Aviva 2007 Annual Report Download - page 205
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46 – Pension obligations continued
(iv) Pension expense
As noted above, plan assets in the UK and Dutch schemes include insurance policies with other Group companies.
To avoid double-counting of investment income on scheme assets and the assets backing the underlying policies,
adjustments have been made to the former in the current year as shown in the tables below.
Recognised in the income statement
The total pension expense for these schemes comprises:
2007 2006
£m £m
Current service cost 173 196
Past service cost –3
Loss/(gain) on curtailments 15 (39)
Total pension cost 188 160
Charged to net operating expenses 188 196
Included in profit on disposal of subsidiaries and associates –(36)
Total pension cost as above 188 160
Expected return on scheme assets (614) (530)
Less: Income accounted for elsewhere (see (iii) above) 49 40
(565) (490)
Interest charge on scheme liabilities 515 453
Credit to investment income (50) (37)
Total charge to income 138 123
Recognised in the statement of recognised income and expense
2007 2006
£m £m
Expected return on scheme assets 614 530
Actual return on these assets (404) (800)
Actuarial losses/(gains) on scheme assets 210 (270)
Less: (gains)/losses accounted for elsewhere (see (iii) above) (72) 19
138 (251)
Experience losses/(gains) arising on scheme liabilities 80 (63)
Changes in assumptions underlying the present value of the scheme liabilities (902) 430
Loss on acquisitions and scheme transfers 36 1
Actuarial (gains)/losses recognised in the statement of recognised income and expense (648) 117
The cumulative amount of actuarial gains and losses on the pension schemes recognised in the statement of recognised
income and expense since 1 January 2004 (the date of transition to IFRS) is a loss of £161 million at 31 December 2007
(2006: loss of £809 million).
(v) Experience gains and losses
The following disclosures of experience gains and losses will be built up over time to give a five year history. Scheme assets
exclude insurance policies with Group companies and income on the assets underlying them.
2007 2006 2005 2004
£m £m £m £m
Fair value of scheme assets at the end of the year 8,814 8,137 7,334 5,473
Present value of scheme liabilities at the end of the year (10,017) (10,196) (9,680) (7,179)
Net deficits in the schemes (1,203) (2,059) (2,346) (1,706)
Difference between the expected and actual return on scheme assets
Amount of (gains)/losses 138 (251) (798) (184)
Percentage of the scheme assets at the end of the year 1.6% 3.1% 10.9% 3.4%
Experience (gains)/losses on scheme liabilities (excluding changes in assumptions)
Amount of (gains)/losses 80 (63) 86 (12)
Percentage of the present value of scheme liabilities 0.8% 0.6% 0.9% 0.2%
Aviva plc
Annual Report and
Accounts 2007
201
Financial
statements