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110 Vodafone Group Plc Annual Report 2010
Notes to the consolidated nancial statements continued
23. Post employment benets continued
Fair value of the assets and present value of the liabilities of the schemes
The amount included in the statement of financial position arising from the Group’s obligations in respect of its defined benefit schemes is as follows:
2010 2009 2008
£m £m £m
Movement in pension assets:
1 April 1,100 1,271 1,251
Exchange rate movements (10) 50 50
Expected return on pension assets 76 92 89
Actuarial gains/(losses) 286 (381) (176)
Employer cash contributions 133 98 86
Member cash contributions 12 15 13
Benefits paid (45) (45) (42)
Other movements (65) – –
31 March 1,487 1,100 1,271
Movement in pension liabilities:
1 April 1,332 1,310 1,292
Exchange rate movements (15) 69 60
Arising on acquisition –33 –
Current service cost 29 46 53
Interest cost 77 83 69
Member cash contributions 12 15 13
Actuarial losses/(gains) 435 (161) (129)
Benefits paid (79) (45) (42)
Other movements (101) (18) (6)
31 March 1,690 1,332 1,310
An analysis of net assets/(deficits) is provided below for the Group’s principal defined benefit pension scheme in the UK and for the Group as a whole.
UK Group
2010 2009 2008 2007 2006 2010 2009 2008 2007 2006
£m £m £m £m £m £m £m £m £m £m
Analysis of net assets/(deficits):
Total fair value of scheme assets 1,131 755 934 954 835 1,487 1,100 1,271 1,251 1,123
Present value of funded scheme
liabilities (1,276) (815) (902) (901) (847) (1,625) (1,196) (1,217) (1,194) (1,128)
Net (deficit)/assets for funded
schemes (145) (60) 32 53 (12) (138) (96) 54 57 (5)
Present value of unfunded scheme
liabilities –(8) −−−(65) (136) (93) (98) (96)
Net (deficit)/assets (145) (68) 32 53 (12) (203) (232) (39) (41) (101)
Net (deficit)/assets are analysed as:
Assets –−32 53 −34 865 82 19
Liabilities (145) (68) − − (12) (237) (240) (104) (123) (120)
It is expected that contributions of £31 million will be paid into the Group’s defined benefit retirement schemes during the year ending 31 March 2011.
Actual return on pension assets
2010 2009 2008
£m £m £m
Actual return on pension assets 362 (289) (87)
Analysis of pension assets at 31 March is as follows: % % %
Equities 59.6 55.6 68.5
Bonds 37.5 41.9 17.7
Property 0.3 0.4 0.3
Other 2.6 2.1 13.5
100.0 100.0 100.0
The schemes have no direct investments in the Group’s equity securities or in property currently used by the Group.