Experian 2007 Annual Report Download - page 98

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24. Retirement benefit assets/obligations (continued)
(a) Defined Benefit Schemes (continued)
(vi) Changes in the present value of the defined benefit obligation are as follows:
2007 2006
US$m US$m
Opening defined benefit obligation 1,989 2,026
Demerger of Home Retail Group (1,100) –
Pension liability disposed with the sale of overseas businesses –(240)
Current service cost 53 70
Interest cost 78 91
Settlement or curtailment (9) (4)
Contributions paid by employees 14 16
Contributions paid from outside the Group 2–
Actuarial (gain)/loss on liabilities (118) 228
Benefits paid (123) (48)
Exchange differences 198 (150)
Closing defined benefit obligation 984 1,989
The total defined benefit obligation of US$984m (2006: US$1,989m) includes US$928m (2006: US$1,920m) in respect of the Group’s funded
arrangements and US$56m (2006: US$69m) in respect of the Group’s unfunded arrangements.
(vii) Changes in the market value of the plan assets are as follows:
2007 2006
US$m US$m
Opening market value of plan assets 2,020 1,814
Demerger of Home Retail Group (1,141) –
Pension assets disposed with the sale of overseas businesses –(195)
Expected return 107 105
Settlement or curtailment (3) (4)
Actuarial (loss)/gain on assets (53) 241
Contributions paid by the Group 38 232
Contributions paid by employees 14 16
Contributions paid from outside the Group 2–
Benefits paid (123) (48)
Exchange differences 208 (141)
Closing market value of plan assets 1,069 2,020
The actual returnon plan assets was US$54m (2006: US$346m).
Contributions in the year ended 31 March 2006 included a special contribution of US$179m paid into the Argos Pension Scheme in March 2006.
The estimated amount of contributions expected to be paid to the Experian pension schemes during the next financial year is US$19m by the Group
and US$7m by employees.
Introduction | Business review | Governance | Financial statements
Notes to the Group financial statements
for the year ended 31 March 2007
96 |Experian Annual Report2007