Virgin Media 2011 Annual Report Download - page 134
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 11—Employee Benefit Plans (continued)
Assumptions
The weighted-average assumptions used to determine benefit obligations were as follows:
December 31,
2011 2010
Discount rate ............................................. 4.80% 5.50%
Rate of compensation increase ............................... 3.50% 4.00%
The weighted-average assumptions used to determine net periodic benefit costs were as follows:
December 31,
2011 2010 2009
Discount rate .................................... 5.50% 5.75% 5.75%
Expected long term rate of return on plan assets ........ 6.31% 6.50% 5.92%
Rate of compensation increase ...................... 4.00% 4.00% 3.00%
Where investments are held in bonds and cash, the expected long term rate of return is taken to be yields
generally prevailing on such assets at the measurement date. A higher rate of return is expected on equity
investments, which is based more on realistic future expectations than on the returns that have been available
historically. The overall expected long term rate of return on plan assets is then the average of these rates taking
into account the underlying asset portfolios of the pension plans.
Plan Assets
Our pension plan weighted-average asset allocations by asset category and by fair value hierarchy level at
December 31, 2011 and 2010 were as follows (in millions):
December 31, 2011
Fair value hierarchy
Asset category Level 1 Level 2 Level 3 Total
Equity Securities ................................................ £125.4 £ 0.0 £0.0 £125.4
Government Bonds .............................................. 142.7 0.0 0.0 142.7
Corporate Bonds ................................................ 75.0 0.0 0.0 75.0
Real Estate ..................................................... 4.7 1.9 0.0 6.6
Hedge Funds ................................................... 0.0 27.0 0.0 27.0
Cash .......................................................... 4.3 0.0 0.0 4.3
Total .......................................................... £352.1 £28.9 £0.0 £381.0
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