Unilever 2011 Annual Report Download - page 80
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77
4B. Pensions and similar obligations continued
Balance sheet
The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans and the expected rates of
return on the plan assets at the balance sheet date were:
31 December 2011 31 December 2010
€ million € million % € million € million %
Pension
plans
Other post-
employment
benefit
plans
Long-term
rates of
return
expected
Pension
plans
Other post-
employment
benefit
plans
Long-term
rates of
return
expected
Assets of principal plans:
Equities 6,860 – 7.2% 7,690 – 7.4%
Bonds 6,120 – 3.8% 5,013 – 4.6%
Property 1,007 – 4.7% 915 – 5.9%
Other 1,633 – 6.2% 1,931 – 6.3%
Assets of other plans 417 7 7.9% 419 6 8.3%
16,037 7 – 15,968 6 –
Present value of liabilities:
Principal plans (17,703) – – (16,540) – –
Other plans (887) (657) – (842) (662) –
(18,590) (657) – (17,382) (662) –
Aggregate net deficit of the plans (2,553) (650) – (1,414) (656) –
Irrecoverable surplus(a) ––– – –
Pension liability net of assets (2,553) (650) – (1,414) (656) –
Of which in respect of:
Funded plans in surplus:
Liabilities (4,201) – – (5,519) – –
Assets 5,204 – – 6,429 – –
Aggregate surplus 1,003 – – 910 – –
Irrecoverable surplus(a) – – – –––
Pension asset net of liabilities 1,003 – – 910 – –
Funded plans in deficit:
Liabilities (13,101) (34) – (10,592) (34) –
Assets 10,833 7 – 9,539 6 –
Pension liability net of assets (2,268) (27) – (1,053) (28) –
Unfunded plans:
Pension liability (1,288) (623) – (1,271) (628) –
(a) A surplus is deemed recoverable to the extent that the Group is able to benefit economically from the surplus.
In 2010, agreement was reached with local insurers to externally insure most of our existing Swedish pension obligation. Consequently,
€150 million of liabilities were considered settled and removed from the table above. The remaining liability in Sweden of €6million
was included inunfunded plans at the end of 2010.
Equity securities include Unilever securities amounting to €41 million (0.3% of total plan assets) and €50 million (0.3% of total plan
assets) at31December 2011 and 2010 respectively. Property includes property occupied by Unilever amounting to €14 million and
€14million at 31December 2011 and 2010 respectively.
The pension assets above exclude the assets in a Special Benefits Trust amounting to €110 million (2010: €128 million) to fund pension
and similar obligations in the US (see also note 15A on page 91).
The sensitivity of the overall pension liabilities to changes in the weighted key financial assumptions are:
Change in assumption Impact on overall liabilities
Discount rate Increase/decrease by 0.5% Decrease/increase by 7%
Inflation rate Increase/decrease by 0.5% Increase/decrease by 6%
Unilever Annual Report and Accounts 2011
Financial statements