annual report and accounts 2012 - RSPB

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RSPB trustees’ report and accounts 2011-12 Notes to the accounts 22 Pensions (continued) Amounts recognised in the balance sheet: 2012) £’000( 2011) £’000( Present value of funded obligations (152,709) (134,066) Fair value of scheme assets 105,957) 100,565) _______( _______( Net liability in the balance sheet (46,752) (33,501) _______( _______( Changes in scheme assets: 2012) £’000( 2011) £’000( Fair value of scheme assets at start of year 100,565) 86,417) Expected return 7,550) 6,702) Actuarial (loss)/gains (6,460) 3,106) Employer contribution 6,933) 6,659) Member contributions 66) 48) Benefits paid (2,697) (2,367) _______( _______( Fair value of scheme assets at end of year 105,957) 100,565) _______( _______( Amounts included in Statement of financial activities: 2012) £’000( 2011) £’000( Current service cost 4,130) 4,055) Interest cost 7,412) 6,951) Expected return (7,550) (6,702) _______( _______( Amount charged within net movement of funds 3,992) 4,304) Actuarial loss 16,192) 1,198) _______( _______( Amount charged to statement of financial activities 20,184) 5,502) _______( _______( The major categories of scheme assets as a percentage of total scheme assets: 2012) 2011) Equities, hedge funds and commodities 80.0%) 81.0%) Bonds 10.5%) 10.0%) Property 7.0%) 7.0%) Cash 2.0%) 1.5%) Insured policies 0.5%) 0.5%) _______( _______( www.rspb.org.uk 41
RSPB trustees’ report and accounts 2011-12 Notes to the accounts 22 Pensions (continued) Actual return on the scheme assets during the year: 2012) £’000( 2011) £’000( Actual return on the scheme assets during the year 1,090) 9,808) _______( _______( Principal assumptions expressed as weighted averages: 2012) 2011) Discount rate 5.10%) 5.50%) Rate of increase in salaries 3.85%) 4.05%) Rate of increase of pensions in payment 3.20%) 3.40%) Rate of increase of pensions in deferment 3.20%) 3.40%) Inflation 3.20%) 3.40%) Expected long-term return on plan assets 6.10%) 7.35%) _______( _______( To develop the expected long-term rate of return on assets assumption, the trustees consider the current level of expected returns on risk free investments (primarily government bonds), the historic level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class is then weighted based on the asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio. Weighted average life expectancy for mortality tables used to determine benefit obligations: 2012) 2011) Years) Years) Member aged 65 (current life expectancy) – male 22.7) 22.0) Member aged 45 (life expectancy at 65) – male 25.0) 23.9) Member aged 65 (current life expectancy) – female 25.5) 24.8) Member aged 45 (life expectancy at 65) – female 27.9) 26.7) Analysis of amount recognised in the Consolidated statement of financial activities under FRS 17: 2012) 2011) 2010) 2009) 2008) £’000) £’000( £’000( £’000( £’000) Benefit obligation (152,709) (134,066) (121,075) (84,710) (89,462) Fair value of scheme assets 105,957) 100,565) 86,417) 62,577) 78,498) _______) _______) _______) _______) _______) Deficit (46,752) (33,501) (34,658) (22,133) (10,964) _______( _______( _______( _______( _______( Actual less expected return on assets (6,460) 3,106) 15,085) (26,391) (12,848) % of scheme assets (6%) 3%) 17%) (42%) (16%) Experience loss arising on liabilities -) - (1,139) -) -) % of scheme liabilities 0%) 0% (1%)) 0%) 0%) 42 www.rspb.org.uk
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