Marks and Spencer 2007 Annual Report Download - page 72

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1111 RREETTIIRREEMMEENNTT BBEENNEEFFIITTSS continued
GGRReettiirreemmeenntt bbeenneeffiitt oobblliiggaattiioonnss
Changes in the present value of retirement benefit obligations are as follows:
2
20000772006
££mm£m
Present value of obligation at start of year 5
5,,440011..114,632.8
Current service cost 1
11133..99111.2
Curtailment gain (
(22..00))(13.0)
Interest cost1
12
26611..22248.4
Benefits paid (
(119911..88))(164.2)
Transfer on disposal of Financial Services –
–(32.0)
Actuarial (gain)/loss ((7711..88))623.6
Exchange movement 0
0..221.3
Discontinued operation –
–(7.0)
PPrreesseenntt vvaalluuee ooff oobblliiggaattiioonn aatt eenndd ooff yyeeaarr55,,551100..885,401.1
Analysed as:
Present value of pension scheme liabilities 5
5,,448877..005,381.3
Unfunded pension plans 1
1..221.7
Post-retirement healthcare 2
222..6618.1
PPrreesseenntt vvaalluuee ooff oobblliiggaattiioonn aatt eenndd ooff yyeeaarr55,,551100..885,401.1
1
1Last year’s interest cost includes £0.4m in respect of the discontinued operation.
H
HCCuummuullaattiivvee aaccttuuaarriiaall ggaaiinnss aanndd lloosssseess rreeccooggnniisseedd iinn eeqquuiittyy2
20000772006
££mm£m
Loss at start of year (
(992277..00))(757.7)
Net actuarial losses recognised in the year (
(88..66))(169.3)
LLoossss aatt eenndd ooff yyeeaarr((993355..66))(927.0)
I
IHHiissttoorryy ooff eexxppeerriieennccee ggaaiinnss aanndd lloosssseess2
20000772006 2005 2004 2003
££mm£m £m £m £m
Experience adjustments arising on scheme assets (
(8800..44))454.3 77.4 401.9 (713.3)
Experience gains/(losses) arising on scheme liabilities 1
188..8820.0 (24.0) (30.3) 16.0
Changes in assumptions underlying the present value of scheme liabilities 5
533..00(643.6) (131.5) (157.8) (196.1)
AAccttuuaarriiaall ((lloosssseess))//ggaaiinnss rreeccooggnniisseedd iinn eeqquuiittyy((88..66))(169.3) (78.1) 213.8 (893.4)
Fair value of scheme assets 55,,222277..554,606.2 3,956.8 3,634.2 2,638.5
Present value of scheme liabilities (
(55,,448877..00))(5,381.3) (4,611.0) (4,280.1) (3,888.1)
PPeennssiioonn sscchheemmee ddeeffiicciitt((225599..55))(775.1) (654.2) (645.9) (1,249.6)
Notes to the financial statements continued
7
700MARKS AND SPENCER GROUP PLC wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077