Vodafone Group Plc Annual Report for the year ended 31 March 2012

Vodafone Group Plc
Annual Report 2012 134
Notes to the consolidated financial statements (continued)
23. Post employment benefits (continued)
Fair value of the assets and present value of the liabilities of the schemes
The amount included in the statement of financial position arising from the Group’s obligations in respect of its defined benefit schemes is as follows:
2012 2011 2010
£m £m £m
Movement in pension assets:
1 April 1,558 1,487 1,100
Exchange rate movements (22) (2) (10)
Expected return on pension assets 99 103 76
Actuarial (losses)/gains (30) (6) 286
Employer cash contributions 34 24 133
Member cash contributions 6 5 12
Benefits paid (42) (51) (45)
Other movements 1 (2) (65)
31 March 1,604 1,558 1,487
Movement in pension liabilities:
1 April 1,548 1,690 1,332
Exchange rate movements (33) (4) (15)
Current service cost 11 12 29
Interest cost 85 95 77
Member cash contributions 6 5 12
Actuarial losses/(gains) 335 (196) 435
Benefits paid (42) (51) (79)
Other movements – (3) (101)
31 March 1,910 1,548 1,690
An analysis of net (deficit)/assets is provided below for the Group’s principal defined benefit pension scheme in the UK and for the Group as a whole.
UK
2012 2011 2010 2009 2008 2012 2011 2010 2009 2008
£m £m £m £m £m £m £m £m £m £m
Analysis of net (deficit)/assets:
Total fair value of scheme assets 1,218 1,180 1,131 755 934 1,604 1,558 1,487 1,100 1,271
Present value of funded scheme liabilities (1,444) (1,127) (1,276) (815) (902) (1,852) (1,488) (1,625) (1,196) (1,217)
Net (deficit)/assets for funded schemes (226) 53 (145) (60) 32 (248) 70 (138) (96) 54
Present value of unfunded scheme liabilities – – – (8) – (58) (60) (65) (136) (93)
Net (deficit)/assets (226) 53 (145) (68) 32 (306) 10 (203) (232) (39)
Net (deficit)/assets are analysed as:
Assets – 53 – – 32 31 97 34 8 65
Liabilities (226) – (145) (68) – (337) (87) (237) (240) (104)
It is expected that contributions of £34 million will be paid into the Group’s defined benefit retirement schemes during the year ending 31 March
2013. The assets of the schemes are held in external trustee administered funds.
Actual return on pension assets
Group
2012 2011 2010
£m £m £m
Actual return on pension assets 69 97 362
Analysis of pension assets at 31 March is as follows: % % %
Equities 60.1 61.6 59.6
Bonds 37.1 36.5 37.5
Property 0.3 0.3 0.3
Other 2.5 1.6 2.6
100.0 100.0 100.0
The schemes have no direct investments in the Group’s equity securities or in property currently used by the Group.