Virgin Media 2011 Annual Report Download - page 204
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VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
VIRGIN MEDIA INVESTMENTS LIMITED AND SUBSIDIARIES
COMBINED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 9—Employee Benefit Plans (continued)
Obligations and Funded Status
The change in projected benefit obligation was as follows (in millions):
Year ended December 31,
2011 2010
Benefit obligation at beginning of year ....................... £390.0 £377.8
Service cost ............................................ 1.7 1.6
Interest cost ............................................ 21.1 21.4
Members’ contributions ................................... 0.3 0.3
Plan amendments ........................................ (3.1) 0.0
Actuarial loss ........................................... 27.4 2.3
Benefits paid ........................................... (12.8) (13.4)
Benefit obligation at end of year ............................ £424.6 £390.0
The change in plan assets was as follows (in millions):
Year ended December 31,
2011 2010
Fair value of plan assets at beginning of year .................. £351.0 £306.2
Actual return on plan assets ................................ 25.0 41.0
Employer contributions ................................... 17.5 16.9
Employee contributions ................................... 0.3 0.3
Benefits paid ........................................... (12.8) (13.4)
Fair value of plan assets at end of year ....................... £381.0 £351.0
The funded status as of December 31, 2011 and 2010 was as follows (in millions):
Year ended December 31,
2011 2010
Projected benefit obligation ................................ £424.6 £390.0
Plan assets ............................................. 381.0 351.0
Funded status ........................................... (43.6) (39.0)
Non-current liability ...................................... £(43.6) £ (39.0)
As at December 31, 2011 and 2010, all pension plans had projected benefit obligations in excess of plan
assets. The following table presents information for pension plans with an accumulated benefit obligation in
excess of plan assets (in millions):
December 31,
2011 2010
Accumulated benefit obligation ............................... £335.3 £306.8
Fair value of plan assets ..................................... 303.7 277.4
F-115