Experian 2011 Annual Report Download - page 141

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Financial statements 139
34. Retirement benet assets and obligations (continued)
(iv) Movement in the fair value of the plans’ assets
2011
US$m
2010
US$m
At 1 April 822 595
Differences on exchange 49 25
Expected return on plans’ assets 56 47
Actuarial gains on assets 10 178
Actual return on plans’ assets 66 225
Contributions paid by the Group 10 12
Contributions paid by employees 4 4
Benets paid (38) (39)
At 31 March 913 822
(v) Amounts recognised in the Group statement of comprehensive income 2011
US$m
2010
US$m
Labour costs:
Current service cost (10) (10)
Credit in respect of past service costs (note 13) 29 -
Credit/(charge) included in labour costs 19 (10)
Finance income/(expense):
Interest on plans’ liabilities (50) (48)
Expected return on plans’ assets 56 47
Net nance income/(expense) 6 (1)
Total credit/(charge) to Group income statement 25 (11)
Actuarial gains/(losses) recognised within other comprehensive income 107 (28)
Total credit/(charge) recognised in the Group statement of comprehensive income 132 (39)
Actuarial gains/(losses) recognised within other comprehensive income comprise: 2011
US$m
2010
US$m
Gains/(losses) on liabilities 97 (206)
Gains on assets 10 178
Total gains/(losses) recognised within other comprehensive income 107 (28)
In July 2010, the Minister for Pensions announced the UK Government’s intention to change to the use of the CPI rather than the RPI as the
ination measure for determining the minimum pension increases to be applied to statutory index-linked features of retirement benets and this
change subsequently came into effect. As a result of using the lower CPI rate, there is a reduction in obligations. Pension increases in respect
of benets accrued before April 1997 are discretionary but have for the past eight years been based on the RPI. As a member expectation for
increases based on the RPI was deemed to exist, the change to the use of the CPI is treated for accounting purposes as a change in the rules of
the plan and the associated credit in respect of past service costs of US$29m is accordingly recognised in the Group income statement.
The change to the use of the CPI for the revaluation of pensions in deferment is required by the rules of the Experian Pension Scheme and
accordingly the associated reduction in scheme liabilities has been taken to other comprehensive income. Gains on liabilities recognised within
other comprehensive income in the year ended 31 March 2011 include US$18m in respect of this change.
(vi) Cumulative actuarial gains and losses recognised in the Group retained earnings reserve 2011
US$m
2010
US$m
(Gains)/losses in Experian plans (19) 88
Losses in Home Retail Group plans recognised prior to the demerger 81 81
Total charge to the Group retained earnings reserve 62 169