BP 2009 Annual Report Download - page 204

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BP Annual Report and Accounts 2009
Parent company financial statements of BP p.l.c.
6. Pensions continued
202
$ million
2009 2008
Represented by
Asset recognized 1,234 1,608
Liability recognized (163) (92)
1,071 1,516
The surplus (deficit) may be analysed between funded and unfunded plans as follows
Funded 1,231 1,608
Unfunded (160) (92)
1,071 1,516
The defined benefit obligation may be analysed between funded and unfunded plans as follows
Fundeda(19,722) (15,322)
Unfunded (160) (92)
(19,882) (15,414)
aReflects $19,661 million of liabilities of the BP Pension Fund (2008 $15,280 million) and $61 million of liabilities of the BP Global Pension Trust (2008 $42 million).
$ million
2009 2008
Reconciliation of plan surplus to balance sheet
Surplus at 31 December 1,071 1,516
Deferred tax (279) (399)
792 1,117
Represented by
Asset recognized on balance sheet 912 1,185
Liability recognized on balance sheet (120) (68)
792 1,117
The aggregate level of employer contributions into the BP Pension Fund in 2010 is expected to be $419 million.
$ million
2009 2008 2007 2006 2005
History of surplus and of experience gains and losses
Benefit obligation at 31 December 19,882 15,414 22,146 21,507 18,316
Fair value of plan assets at 31 December 20,953 16,930 29,411 27,169 21,542
Surplus 1,071 1,516 7,265 5,662 3,226
Experience gains and losses on plan liabilities
Amount ($ million) (146) (65) (155) (211) (66)
Percentage of benefit obligation (1)% 0% (1)% (1)% 0%
Actual return less expected return on pension plan assets
Amount ($ million) 1,634 (6,533) 404 1,252 2,946
Percentage of plan assets 8% (39)% 1% 5% 14%
Actuarial (loss) gain recognized in statement of total recognized gains and losses
Amount ($ million) (585) (5,122) 698 1,120 1,159
Percentage of benefit obligation (3)% (33)% 3% 6% 6%
Cumulative amount recognized in statement of total recognized gains and losses (1,692) (1,107) 4,015 3,317 2,197