Unilever 2008 Annual Report Download - page 123
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Notes to the consolidated accounts Unilever Group
120 Unilever Annual Report and Accounts 2008
Financial statements
20 Pensions and similar obligations (continued)
Reconciliation of change in assets and liabilities
Movements in assets and liabilities during the year:
€ million € million € million € million € million € million
Assets Assets Assets Liabilities Liabilities Liabilities
2008 2007 2006 2008 2007 2006
1 January 17 253 17 278 16 006 (18 342) (20 358) (21 446)
Acquisitions/disposals –(3) (63) 25 123
Current service cost –––(272) (329) (384)
Employee contributions 12 12 14 –––
Special termination benefits –––(54) (59) (54)
Past service costs(b) –––24 35 293
Settlements/curtailments (12) (4) (17) 28 76 76
Expected returns on plan assets 1 131 1 171 1 021 –––
Interest on pension liabilities – – – (988) (1 013) (982)
Actuarial gain/(loss) (4 243) (236) 533 1 116 1 049 525
Employer contributions 754 1 158 1 091 –––
Benefit payments (1 367) (1 247) (1 267) 1 367 1 247 1 267
Reclassification of benefits(c) (7) (7) 38 77 (32)
Currency retranslation (1 802) (869) (78) 2 011 998 256
31 December 11 719 17 253 17 278 (15 101) (18 342) (20 358)
(b) The reduction in liabilities in 2006 includes the €266 million reported on the face of the income statement.
(c) Certain obligations have been reclassified as employee benefit obligations.
Funded status of plans at the year end
€ million € million € million € million € million
2008 2007 2006 2005 2004
Total assets 11 719 17 253 17 278 16 006 13 419
Total pension liabilities (15 101) (18 342) (20 358) (21 446) (18 773)
Net liabilities (3 382) (1 089) (3 080) (5 440) (5 354)
Less unrecognised surplus –– – (141) (100)
Pension liabilities net of assets (3 382) (1 089) (3 080) (5 581) (5 454)
History of experience gains and losses
€ million € million € million € million € million
2008 2007 2006 2005 2004
Actual return less expected return on plan assets (4 243) (236) 533 1 592 369
As % of plan assets at beginning of year (24.6)% (1.4)% 3.3% 11.9% 2.9%
Experience gains/(losses) on plan liabilities –103 51 27 (47)
As % of present value of plan liabilities at beginning of year 0.0% 0.5% 0.2% 0.1% (0.3)%
Changes in actuarial assumptions underlying the present value of the
pension benefit and other benefit plan liabilities 1 116 946 474 (1 706) (1 047)
As % of present value of plan liabilities at beginning of year 6.1% 4.6% 2.2% (9.1)% (5.9)%
Total actuarial gain/(loss) (3 127) 813 1 058 (87) (725)
As % of present value of plan liabilities at beginning of year (17.0)% 4.0% 4.9% (0.5)% (4.1)%