctuarial gains/(losses) 292 (2,607)
Curtailment gains on redundancies 86
Special termination benefits (12) (17)
Curtailment cost - augmentations (1) (3)
Employee contributions (1) (5)
Benefits paid 645 656
Closing defined benefit obligation (13,378) (13,506)
2011 2010
£m £m
Changes in the fair value of plan assets
Opening fair value of plan assets 13,352 11,040
Expected return 827 665
Actuarial gains 141 2,142
Employer contributions 79 156
Employee contributions 15
Benefits paid (645) (656)
Closing fair value of plan assets 13,755 13,352
Expected contributions to defined benefit plans in the following year 70 65
Substantially all of National Grid Gas plc'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 National Grid Gas plc.
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.
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.