Aviva 2002 Annual Report Download - page 101

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45 – Pension and other post-retirement benefit costs continued
(vi) Movements in the pension schemes’ surplus on a FRS17 basis comprise:
Total
2002
£m
Surplus in the schemes at 1 January 334
Contributions paid into the schemes 113
Charge to net operating expenses (138)
Credit to investment income 83
Actuarial loss, excluding increase in recoverable surplus (1,049)
Foreign exchange rate movements 3
Deficit in the schemes at 31 December (654)
The change in the net pension surplus calculated under FRS17 is mainly attributable to a reduction in the market value of the schemes’
assets. These assets principally comprise equities, the values of which have been subject to significant market fluctuations. The fall in the
relevant share indices accounts for the majority of the £1,139 million difference between actual and expected return on assets.
(vii) The effect on the Group’s net assets and retained profits at 31 December 2002 of substituting the FRS17 figures for the
corresponding SSAP24 balance sheet entries would be as follows:
Profit and loss
Net assets account reserve
Restated Restated
2002 2001 2002 2001
£m £m £m £m
Totals included in the Group accounts 10,412 12,403 1,126 1,662
Less: pension asset on SSAP24 basis (175) (143) (175) (143)
Totals excluding pension asset 10,237 12,260 951 1,519
(Less)/add: pension (liability)/asset on FRS17 basis (456) 233 (456) 233
Totals including pension liability/asset on FRS17 basis 9,781 12,493 495 1,752
46 – Assets under management
The total Group assets under management are:
Restated
2002 2001
£m £m
Total assets included in the balance sheet 184,923 188,324
Third party funds under management
Securitised mortgages (gross of non-recourse funding) 2,099 1,149
Unit trusts, Oeics, Peps and Isas 3,636 4,677
Segregated funds 16,955 14,849
Total assets under management 207,613 208,999
87 Aviva plc
Annual report + accounts 2002