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128 Vodafone Group Plc Annual Report 2007
Notes to the Consolidated Financial Statements
continued
25. Post employment benefits continued
2007 2006 2005
£m £m £m
Movement in scheme liabilities:
1 April 1,224 998 794
Reclassification as held for sale –(31) –
Current service cost 74 57 58
Interest cost 61 52 42
Member cash contributions 13 11 12
Actuarial (gains)/losses (39) 164 126
Benefits paid (32) (27) (30)
Other movements 4(8) (9)
Exchange rate movements (13) 85
31 March 1,292 1,224 998
Accumulated benefit obligation 1,084 1,081 904
UK Other Total
2007 2006 2005 2007 2006 2005 2007 2006 2005
£m £m £m £m £m £m £m £m £m
Analysis of net assets/(deficits):
Total fair value of scheme assets 954 835 628 297 288 246 1,251 1,123 874
Present value of funded scheme liabilities (901) (847) (619) (293) (281) (299) (1,194) (1,128) (918)
Net assets/(deficits) for funded schemes 53 (12) 9 47 (53) 57 (5) (44)
Present value of unfunded scheme liabilities –––(98) (96) (80) (98) (96) (80)
Net assets/(deficits) 53 (12) 9 (94) (89) (133) (41) (101) (124)
Net assets/(deficits) are analysed as:
Assets 53 –929 19 3 82 19 12
Liabilities –(12) – (123) (108) (136) (123) (120) (136)
The funding policy for all schemes is reviewed on a systematic basis in consultation with the independent scheme actuary in order to ensure that the funding
contributions from sponsoring employers are appropriate to meet the liabilities of the schemes over the long term.
The deficit in respect of other schemes at 31 March 2007 primarily relates to various schemes in Germany and internally funded schemes in Italy and the
United States.
Actual return on scheme assets
2007 2006 2005
£m £m £m
Actual return on scheme assets 99 178 66
Analysis of scheme assets at 31 March is as follows: %% %
Equities 72.1 71.9 60.0
Bonds 27.5 26.5 25.9
Property 0.4 0.4 0.4
Other –1.2 13.7
100.0 100.0 100.0
The scheme has no investments in the Group’s equity securities or in property currently used by the Group.
History of experience adjustments
2007 2006 2005
£m £m £m
Experience adjustments on scheme liabilities:
Amount (£m) (2) (4) (60)
Percentage of scheme liabilities (%) ––6%
Experience adjustments on scheme assets:
Amount (£m) 26 121 24
Percentage of scheme assets (%) 2% 11% 3%
Expected contributions and benefit payments
£m
Expected employer’s contributions in the year ending 31 March 2008 54
Expected benefit payments in the year ending 31 March:
2008 36
2009 35
2010 37
2011 38
2012 40
2013-2018 220