Marks and Spencer 2012 Annual Report Download - page 92

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Financial statements Marks and Spencer Group plc Annual report and financial statements 2012 90
Notes to the financial statements continued
11 Retirement benefits continued
Future contributions to the UK scheme will be made at the rate of 17.9% of pensionable salaries up to the next full actuarial
valuation. The Group expects to contribute c.£35m to the UK defined benefit scheme for the year ended 30 March 2013. In
addition to this, a further £32m (last year £35m) of cash contributions were made in March 2012 per the funding plan agreed
in May 2010.
G. Retirement benefit obligations
Changes in the present value of retirement benefit obligations are as follows:
2012
£m
2011
£m
Present value of obligation at start of year 5,229.6 5,315.1
Current service cost 56.7 59.0
Curtailment charge 1.0 1.0
One-off pension credit (see note 5) –(10.7)
Interest cost 281.8 285.5
Contributions from scheme members –0.2
Benefits paid (230.4) (256.3)
Actuarial loss/(gain) 770.9 (161.9)
Exchange movement (1.2) (2.3)
Present value of obligation at end of year 6,108.4 5,229.6
Analysed as:
Present value of pension scheme liabilities 6,095.1 5,215.5
Unfunded pension plans 0.8 0.9
Post-retirement healthcare 12.5 13.2
Present value of obligation at end of year 6,108.4 5,229.6
H. Cumulative actuarial gains and losses recognised in equity
2012
£m
2011
£m
Loss at start of year (1,222.9) (1,508.9)
Net actuarial (losses)/gains recognised in the year (189.9) 286.0
Loss at end of year (1,412.8) (1,222.9)
I. History of experience gains and losses
2012
£m
2011
£m
2010
£m
2009
£m
2008
£m
Experience adjustments arising on scheme assets 581.0 124.1 867.7 (1,280.3) (422.6)
Experience (losses)/gains arising on scheme liabilities (85.3) (8.4) 36.2 81.2 (61.5)
Changes in assumptions underlying the present value of scheme
liabilities (685.6) 170.3 (1,155.5) 272.0 1,089.5
Actuarial (losses)/gains recognised in equity (189.9) 286.0 (251.6) (927.1) 605.4
Fair value of scheme assets 6,186.4 5,398.1 4,948.6 3,977.0 5,045.5
Present value of scheme liabilities (6,095.1) (5,215.5) (5,298.6) (4,112.4) (4,542.3)
Pension scheme asset/(deficit) 91.3 182.6 (350.0) (135.4) 503.2