BP 2009 Annual Report Download - page 168

BP Annual Report and Accounts 2009
Notes on financial statements
35. Pensions and other post-retirement benefits continued
b
166
$ million
2007
US other
post-
UK US retirement
pension pension benefit Other
plans plans plans plans Total
Analysis of the amount charged to profit before interest and taxation
Current service costa492 227 43 132 894
Past service cost 5 10 – – 15
Settlement, curtailment and special termination benefits 36 – – 2 38
Payments to defined contribution plans – 184 – 25 209
Total operating chargeb533 421 43 159 1,156
Analysis of the amount credited (charged) to other finance expense
Expected return on plan assets 2,075 613 2 165 2,855
Interest on plan liabilities (1,198) (425) (190) (390) (2,203)
Other finance income (expense) 877 188 (188) (225) 652
Analysis of the amount recognized in other comprehensive income
Actual return less expected return on pension plan assets 406 (28) – (76) 302
Change in assumptions underlying the present value of the plan liabilities 513 358 137 607 1,615
Experience gains and losses arising on the plan liabilities (162) (27) 29 (40) (200)
Actuarial gain recognized in other comprehensive income 757 303 166 491 1,717
aThe costs of managing the plan’s investments are treated as being part of the investment return, the costs of administering our pension plan benefits are generally included in current service cost,
and the costs of administering our other post-retirement benefit plans are included in the benefit obligation.
Included within production and manufacturing expenses and distribution and administration expenses.
$ million
2009 2008 2007 2006 2005
History of surplus (deficit) and of experience gains and losses
Benefit obligation at 31 December 40,073 34,847 43,100 42,433 38,855
Fair value of plan assets at 31 December 31,453 26,154 42,799 39,910 32,907
Deficit (8,620) (8,693) (301) (2,523) (5,948)
Experience losses on plan liabilities (421) (178) (200) (124) (212)
Actual return less expected return on pension plan assets 2,549 (10,253) 302 1,967 3,364
Actual return on plan assets 4,528 (7,331) 3,157 4,377 5,502
Actuarial (loss) gain recognized in other comprehensive income (682) (8,430) 1,717 2,615 975
Cumulative amount recognized in other comprehensive income (3,622) (2,940) 5,490 3,773 1,158
Estimated future benefit payments
The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, up until 2019 are as follows:
$ million
US
other post-
UK US retirement
pension pension benefit Other
plans plans plans plans Total
2010 1,003 618 201 612 2,434
2011 1,019 637 206 587 2,449
2012 1,061 679 208 581 2,529
2013 1,095 677 213 578 2,563
2014 1,148 672 218 584 2,622
2015-2019 6,496 3,275 1,123 2,835 13,729