Full Annual Report - Inchcape

Financial statements
Notes to the accounts continued
5 Pensions and other post-retirements benefits continued
The amounts recognised in the consolidated statement of comprehensive income are as follows:
2009
£m
United Kingdom Overseas Total
Actuarial gains / (losses) on liabilities:
– Experience gains and losses 4.6 16.0 0.6 0.7 5.2 16.7
– Changes in assumptions (178.9) 106.9 6.1 (4.3) (172.8) 102.6
Actuarial gains / (losses) on assets:
– Experience gains and losses (1.8) (104.1) 6.1 (12.9) 4.3 (117.0)
Irrecoverable element of pension surplus 43.6 (43.6) – – 43.6 (43.6)
(132.5) (24.8) 12.8 (16.5) (119.7) (41.3)
Analysis of the movement in the net asset / (liability):
2009
£m
2008
£m
2009
£m
2008
£m
2009
£m
2008
£m
United Kingdom Overseas Total
At 1 January 22.8 26.5 (16.8) 2.0 6.0 28.5
Amount recognised in the consolidated income statement 1.4 0.3 (1.6) (0.8) (0.2) (0.5)
Contributions by employer 34.7 20.8 3.0 2.1 37.7 22.9
Actuarial gains / (losses) recognised in the year (132.5) (24.8) 12.8 (16.5) (119.7) (41.3)
Effect of foreign exchange rates – – 1.4 (3.6) 1.4 (3.6)
At 31 December (73.6) 22.8 (1.2) (16.8) (74.8) 6.0
Changes in the present value of the defined benefit obligation are as follows:
2009
£m
2008
£m
2009
£m
2008
£m
2009
£m
2008
£m
United Kingdom Overseas Total
At 1 January (631.3) (741.0) (46.1) (29.5) (677.4) (770.5)
Current service cost (3.0) (4.8) (2.6) (2.0) (5.6) (6.8)
Past service cost (0.2) – – – (0.2) –
Interest expense on plan liabilities (38.0) (42.0) (0.9) (1.1) (38.9) (43.1)
Actuarial gains / (losses):
– Experience gains and losses 4.6 16.0 0.6 0.7 5.2 16.7
– Changes in assumptions (178.9) 106.9 6.1 (4.3) (172.8) 102.6
Contributions by employees (1.3) (1.6) (0.1) (0.1) (1.4) (1.7)
Benefits paid 38.4 35.2 3.5 1.9 41.9 37.1
Effect of foreign exchange rate changes – – 3.9 (11.7) 3.9 (11.7)
At 31 December (809.7) (631.3) (35.6) (46.1) (845.3) (677.4)
2008
£m
2009
£m
2008
£m
2009
£m
2008
£m
104
Inchcape plc ¦ Annual Report and Accounts 2009