BP 2006 Annual Report Download - page 159

BP Annual Report and Accounts 2006 157
41 Pensions and other post-retirement benefits continued
$ million
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2004
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Analysis of the amount charged to profit before interest and taxation
UK
pension
plans
US
pension
plans
US
other post-
retirement
benefit plans Other plans Total
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current service cost 363 215 61 118 757
Past service cost 5 – (4) 38 39
Settlement, curtailment and special termination benefits 37 – – 27 64
Payments to defined contribution plans – 150 – 12 162
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Total operating charge 405 365 57 195 1,022
Innovene operations (35) (25) (3) (22) (85)
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Continuing operationsa370 340 54 173 937
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Analysis of the amount credited (charged) to other finance expense
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Expected return on plan assets 1,351 526 2 104 1,983
Interest on plan liabilities (981) (445) (240) (346) (2,012)
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Other finance income (expense) 370 81 (238) (242) (29)
Innovene operations (6) (3) 14 12 17
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Continuing operations 364 78 (224) (230) (12)
Analysis of the amount recognized in the statement of recognized income and expense
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Actual return less expected return on pension plan assets 818 379 – 152 1,349
Change in assumptions underlying the present value of the plan liabilities (795) (108) 495 (366) (774)
Experience gains and losses arising on the plan liabilities 83 (22) 33 (562) (468)
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Actuarial gain (loss) recognized in statement of recognized income and expense 106 249 528 (776) 107
aIncluded within production and manufacturing expenses and distribution and administration expenses.
$ million
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History of surplus (deficit) and of experience gains and losses 2006 2005 2004 2003
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Benefit obligation at 31 December 42,433 38,855 39,945 35,995
Fair value of plan assets at 31 December 39,910 32,907 31,712 27,853
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Surplus (deficit) (2,523) (5,948) (8,233) (8,142)
Experience gains and losses on plan liabilities (124) (212) (468) 873
Actual return less expected return on pension plan assets 1,967 3,364 1,349 2,392
Actual return on plan assets 4,377 5,502 3,332 3,892
Actuarial gain recognized in statement of recognized income and expense 2,615 975 107 76
Cumulative amount recognized in statement of recognized income and expense 3,773 1,158 183 76
Estimated future benefit payments
The expected benefit payments, which reflect expected future service, as appropriate, but excluding fund expenses, up until 2016 are as follows:
$ million
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UK
pension
plans
US
pension
plans
US
other post-
retirement
benefit plans Other plans Total
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2007 1,013 619 212 509 2,353
2008 1,053 650 213 519 2,435
2009 1,070 673 219 513 2,475
2010 1,146 695 224 506 2,571
2011 1,165 714 229 496 2,604
2012-2016 6,432 3,621 1,156 2,271 13,480