Virgin Media 2012 Annual Report Download - page 105
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F-34
Obligations and Funded Status
The change in projected benefit obligation was as follows (in millions):
Year ended December 31,
2012 2011
Benefit obligation at beginning of year £ 424.6 £ 390.0
Service cost 1.8 1.7
Interest cost 20.1 21.1
Members’ contributions 0.3 0.3
Plan amendments — (3.1)
Actuarial (gain) loss (0.6) 27.4
Benefits paid (15.1) (12.8)
Benefit obligation at end of year £ 431.1 £ 424.6
The change in plan assets was as follows (in millions):
Year ended December 31,
2012 2011
Fair value of plan assets at beginning of year £ 381.0 £ 351.0
Actual return on plan assets 0.7 25.0
Employer contributions 17.7 17.5
Employee contributions 0.3 0.3
Benefits paid (15.1) (12.8)
Fair value of plan assets at end of year £ 384.6 £ 381.0
The funded status as of December 31, 2012 and 2011 was as follows (in millions):
Year ended December 31,
2012 2011
Projected benefit obligation £ 431.1 £ 424.6
Plan assets 384.6 381.0
Funded status (46.5) (43.6)
Non-current liability £ (46.5) £ (43.6)
As of December 31, 2012 and 2011, all of the 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,
2012 2011
Accumulated benefit obligation £ 342.7 £ 335.3
Fair value of plan assets 289.8 303.7
Table of Contents
VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 10—Employee Benefit Plans (continued)