Marks and Spencer 2013 Annual Report Download - page 96

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Financial statements Marks and Spencer Group plc Annual report and financial statements 2013 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:
2013
£m
2012
£m
Present value of obligation at start of year 6,108.4 5,229.6
Current service cost 68.8 56.7
Curtailment charge 1.0 1.0
Past service cost (1.4) –
Interest cost 276.8 281.8
Benefits paid (235.0) (230.4)
Actuarial loss 516.6 770.9
Exchange movement 1.8 (1.2)
Present value of obligation at end of year 6,737.0 6,108.4
Analysed as:
Present value of pension scheme liabilities 6,723.9 6,095.1
Unfunded pension plans 0.8 0.8
Post-retirement healthcare 12.3 12.5
Present value of obligation at end of year 6,737.0 6,108.4
H. Cumulative actuarial gains and losses recognised in equity
2013
£m
2012
£m
Loss at start of year (1,412.8) (1,222.9)
Net actuarial gains/(losses) recognised in the year 90.7 (189.9)
Loss at end of year (1,322.1) (1,412.8)
I. History of experience gains and losses
2013
£m
2012
£m
2011
£m
2010
£m
2009
£m
Experience adjustments arising on scheme assets 607.3 581.0 124.1 867.7 (1,280.3)
Experience (losses)/gains arising on scheme liabilities (5.3) (85.3) (8.4) 36.2 81.2
Changes in assumptions underlying the present value of scheme
liabilities (511.3) (685.6) 170.3 (1,155.5) 272.0
Actuarial gains/(losses) recognised in equity 90.7 (189.9) 286.0 (251.6) (927.1)
Fair value of scheme assets 6,930.0 6,186.4 5,398.1 4,948.6 3,977.0
Present value of scheme liabilities (6,723.9) (6,095.1) (5,215.5) (5,298.6) (4,112.4)
Pension scheme asset/(deficit) 206.1 91.3 182.6 (350.0) (135.4)