Aviva 2014 Annual Report Download - page 214

Aviva plc Annual report and accounts 2014
Notes to the consolidated financial statements continued
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49 – Pension obligations continued
(c) Defined contribution (money purchase) section of the ASPS
The trustees have responsibility for selecting a range of suitable funds in which the members can choose to invest and for
monitoring the performance of the available investment funds. Members are responsible for reviewing the level of contributions
they pay and the choice of investment fund to ensure these are appropriate to their attitude to risk and their retirement plans.
Members of this section contribute at least 2% of their pensionable salaries and, depending on the percentage chosen, the
Company contributes up to a maximum 14%, together with the cost of the death-in-service benefits. These contribution rates are
unchanged for 2015. The amount recognised as an expense for defined contribution schemes is shown section (d) below.
(d) Charge to staff costs in the income statement
The total pension charge/ (credit) to staff costs for all of the Group’s defined benefit and defined contribution schemes were:
2014
£m
2013
£m
Continuing operations
UK defined benefit schemes 31 19
Overseas defined benefit schemes (1) (147)
Total defined benefit schemes (note 11b) 30 (128)
UK defined contribution schemes 94 90
Overseas defined contribution schemes 16 17
Total defined contribution schemes (note 11b) 110 107
Total charge/(credit) from continuing operations 140 (21)
Total charge from discontinuing operations — 9
Total charge/(credit) for Pension Schemes 140 (12)
There were no significant contributions payable or prepaid in the consolidated statement of financial position as at either 31
December 2014 or 2013.
50 – Borrowings
Our borrowings are either core structural borrowings or operational borrowings. This note shows the carrying values and
contractual maturity amounts of each type, and explains their main features and movements during the year.
(a) Analysis of total borrowings
Total borrowings comprise:
2014
£m
2013
£m
Core structural borrowings, at amortised cost 5,310 5,125
Operational borrowings, at amortised cost 696 1,410
Operational borrowings, at fair value 1,372 1,313
2,068 2,723
7,378 7,848
Less: Amounts classified as held for sale — (29)
7,378 7,819
210 | Aviva plc Annual report and accounts 2014