Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

12 Pension plans continued
The analysis of the fair value of plan assets at 31st December is as follows:
2008 2007
US$m US$m
Equity instruments 23.9 48.5
Debt instruments 14.3 16.2
Other assets 15.7 15.6
The five year history of experience adjustments is as follows:
53.9 80.3
2008 2007 2006 2005 2004
US$m US$m US$m US$m US$m
Fair value of plan assets 53.9 80.3 71.6 62.2 58.4
Present value of funded obligations (47.3 ) (46.4 ) (45.7 ) (40.8 ) (36.9 )
Plan surplus 6.6 33.9 25.9 21.4 21.5
Experience adjustments on plan assets (30.7 ) 5.1 7.1 1.9 3.8
Percentage of plan assets (%) 57.0 6.4 9.9 3.1 6.6
Experience adjustments on plan obligations (1.0 ) 1.4 1.7 (1.2 ) 0.4
Percentage of plan obligations (%) 2.2 3.0 3.7 3.0 1.2
The net cumulative actuarial gains recorded in the Statement of Recognized Income and Expense is US$4.4 million
(2007: US$32.0 million).
The amounts recognized in the consolidated profit and loss account are as follows:
2008 2007
US$m US$m
Current service cost 4.4 4.1
Interest cost 2.3 2.2
Loss on curtailment and settlement 0.4 0.2
Expected return on plan assets (5.8 ) (5.3 )
1.3 1.2
Actual return on plan assets in the year (24.8 ) 10.5
The estimated amount of contributions expected to be paid to the plans in 2009 is US$1.9 million.
Annual Report 2008 57