Notes to the consolidated financial statements
25. Pensions and other post-retirement benefits continued
The amounts recognised in the income statement and in the statement of recognised income and expense for the year are analysed as follows:
| 31.3.2009 £m |
31.3.2008 £m |
|
| Recognised in the income statement: | ||
| Current service cost | 9.6 | 15.3 |
| Past service cost | 0.3 | 0.4 |
| Recognised in operating costs in arriving at profit on ordinary activities before interest | 9.9 | 15.7 |
| Interest cost on plan obligations | 38.5 | 35.2 |
| Expected return on plan assets | (44.3) | (48.4) |
| Recognised in finance costs payable/(income receivable) | (5.8) | (13.2) |
| Recognised in the statement of recognised income and expense: | ||
| Actual return on scheme assets | (161.0) | (45.0) |
| Less expected return on scheme assets | (44.3) | (48.4) |
| (205.3) | (93.4) | |
| Other actuarial gains and losses | (2.5) | 120.7 |
| Net actuarial (losses)/gains | (207.8) | 27.3 |
| Cumulative amounts recognised since adopting the standard | (81.6) | 126.2 |
History of experience gains and losses:
| 31.3.2009 £m |
31.3.2008 £m |
31.3.2007 £m |
31.3.2006 £m |
31.3.2005 £m |
|
| Fair value of assets | 478.6 | 666.7 | 710.8 | 659.8 | 523.8 |
| Present value of defined benefit obligation | (598.0) | (576.2) | (668.1) | (663.5) | (600.2) |
| (Deficit)/surplus | (119.4) | 90.5 | 42.7 | (3.7) | (76.4) |
| Experience adjustments arising on plan assets | (205.3) | (93.4) | 0.6 | 87.1 | 25.6 |
| Experience adjustments arising on plan liabilities | 18.7 | 0.6 | 1.7 | 34.0 | (4.4) |
Changes in the present value of the defined benefit pension obligations are analysed as follows:
| 31.3.2009 £m |
31.3.2008 £m |
|
| At 1 April | 576.2 | 668.1 |
| Current service cost | 9.6 | 15.3 |
| Past service cost | 0.3 | 0.4 |
| Interest cost on plan obligations | 38.5 | 35.2 |
| Contributions by plan participants | 0.1 | 0.1 |
| Actuarial loss/(gain) on obligations | 2.5 | (120.7) |
| Benefits paid | (29.2) | (22.2) |
| At 31 March | 598.0 | 576.2 |
| Present value of funded defined benefit obligations | 598.0 | 576.2 |
Changes in the fair value of plan assets are analysed as follows:
| 31.3.2009 £m |
31.3.2008 £m |
|
| At 1 April | 666.7 | 710.8 |
| Expected return on plan assets | 44.3 | 48.4 |
| Actuarial loss on plan assets | (205.3) | (93.4) |
| Contributions by employer | 2.0 | 23.0 |
| Contributions by plan participants | 0.1 | 0.1 |
| Benefits paid | (29.2) | (22.2) |
| At 31 March | 478.6 | 666.7 |