Marks and Spencer 2007 Annual Report Download - page 71

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1111 RREETTIIRREEMMEENNTT BBEENNEEFFIITTSS continued
EEAAnnaallyyssiiss ooff aammoouunntt cchhaarrggeedd aaggaaiinnsstt pprrooffiittss2
20000772006
££mm£m
OOppeerraattiinngg ccoosstt
Current service cost1
11
11133..99109.9
Curtailment gain (
(22..00))(13.0)
1
11111..9996.9
F
Fiinnaannccee ccoosstt
Expected return on plan assets (
(228822..00))(265.5)
Interest on scheme liabilities 2
26611..22248.0
Net finance income (
(2200..88))(17.5)
D
Diissccoonnttiinnuueedd ooppeerraattiioonnss
Service cost and finance income of discontinued operation –
–1.3
TToottaall ccoosstt ooff rreettiirreemmeenntt bbeenneeffiittss9911..1180.7
1
1Includes £8.6m (last year £6.3m) in relation to defined contribution plans.
F
FSScchheemmee aasssseettss
Changes in the fair value of the scheme assets are as follows:
2
20000772006
££mm£m
Fair value of scheme assets at start of year 4
4,,660066..223,956.8
Expected return on scheme assets1
12
28822..00265.9
Employer contributions2
2,,336
61111..33130.2
Benefits paid (
(119911..88))(164.2)
Transfer on disposal of Financial Services –
–(32.0)
Actuarial (loss)/gain (
(8800..44))454.3
Exchange movement 0
0..221.4
Discontinued operation –
–(6.2)
FFaaiirr vvaalluuee ooff sscchheemmee aasssseettss aatt eenndd ooff yyeeaarr55,,222277..554,606.2
1
1The actual return on scheme assets was £201.6m (last year £720.2m). Last year’s expected return includes £0.4m in respect of the discontinued operation.
22The contribution for 2006/07 includes the additional contribution of the Property Partnership Interest of £500.1m transferred into the UK defined benefit pension scheme
on 14 March 2007 and an additional cash contribution of £40.3m paid in April 2007 to increase contributions from 15.8% to 27.0% (last year an additional cash
contribution of £51.0m was paid in April 2005).
33Future contributions to the UK scheme will be made at the rate of 27.0% of pensionable salaries up to the next full actuarial valuation. The Group expects to contribute
£98.7m to defined benefit schemes for the year ended 30 March 2008.
wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077MARKS AND SPENCER GROUP PLC 6699
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