BOC Report and accounts 2005 - Alle jaarverslagen

Notes to the financial statements 105
8. Pensions and other retirement benefits continued
The following amounts at 30 September 2005 were measured in accordance with the requirements of FRS17:
Americas Americas
Europe pensions health care Africa Asia/Pacific Total
£ million £ million £ million £ million £ million £ million
2005
Total market value of assets 1,513.8 386.8 – 142.2 215.3 2,258.1
Present value of scheme liabilities (1,969.0) (257.8) (44.5) (104.5) (206.8) (2,582.6)
Irrecoverable surplus – – – (37.7) – (37.7)
(Deficit)/surplus in the scheme (455.2) 129.0 (44.5) – 8.5 (362.2)
Related deferred tax asset/(liability) 133.4 (51.4) 18.6 – (2.2) 98.4
Net pension (liabilities)/assets 1 (321.8) 77.6 (25.9) – 6.3 (263.8)
2004
Total market value of assets 1,237.7 369.1 – 118.2 169.4 1,894.4
Present value of scheme liabilities (1,682.0) (266.0) (46.4) (91.8) (163.8) (2,250.0)
Irrecoverable surplus – – – (26.4) – (26.4)
(Deficit)/surplus in the scheme (444.3) 103.1 (46.4) – 5.6 (382.0)
Related deferred tax asset/(liability) 130.4 (41.0) 18.3 – (1.3) 106.4
Net pension (liabilities)/assets 1 (313.9) 62.1 (28.1) – 4.3 (275.6)
2003
Total market value of assets 1,072.3 373.2 – 98.3 145.9 1,689.7
Present value of scheme liabilities (1,516.9) (294.0) (50.5) (92.5) (142.1) (2,096.0)
Irrecoverable surplus – – – (5.8) – (5.8)
(Deficit)/surplus in the scheme (444.6) 79.2 (50.5) – 3.8 (412.1)
Related deferred tax asset/(liability) 133.4 (31.2) 19.9 – (1.1) 121.0
Net pension (liabilities)/assets 1 (311.2) 48.0 (30.6) – 2.7 (291.1)
1. Included in the net pension (liabilities)/assets are assets of £88.7 million (2004: £68.9 million, 2003: £50.7 million) and liabilities of £352.5 million (2004: £344.5 million, 2003: £341.8 million).
In addition to deferred tax on pension assets and liabilities, a further £42.1 million (2004: £22.0 million) of current tax relating to pension assets and liabilities is included within Creditors: amounts
falling due within one year. Of this, £8.4 million (2004: £3.2 million) has been accounted for in the total recognised gains and losses and £11.7 million (2004: £18.8 million) has been included in the
profit and loss account.There were no equivalent current tax items in 2003.
Americas Americas
Analysis of the amount charged to operating profit
Europe pensions health care Africa Asia/Pacific Total
£ million £ million £ million £ million £ million £ million
Year to 30 September 2005
Current service cost (48.7) (10.1) (1.5) (2.2) (8.2) (70.7)
Past service cost – – – – – –
Curtailments/settlements – – – – – –
Total operating charge (48.7) (10.1) (1.5) (2.2) (8.2) (70.7)
Year to 30 September 2004
Current service cost (47.4) (10.1) (1.5) (2.4) (7.7) (69.1)
Past service cost (0.5) – – – – (0.5)
Curtailments/settlements 2 – 1.6 2.8 – – 4.4
Total operating charge (47.9) (8.5) 1.3 (2.4) (7.7) (65.2)
Year to 30 September 2003
Current service cost (39.4) (12.3) (1.6) (2.1) (7.9) (63.3)
Past service cost 3 (0.4) (43.2) – – – (43.6)
Curtailments/settlements 3.5 – – – – 3.5
Total operating charge (36.3) (55.5) (1.6) (2.1) (7.9) (103.4)
2. The curtailment gains in Americas pensions and Americas health care in 2004 relate to the sale of the US packaged gas business and were accounted for as exceptional items (see note 2b)).
3. The past service cost amounts in Americas pensions in 2003 were accounted for as exceptional items (see note 2b)).