National Grid 2015 Annual Report Download - page 131

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22. Pensions and other post-retirement benefits continued
UK pensions US pensions US other post-retirement benefits
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
Changes in the present value
ofdefined benefit obligations
(including unfunded obligations)
Opening defined benefit obligations (18,162) (18,561) (16,775) (4,752) (5,115) (4,611) (2,680) (3,020) (2,630)
Current service cost (70) (96) (90) (77) (85) (87) (39) (44) (43)
Interest cost (762) (780) (788) (235) (221) (232) (130) (123) (133)
Actuarial gains/(losses) – experience 100 16 74 (22) (22) 185 47 60
Actuarial losses – demographic
assumptions (95) – – (125) (129) 5(122) (154) (18)
Actuarial (losses)/gains – financial
assumptions (1,980) 436 (1,765) (486) 57 (245) (280) 49 (218)
Past service (cost)/credit –
redundancies (1) 19 7–16 36 –119 5
Special termination benefit cost –
redundancies (20) (39) (20) –– – –– –
Past service cost – augmentations (7) (15) (2) –– – –– –
Past service credit – plan amendments –11 –(1) – – –19 –
Medicare subsidy received –– – –– – (19) (17) (19)
Liabilities extinguished on settlements –– – –– – –60 –
Employee contributions (2) (2) (3) –– – –– –
Benefits paid 874 849 801 269 291 269 125 117 123
Exchange adjustments –– – (626) 456 (251) (352) 267 (147)
Closing defined benefit obligations (20,125) (18,162) (18,561) (6,055) (4,752) (5,115) (3,412) (2,680) (3,020)
Changes in the fair value
ofplanassets
Opening fair value of plan assets 17,409 17, 3 9 2 16,107 4,229 4,378 3,850 1,620 1,515 1,19 2
Interest income 735 733 757 210 194 198 81 69 63
Return on assets greater/(less)
thanassumed 1,929 (98) 1,131 225 175 204 –108 57
Administration costs (6) (6) (6) (7) (5) (4) (1) (1) (2)
Employer contributions 258 235 201 126 174 224 124 187 262
Employee contributions 22 3 –– – –– –
Benefits paid (874) (849) (801) (269) (291) (269) (125) (117 ) (123)
Assets distributed in settlements
andtransfers –– – ––(39) ––(6)
Exchange adjustments –– – 538 (396) 214 204 (141) 72
Closing fair value of plan assets 19,453 17, 4 0 9 17, 3 9 2 5,052 4,229 4,378 1,903 1,620 1,515
Actual return on plan assets 2,664 635 1,888 435 369 402 81 177 120
Expected contributions to plans
inthe following year 225 182 181 204 118 183 104 109 196
Financial Statements
NATIONAL GRID ANNUAL REPORT AND ACCOUNTS 2014/15 129