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Notes on the accounts continued

RBS Group Annual Report and Accounts 2009264

4 Pension costs continued

Main scheme All schemes

Present Present

value of Net value of Net

Fair value defined pension Fair value defined pension

of plan benefit deficit/ of plan benefit deficit/

assets obligations (surplus) assets obligations (surplus)

Changes in value of net pension deficit/(surplus) £m £m £m £m £m £m

At 1 January 2008 18,575 18,099 (476) 27,662 27,547 (115)

Transfers to disposal groups — — — (1) (49) (48)

Currency translation and other adjustments — — — 2,497 2,692 195

Income statement:

Expected return 1,271 (1,271) 1,865 (1,865)

Interest cost 1,080 1,080 1,622 1,622

Current service cost 437 437 705 705

Past service cost 21 21 28 28

1,271 1,538 267 1,865 2,355 490

Statement of comprehensive income:

Actuarial gains and losses (4,784) (3,389) 1,395 (6,051) (3,764) 2,287

Disposal of subsidiaries — — — (31) (34) (3)

Contributions by employer 396 — (396) 810 — (810)

Contributions by plan participants ——— 9 9—

Benefits paid (630) (630) — (978) (978) —

Expenses included in service cost (24) (24) — (26) (26) —

At 1 January 2009 14,804 15,594 790 25,756 27,752 1,996

Currency translation and other adjustments — — — (699) (813) (114)

Income statement

Expected return 1,029 (1,029) 1,553 (1,553)

Interest cost 999 999 1,614 1,614

Current service cost 300 300 583 583

Past service cost 15 15 15 15

Gains on curtailments (1,947) (1,947) (2,148) (2,148)

1,029 (633) (1,662) 1,553 64 (1,489)

Statement of comprehensive income

Actuarial gains and losses 993 4,473 3,480 1,344 5,009 3,665

Contributions by employer 536 — (536) 1,153 — (1,153)

Contributions by plan participants and other scheme members 2 2 — 15 15 —

Benefits paid (741) (741) — (1,175) (1,175) —

Expenses included in service cost (20) (20) — (22) (22) —

At 31 December 2009 16,603 18,675 2,072 27,925 30,830 2,905

2009 2008 2007

Net pension deficit comprises: £m £m £m

Net assets of schemes in surplus (included in Prepayments, accrued income and other assets, Note 19) (58) (36) (575)

Net liabilities of schemes in deficit 2,963 2,032 460

2,905 1,996 (115)