Vodafone 2004 Annual Report Download - page 111

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History of amounts that would have been recognised in the statement of total recognised gains and
losses under FRS 17
2004 2003
£m % £m %
UK Difference between the expected and actual return on assets(1) 56 13 (95) (36)
Experience gains and (losses) arising on scheme liabilities(2) ––––
Actuarial gain/(loss)(2) 40 9 (132) (34)
Germany Difference between the expected and actual return on assets(1) 32(1) (1)
Experience gains and (losses) arising on scheme liabilities(2) (3) (2) 74
Actuarial gain/(loss)(2) (11) (6) (5) (3)
Japan Difference between the expected and actual return on assets(1) ––––
Experience gains and (losses) arising on scheme liabilities(2) 13(1) (1)
Actuarial gain/(loss)(2) 617(17) (13)
Other Difference between the expected and actual return on assets(1) 718(14) (37)
Experience gains and (losses) arising on scheme liabilities(2) 3211
Actuarial gain/(loss)(2) 12 10 (18) (14)
Notes:
(1) Percentage stated is expressed as a percentage of scheme assets at 31 March.
(2) Percentage stated is expressed as a percentage of scheme liabilities at 31 March.
Fair value of the assets and liabilities of the schemes
UK Germany Japan Other Total
2004 2003 2002 2004 2003 2002 2004 2003 2002 2004 2003 2002 2004 2003 2002
£m £m £m £m £m £m £m £m £m £m £m £m £m £m £m
Bonds 89 56 23 104 ––1––4712198 63 35
Equities 345 208 206 51 ––1––33 27 26 430 235 232
Other assets –––10 107 8 –1134513 112 14
Total fair value of
scheme assets 434 264 229 165 107 8 21140 38 43 641 410 281
Present value of
scheme liabilities (457) (383) (301) (192) (180) (139) (35) (127) (116) (122) (126) (95) (806) (816) (651)
FRS 17 deficits (23) (119) (72) (27) (73) (131) (33) (126) (115) (82) (88) (52) (165) (406) (370)
Related deferred
tax assets 736 22 11 30 52 14 53 48 30 30 20 62 149 142
Net FRS 17 deficits (16) (83) (50) (16) (43) (79) (19) (73) (67) (52) (58) (32) (103) (257) (228)
The funded status of each of the above principal defined benefit schemes is reported at the beginning of this note. The deficits reported under FRS 17 reflect
the different assumptions for valuing assets and liabilities compared with SSAP 24.
The funding policy for the German and UK schemes is reviewed on a systematic basis in consultation with the independent scheme actuary in order to ensure
that the funding contributions from sponsoring employers are appropriate to meet the liabilities of the schemes over the long term.
The deficit in respect of other schemes at 31 March 2004 primarily relates to internally funded schemes in Italy, Sweden and the United States and the
externally funded scheme in Ireland.
Annual Report 2004 Vodafone Group Plc
109