Barclays 2004 Annual Report Download - page 210
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208
Notes to the accounts
For the year ended 31st December 2004
52 Differences between UK GAAP and US GAAP accounting principles (continued)
(c) Pensions and post-retirement benefits (continued)
The minimum liability, prior period service cost and other comprehensive income as at the Measurement Date for the pension schemes is shown
in the table below:
2004 2003
UKRF UKRF WPF
£m £m £m
Scheme assets at market value 12,356 10,943 37
Accumulated Benefit Obligation (ABO) 13,109 11,749 31
Minimum liability (excess of ABO over market value of assets) 753 806 (6)
(Accrued) pension cost (460) (595) (76)
Minimum additional liability 293 211 –
Prior period service cost (3) (2) –
Accumulated other comprehensive income 290 209 –
A long-term strategy has been set for the pension plan asset allocation which comprises a mixture of equities, bonds, property and other
appropriate assets. This recognises that different asset classes are likely to produce different long-term returns, and some asset classes will be more
volatile than others.
One of the factors in the choice of a long-term strategy is to ensure that the investments are adequately diversified. The managers are permitted
some flexibility to vary the asset allocation from the long-term strategy within control ranges agreed with the Trustee from time to time.
The table below shows the percentage of the fair value of each major category as at the measurement date.
UKRF (defined benefits only)
Target
(2004) 30/9/04 30/9/03
%%%
Equity securities 51 48 50
Debt securities 37 38 36
Property 12 11 11
All other assets –33
Total 100 100 100
The expected return on assets is determined by calculating a total return estimate based on a weighted average of estimated returns for each
asset class. Asset class returns are estimated using current and projected economic and market factors such as inflation, credit spreads and equity
risk premiums.
Employer cash contributions for the year to 31st December 2005 for the UKRF scheme is expected to be £352m.
Estimated future benefit payments
The following benefit payments, which reflect future service, as appropriate, are expected to be paid:
Post-
retirement
Pensions benefits
£m £m
2005 407 1
2006 417 1
2007 431 2
2008 446 2
2009 461 2
Years 2010 – 2014 2,704 11