National Grid 2014 Annual Report Download - page 126
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Notes to the consolidated
financial statements continued
22. Pensions and other post-retirement benefits continued
Amounts recognised in the income statement and the statement of other comprehensive income
UK pensions US pensions US other post-retirement benefits
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
Included within operating costs
Administration costs 66 6 54 5 12 1
Included within payroll costs
Defined contribution scheme costs 19 16 13 21 23 25 –– –
Defined benefit scheme costs
Current service cost 96 90 84 85 87 75 44 43 37
Past service cost – augmentations 15 2 2 –– – –– –
Past service (credit)/cost –
redundancies (19) (7) (6) ––19 ––23
Past service credit – plan
amendments (11) – – –– – –– –
Special termination benefit cost
– redundancies 39 20 19 –– – –– –
139 121 112 106 110 119 44 43 60
Included within exceptional items
LIPA MSA transition –– – (16) – – (198) – –
Net (gain)/loss on disposal
ofbusinesses ––(6) –3 – –1 –
––(6) (16) 3 – (198) 1 –
Included within finance income
andcosts
Net interest cost 47 31 127 34 26 54 70 76
Total included in income statement 192 158 113 122 151 150 (99) 116 137
Remeasurements of net retirement
benefit obligations 354 (560) (676) 81 (35) (367) 50 (119) (97)
Exchange adjustments –– – 60 (37) (2) 126 (75) (6)
Total included in the statement of
other comprehensive income 354 (560) (676) 141 (72) (369) 176 (194) (103)
1. See note 1 on page 92.
Reconciliation of the net defined benefit liability
UK pensions US pensions US other post-retirement benefits
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
Opening net defined benefit liability (1,169) (668) (90) (740) (766) (484) (1,588) (1,504) (1,452)
(Cost)/credit recognised in the
incomestatement (173) (142) (100) (101) (128) (125) 99 (116) (137)
Remeasurement effects recognised
inthe statement of other
comprehensive income 354 (560) (676) 141 (72) (369) 176 (194) (103)
Employer contributions 235 201 198 174 224 217 187 262 198
Other movements –– – 32(5) (9) (36) (10)
Closing net defined benefit liability (753) (1,169) (668) (523) (740 ) (766) (1,135) (1,588) (1,504)
1. See note 1 on page 92.
124 National Grid Annual Report and Accounts 2013/14