Barclays 2006 Annual Report Download - page 266

Notes to the accounts
For the year ended 31st December 2006
Barclays PLC
Annual Report 2006
262
60 Differences between IFRS and US GAAP accounting principles (continued)
(c) Pensions and post-retirement benefits (continued)
The following table presents the estimated funded status of the pension schemes and post-retirement benefits (the latter are unfunded) under
US GAAP:
2006 2005
Post- Post-
retirement retirement
Pensions benefits Pensions benefits
£m £m £m £m
Change in benefit obligation
Benefit obligation at beginning of year 17,483 131 14,992 100
Service cost 403 1 361 2
Interest cost 851 7 808 6
Plan participants’ contributions 32 – 26 –
Termination benefits 21 – 51 –
Prior period service cost 4–4–
Actuarial (gain)/loss (336) – 1,748 23
Benefits paid (520) (5) (470) (4)
Curtailments (53) – (57) –
Settlements (12) – (7) –
Exchange and other (33) (6) 27 4
Benefit obligation at end of year 17,840 128 17,483 131
Change in plan assets
Fair value of plan assets at beginning of year 14,802 – 12,540 –
Actual return on plan assets 1,676 – 2,426 –
Employer contribution 370 5 266 4
Plan participants’ contributions 32 – 26 –
Benefits paid (520) (5) (470) (4)
Settlements (11) – (7) –
Exchange and other (27) – 21 –
Fair value of plan assets at end of year 16,322 – 14,802 –
Funded status – deficit (1,518) (128) (2,681) (131)
Fourth quarter contribution to UKRF 350 – 350 –
Total deficit (1,168) (128) (2,331) (131)
Unrecognised transition amount(a) n/a n/a –5
Unrecognised net actuarial loss(a) n/a n/a 2,047 68
Unrecognised prior service cost(a) n/a n/a 7–
Accrued benefit cost n/a n/a (277) (58)
The minimum liability, intangible asset and other comprehensive income as at the measurement date for the Group’s pension schemes is shown in
the table below:
2006 2005
Barclays Barclays Barclays Barclays
Capital Capital Capital Capital
Staff Pension Staff Pension
Retirement Restoration Retirement Restoration
Plan Plan UKRF Plan Plan UKRF
£m £m £m £m £m £m
Accumulated Benefit Obligation (ABO) 216 11 15,037 249 12 15,149
Scheme assets at market value (203) – (16,119) (213) – (14,589)
Minimum liablity (excess of ABO over market value of assets) 13 11 – 36 12 560
Net amount recognised 12 (11) (282) 18 (13) (282)
Minimum additional liability 25––54 – 278
Intangible asset ––––––
Accumulated other comprehensive income before SFAS 158 25––54 – 278
Note
(a) The adoption of SFAS 158 as at 31st December 2006 results in the funded status of the Group’s pension and post-retirement benefit schemes being recognised on
the balance sheet.