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Overview Strategy review Performance Governance Financials Additional information
Vodafone Group Plc
Annual Report 2016
143
Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the
assumptions stated above are:
2016 20152014
£m £m £m
Current service cost 36 37 14
Net interest charge 8320
Total included within staff costs 44 40 34
Actuarial (gains)/losses recognised in the SOCI1(156) 269 (57)
Note:
1 Amounts disclosed in the SOCI are stated net of £30 million of tax (2015: £57 million; 2014: £20 million).
Fair value of the assets and present value of the liabilities of the schemes
The amount included in the statement of nancial position arising from the Group’s obligations in respect of its dened benet schemes is as follows:
Assets Liabilities Net decit
£m £m £m
1 April 2014 3,842 (4,391) (549)
Service cost – (37) (37)
Interest income/(cost) 176 (179) (3)
Return on plan assets excluding interest income 721 – 721
Actuarial losses arising from changes in nancial assumptions – (982) (982)
Actuarial losses arising from experience adjustments – (8) (8)
Employer cash contributions 404 – 404
Member cash contributions 9(9) –
Benets paid (95) 95 –
Exchange rate movements (83) 116 33
Other movements (18) 41 23
31 March 2015 4,956 (5,354) (398)
Service cost –(36) (36)
Interest income/(cost) 149 (157) (8)
Return on plan assets excluding interest income (151) – (151)
Actuarial gains arising from changes in demographic assumptions – 71 71
Actuarial gains arising from changes in nancial assumptions – 276 276
Actuarial losses arising from experience adjustments – (40) (40)
Employer cash contributions 27 – 27
Member cash contributions 7(7) –
Benets paid (118) 118 –
Exchange rate movements 59 (84) (25)
Other movements (4) 18 14
31 March 2016 4,925 (5,195) (270)
An analysis of net (decit)/assets is provided below for the Group as a whole.
2016 2015 201420132012
£m £m £m £m £m
Analysis of net decit:
Total fair value of scheme assets 4,925 4,956 3,842 3,723 1,604
Present value of funded schemeliabilities (5,129) (5,288) (4,325) (4,239) (1,853)
Net decit for funded schemes (204) (332) (483) (516) (249)
Present value of unfunded scheme liabilities (66) (66) (66) (12) (12)
Net decit (270) (398) (549) (528) (261)
Net decit is analysed as:
Assets1177 169 35 52 31
Liabilities (447) (567) (584) (580) (292)
Note:
1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as future economic benets are available to the Company either in the
form of future refunds or, for plans still open to benet accrual, in the form of possible reductions in future contributions.