Experian 2016 Annual Report Download - page 160
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158
Notes to the Group financial statements continued
for the year ended 31 March 2016
Financial statements •Notes to the Group nancial statements
31. Post-employment benefit plans and related risks continued
(d) Related risks
Through its defined benefit pension plans and post-retirement medical benefits plan, the Group is exposed to a number of risks that
are inherent in such plans and arrangements, which can be summarised as follows:
• asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the
related cash flows;
• changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an
increase in the value of plan assets;
• inflation, as pension obligations are generally linked to inflation and the prevailing rate of inflation experienced for medical
benefits is typically higher than other inflation measures in the UK; and
• life expectancy, as pension and medical benefits are generally provided for the life of beneficiaries and their dependants.
There are no unusual, entity-specific or plan-specific risks, and no significant concentrations of risk.
32. Post-employment benefits – IAS 19 information
(a) Post-employment benefit amounts recognised in the Group financial statements
(i) Balance sheet assets/(obligations)
2016
US$m
2015
US$m
Retirement benefit assets/(obligations) – funded plans:
Fair value of funded plans’ assets 1,023 1,094
Present value of funded plans’ obligations (997) (1,036)
Assets in the Group balance sheet for funded defined pension benefits 26 58
Obligations for unfunded post-employment benefits:
Present value of defined pension benefits – unfunded plans (49) (52)
Present value of post-employment medical benefits (6) (8)
Liabilities in the Group balance sheet (55) (60)
Net post-employment benefit obligations (29) (2)
(ii) Income statement charge/(credit)
2016
US$m
2015
US$m
By nature of expense:
Current service cost 78
Curtailment gain on disposal of business (note 13(b)) (1) –
Administration expenses 22
Charge within labour costs and operating profit 810
Interest income –(1)
Total charge to income statement 8 9
By type of plan:
Defined pension benefits 78
Post-employment medical benefits 11
Total charge to income statement 8 9
(iii) Remeasurement recognised in the statement of comprehensive income
2016
US$m
2015
US$m
Defined pension benefits (31) (17)
Post-employment medical benefits 12
(30) (15)