Aviva 2007 Annual Report Download - page 207
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46 – Pension obligations continued
The total IAS 19 obligations and strict IAS 19 assets (ie excluding the non-transferable insurance policies) of the schemes
give a net deficit of £1,203 million (2006: £2,059 million), as shown in the following table.
UK Netherlands Canada Ireland Total
2007 2006 2007 2006 2007 2006 2007 2006 2007 2006
£m £m £m £m £m £m £m £m £m £m
Equities 4,347 4,682 ––144 129 256 249 4,747 5,060
Bonds 3,059 2,046 ––85 75 174 163 3,318 2,284
Property 562 581 ––––42 25 604 606
Other 135 166 3–22519 145 187
Total fair value
of assets 8,103 7,475 3–231 206 477 456 8,814 8,137
Present value of
scheme liabilities (8,229) (8,601) (1,049) (944) (289) (251) (450) (400) (10,017) (10,196)
IAS 19 net
(deficits)/surplus
in the schemes (126) (1,126) (1,046) (944) (58) (45) 27 56 (1,203) (2,059)
Included in other
assets (note 26) ––––––27 56 27 56
Included in provisions
(note 45) (126) (1,126) (1,046) (944) (58) (45) ––(1,230) (2,115)
(126) (1,126) (1,046) (944) (58) (45) 27 56 (1,203) (2,059)
The present value of unfunded post-retirement benefit obligations included in the totals in both of the tables above is
£107 million (2006: £95 million).
(viii) Movements in the scheme deficits and surpluses
Movements in the pension schemes’ deficits and surpluses comprise:
2007
Adjust for
Pension Group IAS 19
Scheme Scheme scheme insurance pensions
assets liabilities deficit policies deficit
£m £m £m £m £m
Deficits in the schemes at 1 January 9,223 (10,196) (973) (1,086) (2,059)
Employer contributions 297 – 297 (41) 256
Employee contributions 23 (23) – (4) (4)
Benefits paid (339) 339 – 33 33
Current and past service cost (see (iv) above) (4) (169) (173) – (173)
Losses on curtailments (see (iv) above) – (15) (15) – (15)
Credit/(charge) to investment income (see (iv) above) 614 (515) 99 (49) 50
Acquisitions 72 (91) (19) (15) (34)
Other actuarial gains/(losses) (see (iv) above) (210) 822 612 72 684
Buy-outs and other transfers 6 (6) – (2) (2)
Changes in asset admissibility – – – 152 152
Exchange rate movements on foreign plans 157 (163) (6) (85) (91)
Deficits in the schemes at 31 December 9,839 (10,017) (178) (1,025) (1,203)
2006
Adjust for
Pension Group IAS 19
Scheme Scheme scheme insurance pensions
assets liabilities deficit policies deficit
£m £m £m £m £m
Deficits in the schemes at 1 January 8,209 (9,680) (1,471) (875) (2,346)
Employer contributions 554 – 554 (94) 460
Employee contributions 24 (24) – (3) (3)
Benefits paid (313) 313 – 30 30
Current and past service cost (see (iv) above) (4) (195) (199) – (199)
Losses on curtailments (see (iv) above) – 39 39 – 39
Credit/(charge) to investment income (see (iv) above) 530 (453) 77 (40) 37
Acquisitions 4 (5) (1) – (1)
Other actuarial gains/(losses) (see (iv) above) 270 (267) 3 (119) (116)
Buy-outs and other transfers 2 16 18 (2) 16
Exchange rate movements on foreign plans (53) 60 7 17 24
Net deficits in the schemes at 31 December 9,223 (10,196) (973) (1,086) (2,059)
Aviva plc
Annual Report and
Accounts 2007
203
Financial
statements