Unilever 2004 Annual Report Download - page 127
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124 Unilever Annual Report and Accounts 2004
Notes to the consolidated accounts
Unilever Group
18 Pensions and similar obligations (continued)
Balance Sheet
The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans and the expected rates of return on
the plan assets, at the balance sheet date, were:
€ million € million % € million € million % € million € million %
31 December 2004 31 December 2003 31 December 2002
Other post- Long-term Other post- Long-term Other post- Long-term
employment rates of employment rates of employment rates of
Pension benefit return Pension benefit return Pension benefit return
plans plans expected plans plans expected plans plans expected
Assets of principal plans:
Equities 8 136 – 7.8% 8 054 – 8.4% 7 281 – 8.2%
Bonds 3 183 – 4.5% 3 123 – 5.0% 3 383 – 4.9%
Other 2 005 – 6.3% 1 582 – 6.4% 1 644 – 5.4%
Assets of other plans 291 14 7.2% 272 3 7.5% 417 2 8.2%
Total plan assets 13 615 14 13 031 3 12 725 2
Present value of liabilities:
Principal plans (16 513) – (15 740) – (15 305) –
Other plans (1 070) (1 175) (1 052) (1 078) (1 675) (1 042)
Total present value of liabilities (17 583) (1 175) (16 792) (1 078) (16 980) (1 042)
Aggregate net surplus/(deficit)
of the plans (3 968) (1 161) (3 761) (1 075) (4 255) (1 040)
Irrecoverable surplus(b) (100) – (116) – (87) –
Related deferred tax
asset/(liability) 885 426 814 379 1 058 388
Net pension asset/(liability) (3 183) (735) (3 063) (696) (3 284) (652)
Of which in respect of
Funded plans in surplus:
Aggregate surplus 764 – 858 – 677 –
Irrecoverable surplus(b) (100) – (116) – (87) –
Related deferred tax liability (208) – (252) – (209) –
Net pension asset 456 – 490 – 381 –
Funded plans in deficit:
Aggregate deficit (2 248) – (2 294) – (2 575) –
Related deferred tax asset 615 – 665 – 808 –
Net pension liability (1 633) – (1 629) – (1 767) –
Unfunded plans:
Aggregate liability (2 484) (1 161) (2 325) (1 075) (2 357) (1 040)
Related deferred tax asset 478 426 401 379 459 388
Net pension liability (2 006) (735) (1 924) (696) (1 898) (652)
(b) The surplus in the plans is only recoverable to the extent that the Group can benefit from either refunds formally agreed or future
contribution reductions.