Punch Taverns plc 2011 Annual Report

Punch Taverns plc
Annual Report and Financial Statements 2011
93
29 Pensions and other post-retirement benefits continued
The amounts recognised in the income statement are as follows:
Analysis of amounts charged to operating costs from continuing operations:
52 weeks to
20 August
2011
£m
52 weeks to
21 August
2010
£m
Current service cost (0.1) (0.1)
Analysis of amounts credited to other finance income:
52 weeks to
20 August
2011
£m
52 weeks to
21 August
2010
£m
Expected return on assets 22.9 21.9
Interest on scheme liabilities (19.8) (21.7)
Net credit 3.1 0.2
Analysis of amounts recognised in the SOCI in the period:
52 weeks to
20 August
2011
£m
52 weeks to
21 August
2010
£m
Actual return on assets 40.8 47.5
Expected return on assets (22.9) (21.9)
Actuarial gain on liabilities 3.5 6.3
Expected actuarial gains recognised in the SOCI 21.4 31.9
Restriction on surplus recognised (25.2) –
Actuarial (losses) / gains recognised in the SOCI (3.8) 31.9
Governance Business review
Cumulative amounts recognised in the SOCI:
20 August
2011
£m
21 August
2010
£m
At beginning of period (0.9) (32.8)
Net actuarial (losses) / gains in the period (3.8) 31.9
At end of period (4.7) (0.9)
The amounts recognised in the balance sheet are as follows:
20 August
2011
£m
21 August
2010
£m
Present value of scheme liabilities (54.4) (418.6)
Fair value of scheme assets 46.5 395.6
Net retirement benefit liability recognised in the balance sheet (7.9) (23.0)
Financial statements
Movements in the present value of scheme liabilities are as follows:
52 weeks to
20 August
2011
£m
52 weeks to
21 August
2010
£m
Present value of scheme liabilities at beginning of year 418.6 416.6
Current service cost 0.1 0.1
Interest cost 19.8 21.7
Actuarial gains (3.5) (6.3)
Benefits paid (12.8) (13.5)
Demerger of Spirit business (367.8) –
Present value of scheme liabilities at end of year 54.4 418.6