Barclays 2012 Annual Report Download - page 302

37 Pensions and post-retirement benefits continued
Actuarial gains and losses
The actuarial gains and losses arising on scheme obligations and scheme assets are as follows:
Total actuarial gains and losses
2012
£m
2011
£m
2010
£m
2009
£m
2008
£m
Present value of obligations (25,407) (22,994) (21,801) (20,646) (15,783)
Fair value of scheme assets 24,096 22,748 18,905 16,700 14,496
Net deficit in the schemes (1,311) (246) (2,896) (3,946) (1,287)
Experience gains and (losses) on scheme liabilities
– amount 13 (57) (216) 62 (177)
– as percentage of scheme liabilities –– (1%) – (1%)
Experience gains and (losses) on scheme assets
– amount 236 1,419 1,012 1,416 (4,655)
– as percentage of scheme assets 1% 6% 5% 8% (32%)
Actuarial gains and losses relating to UKRF
2012
£m
2011
£m
2010
£m
2009
£m
2008
£m
Present value of obligations (23,645) (21,263) (20,173) (19,209) (14,395)
Fair value of scheme assets 22,845 21,540 17,621 15,675 13,537
Net (deficit)/surplus in the schemes (800) 277 (2,552) (3,534) (858)
Experience gains and (losses) on scheme liabilities
– amount 29 (34) (207) 106 88
– as percentage of scheme liabilities –– (1%) 1% 1%
Experience gains and (losses) on scheme assets
– amount 167 1,470 995 1,424 (4,534)
– as percentage of scheme assets 1% 7% 6% 9% (33%)
Funding
The latest triennial funding valuation of the UKRF was carried out with an effective date of 30 September 2010, and showed a deficit of £5.0bn.
In compliance with the Pensions Act 2004, the Bank and Trustee agreed a scheme-specific funding target, statement of funding principles,
a schedule of contributions and a recovery plan to eliminate the deficit in the Fund.
The recovery plan to eliminate the deficit will result in the Bank paying deficit contributions to the Fund until 2021. Deficit contributions of £1.8bn
were paid to the fund in December 2011 and a further £0.5bn paid in April 2012. Further deficit contributions are payable from 2017 to 2021
starting at £0.65bn in 2017 and increasing by approximately 3.5% per annum until 2021. These deficit contributions are in addition to the regular
contributions to meet the Group’s share of the cost of benefits accruing over each year. Including deficit contributions, the Group’s estimated
contribution to the UKRF in 2013 will be £175m. Excluding the UKRF, the Group is expected to pay contributions of approximately £133m to UK
schemes and £60m to overseas schemes in 2013.
The Scheme Actuary prepares an annual update of the funding position as at 30 September. The latest annual update was carried out as at 30
September 2012 and showed a deficit of £3.6bn.
Contributions paid with respect to the UKRF were as follows:
Contributions paid
£m
2012 742
2011 2,128
2010 666
barclays.com/annualreport300 I Barclays PLC Annual Report 2012
Notes to the financial statements
For the year ended 31 December 2012 continued