Marks and Spencer 2010 Annual Report Download - page 98

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Marks and Spencer Group plc Annual report and financial statements 2010 Financial statements 94
Notes to the financial statements continued
11 Retirement benefits continued
G. Retirement benefit obligations
Changes in the present value of retirement benefit obligations are as follows:
2010
£m
2009
£m
Present value of obligation at start of year 4,129.2 4,562.0
Current service cost 56.3 72.2
Curtailment charge/(gain) 1.0 (5.0)
Exceptional pension credit –(231.3)
Interest cost 270.6 299.2
Contributions from scheme members –2.0
Benefits paid (257.0) (226.5)
Actuarial loss/(gain) 1,119.3 (353.2)
Exchange movement (4.3) 9.8
Present value of obligation at end of year 5,315.1 4,129.2
Analysed as:
Present value of pension scheme liabilities 5,298.6 4,112.4
Unfunded pension plans 0.9 1.0
Post-retirement healthcare 15.6 15.8
Present value of obligation at end of year 5,315.1 4,129.2
H. Cumulative actuarial gains and losses recognised in equity
2010
£m
2009
£m
Loss at start of year (1,257.3) (330.2)
Net actuarial losses recognised in the year (251.6) (927.1)
Loss at end of year (1,508.9) (1,257.3)
I. History of experience gains and losses
2010
£m
2009
£m
2008
£m
2007
£m
2006
£m
Experience adjustments arising on scheme assets 867.7 (1,280.3) (422.6) (80.4) 454.3
Experience gains/(losses) arising on scheme liabilities 36.2 81.2 (61.5) 18.8 20.0
Changes in assumptions underlying the present value of scheme liabilities (1,155.5) 272.0 1,089.5 53.0 (643.6)
Actuarial (losses)/gains recognised in equity (251.6) (927.1) 605.4 (8.6) (169.3)
Fair value of scheme assets 4,948.6 3,977.0 5,045.5 5,227.5 4,606.2
Present value of scheme liabilities (5,298.6) (4,112.4) (4,542.3) (5,487.0) (5,381.3)
Pension scheme (deficit)/asset (350.0) (135.4) 503.2 (259.5) (775.1)