BP 2008 Annual Report Download - page 201

Download and view the complete annual report

Please find page 201 of the 2008 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 211

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211

BP Annual Report and Accounts 2008
Parent company financial statements of BP p.l.c.
6. Pensions continued
$ million
2008 2007
Surplus (deficit) at 31 December 1,516 7,265
Represented by
Asset recognized 1,608 7,381
Liability recognized (92) (116)
1,516 7,265
The surplus (deficit) may be analysed between funded and unfunded plans as follows
Funded 1,608 7,381
Unfunded (92) (116)
1,516 7,265
The defined benefit obligation may be analysed between funded and unfunded plans as follows
Fundeda(15,322) (22,030)
Unfunded (92) (116)
(15,414) (22,146)
$ million
2008 2007
Reconciliation of plan surplus to balance sheet
Surplus at 31 December 1,516 7,265
Deferred tax (399) (2,008)
1,117 5,257
Represented by
Asset recognized on balance sheet 1,185 5,338
Liability recognized on balance sheet (68) (81)
1,117 5,257
aReflects $15,280 million of liabilities of the BP Pension Fund (2007 $21,992 million) and $42 million of liabilities of the BP Global Pension Trust (2007 $38 million).
The aggregate level of employer contributions into the BP Pension Fund in 2009 is expected to be nil.
$ million
2008 2007 2006 2005 2004
History of surplus (deficit) and of experience gains and losses
Benefit obligation at 31 December 15,414 22,146 21,507 18,316 18,613
Fair value of plan assets at 31 December 16,930 29,411 27,169 21,542 20,706
Surplus 1,516 7,265 5,662 3,226 2,093
Experience gains and losses on plan liabilities
Amount ($ million) (65) (155) (211) (66) 157
Percentage of benefit obligation 0% (1)% (1)% 0% 1%
Actual return less expected return on pension plan assets
Amount ($ million) (6,533) 404 1,252 2,946 750
Percentage of plan assets (39)% 1% 5% 14% 4%
Actuarial gain (loss) recognized in statement of total recognized gains and losses
Amount ($ million) (5,122) 698 1,120 1,159 197
Percentage of benefit obligation (33)% 3% 6% 6% 1%
Cumulative amount recognized in statement of total recognized gains and losses (1,107) 4,015 3,317 2,197 1,038
200