BP 2011 Annual Report Download - page 242

240 BP Annual Report and Form 20-F 2011
Notes on financial statements
37. Pensions and other post-retirement benefits continued
$ million
2009
UK
pension
plans
US
pension
plans
US other post-
retirement
benefit
plans
Other
plans Total
Analysis of the amount charged to profit before interest and taxation
Current service costa311 243 48 117 719
Past service cost – – (22) 1(21)
Settlement, curtailment and special termination benefits 37 – – 53 90
Payments to defined contribution plans –205 –28 233
Total operating chargeb348 448 26 199 1,021
Analysis of the amount credited (charged) to other finance expense
Expected return on plan assets 1,426 405 1147 1,979
Interest on plan liabilities (1,112) (456) (183) (420) (2,171)
Other finance income (expense) 314 (51) (182) (273) (192)
Analysis of the amount recognized in other comprehensive income
Actual return less expected return on pension plan assets 1,761 617 2169 2,549
Change in assumptions underlying the present value of the plan liabilities (2,217) (501) (50) (42) (2,810)
Experience gains and losses arising on the plan liabilities (141) (229) 71 (122) (421)
Actuarial (loss) gain recognized in other comprehensive income (597) (113) 23 5(682)
a
The costs of managing the plan’s investments are treated as being part of the investment return, the costs of administering our pension plan benefits are generally included in current service cost and the
costs of administering our other post-retirement benefit plans are included in the benefit obligation.
b
Included within production and manufacturing expenses and distribution and administration expenses.
At 31 December 2011, reimbursement balances due from or to other companies in respect of pensions amounted to $546 million reimbursement assets
(2010 $483 million) and $13 million reimbursement liabilities (2010 $13 million). These balances are not included as part of the pension surpluses and
deficits, but are reflected within other receivables and other payables in the group balance sheet.
$ million
2011 2010 2009 2008 2007
History of surplus (deficit) and of experience gains and losses
Benefit obligation at 31 December 46,082 41,912 40,073 34,847 43,100
Fair value of plan assets at 31 December 34,081 34,231 31,453 26,154 42,799
Deficit (12,001) (7,681) (8,620) (8,693) (301)
Experience losses on plan liabilities (123) (94) (421) (178) (200)
Actual return less expected return on pension plan assets (2,042) 2,037 2,549 (10,253) 302
Actual return on plan assets 460 4,261 4,528 (7,331) 3,157
Actuarial (loss) gain recognized in other comprehensive income (5,960) (320) (682) (8,430) 1,717
Cumulative amount recognized in other comprehensive income (9,902) (3,942) (3,622) (2,940) 5,490
Estimated future benefit payments
The expected benefit payments, which reflect expected future service as appropriate, but exclude plan expenses, up until 2021 are as follows:
$ million
UK
pension
plans
US
pension
plans
US other post-
retirement
benefit
plans
Other
plans Total
2012 998 743 181 619 2,541
2013 1,031 756 183 588 2,558
2014 1,068 766 186 592 2,612
2015 1,109 778 188 583 2,658
2016 1,154 776 190 567 2,687
2017-2021 6,476 3,721 955 2,728 13,880