BP 2010 Annual Report Download - page 210
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38.Pensionsandotherpost-retirementbenetscontinued
$million
2008
USotherpost-
UK US retirement
pension pension benet Other
plans plans plans plans Total
Analysisoftheamountchargedtoprotbeforeinterestandtaxation
Currentservicecosta 448 235 40 128 851
Pastservicecost 7 74 – 1 82
Settlement,curtailmentandspecialterminationbenets 30 – – 12 42
Paymentstodenedcontributionplans – 170 – 25 195
Totaloperatingchargeb 485 479 40 166 1,170
Analysisoftheamountcredited(charged)toothernanceexpense
Expectedreturnonplanassets 2,094 632 2 194 2,922
Interestonplanliabilities (1,239) (444) (198) (450) (2,331)
Othernanceincome(expense) 855 188 (196) (256) 591
Analysisoftheamountrecognizedinothercomprehensiveincome
Actualreturnlessexpectedreturnonpensionplanassets (6,946) (2,895) (8) (404) (10,253)
Changeinassumptionsunderlyingthepresentvalueoftheplanliabilities 1,570 3 215 214 2,002
Experiencegainsandlossesarisingontheplanliabilities (73) (194) 18 70 (179)
Actuarial(loss)gainrecognizedinothercomprehensiveincome (5,449) (3,086) 225 (120) (8,430)
a
Thecostsofmanagingtheplan’sinvestmentsaretreatedasbeingpartoftheinvestmentreturn,thecostsofadministeringourpensionsfundbenetsaregenerallyincludedincurrentservicecost,andthe
costsofadministeringourotherpost-retirementbenetplansareincludedinthebenetobligation.
bIncludedwithinproductionandmanufacturingexpensesanddistributionandadministrationexpenses.
At31December2010,reimbursementbalancesduefromortoothercompaniesinrespectofpensionsamountedto$483millionreimbursementassets
(2009$443million)and$13millionreimbursementliabilities(2009$14million).Thesebalancesarenotincludedaspartofthepensionliability,butare
reectedelsewhereinthegroupbalancesheet.
$million
2010 2009 2008 2007 2006
Historyofsurplus(decit)andofexperiencegainsandlosses
Benetobligationat31December 41,912 40,073 34,847 43,100 42,433
Fairvalueofplanassetsat31December 34,231 31,453 26,154 42,799 39,910
Decit (7,681) (8,620) (8,693) (301) (2,523)
Experiencelossesonplanliabilities (94) (421) (178) (200) (124)
Actualreturnlessexpectedreturnonpensionplanassets 2,037 2,549 (10,253) 302 1,967
Actualreturnonplanassets 4,261 4,528 (7,331) 3,157 4,377
Actuarial(loss)gainrecognizedinothercomprehensiveincome (320) (682) (8,430) 1,717 2,615
Cumulativeamountrecognizedinothercomprehensiveincome (3,942) (3,622) (2,940) 5,490 3,773
Estimated future benet payments
Theexpectedbenetpayments,whichreectexpectedfutureservice,asappropriate,butexcludeplanexpenses,upuntil2020areasfollows:
$million
US other post-
UKUS retirement
pension pension benet Other
plansplans plansplansTotal
2011 994 805 207 612 2,618
2012 1,035 807 209 581 2,632
2013 1,069 810 213 584 2,676
2014 1,122 808 217 588 2,735
2015 1,167 788 221 576 2,752
2016-2020 6,581 3,636 1,132 2,815 14,164
208BPAnnualReportandForm20-F2010