Barclays 2003 Annual Report Download - page 177
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Barclays PLC Annual Report 2003 175
60 Retirement benefits (continued)
The surpluses and deficits relating to pension schemes would be presented in the balance sheet as follows:
2003 2002
Pension Pension Pension Pension
asset liability asset liability
£m £m £m £m
Scheme surpluses/(deficits) 52 (1,676) 28 (1,556)
Related deferred tax (liability)/asset (16) 503 (8) 467
Net pension asset/(liability) 36 (1,173) 20 (1,089)
As described in Note 4, the Group also provides post-retirement health care to certain UK and US pensioners. Where appropriate, provisions for such
benefits are recognised on an actuarial basis. The disclosures below reflect actuarial valuations as at 31st December 2003 by a professionally qualified
independent actuary. 2002 disclosures have been adjusted to exclude obligations accounted for under FRS 12. The rate of increase in medical
expenses used in the actuarial valuation was 5.75% in the UK (2002: 4.8%) and 5% in the US (2002: 4.75%) and the discount rate used was 5.5% in
the UK (2002: 5.7%) and 6.25% in the US (2002: 6.75%).
The deficit relating to post-retirement health care would be presented in the balance sheet as follows:
2003 2002
£m £m
Deficit (62) (59)
Related deferred tax asset 19 18
Net post-retirement liability (43) (41)
The net reserve for pension schemes and post-retirement health care is £1,180m (2002: £1,110m).
The amounts that would have been recognised in the profit and loss account and statement of total recognised gains and losses in respect of pension
schemes and post-retirement health care in 2003 were as follows:
2003 2002
Analysis of amounts which would have been charged to operating profit £m £m
Current service cost(a) 289 322
Past service cost 12 19
Gains and losses on settlements and curtailments (13) 5
Total operating charge 288 346
Note
(a) Current service cost includes a £55m (2002: £48m) relating to the RIS and PIP sections of the UKRF.
2003 2002
Analysis of amounts which would have been included as other finance income £m £m
Expected return on scheme assets 720 892
Interest on scheme liabilities (680) (685)
Net return 40 207