Unilever 2015 Annual Report Download - page 110

4B. PENSIONS AND SIMILAR OBLIGATIONS ONTINUED
The actual return on plan assets durng 2015 was 398 mllon, beng the sum of (254) mllon and 652 mllon from the table above
(20142,096 mllon)
The duraton of the prncpal defned beneft labltes at 31 December 2015 s between 9 and 18 years (2014 9 and 19 years) Thelabltes
are splt between dfferent categores of plan partcpants as follows
• actve members 187% (2014 196%)
• deferred members 234% (2014 231%) and
• retred members 579% (2014 573%)
ASSETS
The far value of plan assets at the end of the reportng perod for our maor and prncpal plans for each category are as follows
 mllon
31 December 2015
 mllon
31 December 2014
Penson
plans
Other post-
employment
beneft
plans
Penson
plans
Other post-
employment
beneft
plans
Total Assets 20,723 19 20,466 18
Equtes Total 7,993 – 8,336 –
– Europe 2,526 – 2,957 –
– North Amerca 3,313 – 3,086 –
– Other 2,154 – 2,293 –
Fxed Income Total 9,741 18 8,864 17
– overnment bonds 4,870 18 4,637 17
– Investment grade corporate bonds 2,970 – 2,749
– Other fxed ncome 1,901 – 1,478 –
Dervatves (1,647) – (1,182) –
Prvate Equty 721 – 762 –
Property and Real Estate 1,689 – 1,384 –
Hedge Funds 1,123 – 1,050 –
Other 810 1 962 1
Other plans 293 – 290 –
The far values of the above equty and fxed ncome nstruments are determned based on quoted market prces n actve markets
Thefar value of prvate equty, propertes, dervatves and hedge funds are not based on quoted market prces n actve markets
The roup uses swaps to hedge some of ts exposure to nflaton and nterest rate rsk Foregn currency exposures n part are also
hedged by the use of forward foregn exchange contracts Assets ncluded n the Other category are commodtes, cash and nsurance
contracts whch are also unquoted assets
Equty securtes nclude Unlever securtes amountng to 14 mllon (01% of total plan assets) and 71 mllon (03% of total plan
assets) at 31 December 2015 and 2014 respectvely Property ncludes property occuped by Unlever amountng to 17 mllon at
31 December 2015 (2014 15 mllon)
The penson assets above exclude the assets n a Specal Benefts Trust amountng to 86 mllon (2014 86 mllon) to fund penson
and smlar labltes n the Unted States (see also note 17A on page 126
SENSITIVITIES
The senstvty of the overall penson labltes to changes n the weghted key assumptons are
hange n assumpton hange n labltes
Dscount rate Increase by 05% -7%
Inflaton rate Increase by 05% +5%
Lfe expectancy Increase by 1 year +4%
Long-term medcal cost nflaton(b) Increase by 10% +1%
An equvalent decrease n each assumpton would have an equal and opposte mpact on labltes
(b) Long-term medcal cost nflaton only relates to post-retrement medcal plans
The senstvty analyses above have been determned based on reasonably possble changes of the respectve assumptons occurrng
at the end of the reportng perod and may not be representatve of the actual change It s based on a change n the key assumpton
whle holdng all other assumptons constant When calculatng the senstvty to the assumpton, the same method used to calculate
the lablty recognsed n the balance sheet has been appled The methods and types of assumptons used n preparng the senstvty
analyss dd not change compared wth the prevous perod
103Unilever Annual Report and Accounts 2015 Financial statements