Punch Taverns plc 2011 Annual Report

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Punch Taverns plc
Annual Report and Financial Statements 2011
Notes to the financial statements continued
for the 52 weeks ended 21 August 2011
29 Pensions and other post-retirement benefits continued
Movements in the fair value of scheme assets are as follows:
52 weeks to
20 August
2011
£m
52 weeks to
21 August
2010
£m
Fair value of scheme assets at beginning of year 395.6 357.1
Expected return on scheme assets 22.9 21.9
Actuarial gains 17.9 25.6
Contributions paid by employer 10.8 4.5
Benefits paid (12.8) (13.5)
Demerger of Spirit business (387.9) –
Fair value of scheme assets at end of year 46.5 395.6
Scheme assets are stated at their market values at the balance sheet date and the expected return on scheme assets is derived as a
weighted average of the expected return on each asset class, recognising the proportions of the assets invested in each. The expected
return on each asset class is determined after taking external expert advice and by reference to relevant equity and bond indices.
The major categories of plan assets as a percentage of total plan assets are as follows:
20 August
2011
21 August
2010
Equities 54.6% 46.9%
Bonds 41.7% 44.2%
Property – 8.1%
Other 3.7% 0.8%
The history of experience adjustments on the schemes for the current and previous financial years is as follows:
20 August
2011
£m
21 August
2010
£m
22 August
2009
£m
23 August
2008
£m
18 August
2007
£m
Present value of retirement benefit liabilities (54.4) (418.6) (416.6) (342.3) (373.3)
Fair value of plan assets 46.5 395.6 357.1 376.5 380.0
Net (liability) / asset in the scheme (7.9) (23.0) (59.5) 34.2 6.7
Experience adjustments on scheme liabilities 0.8 0.6 (4.5) 24.3 2.5
Percentage of scheme liabilities 1.5% 0.1% 1.1% 7.1% 0.7%
Experience adjustments on scheme assets 17.9 25.6 (33.8) (30.0) (1.7)
Percentage of scheme assets 38.5% 6.5% 9.5% 8.0% 0.4%
The expected contributions to defined benefit schemes for the next financial year, beginning 21 August 2011, are £1.4m.