BP 2007 Annual Report Download - page 196
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194
6Pensionscontinued
$ million
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2007 2006 2005
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Analysis of the amount charged to operating profit
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Current service cost 473 411 360
Past service cost 5(74) 4
Settlement, curtailment and special termination benefits 35 –36
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Total operating charge 513 337 400
Analysis of the amount credited (charged) to other finance income
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Expected return on pension plan assets 1,927 1,593 1,357
Interest on pension plan liabilities (1,108) (918) (914)
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Other finance income 819 675 443
Analysis of the amount recognized in the statement of total recognized gains and losses
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Actual return less expected return on pension plan assets 404 1,252 2,946
Change in assumptions underlying the present value of the plan liabilities 751 79 (1,721)
Experience gains and losses arising on the plan liabilities (457) (211) (66)
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Actuarial gain (loss) recognized in statement of total recognized gains and losses 698 1,120 1,159
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Movements in benefit obligation during the year 2007 2006
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Benefit obligation at 1 January 21,507 18,316
Exchange adjustment 363 2,524
Current service cost 473 411
Past service cost 5(74)
Interest cost 1,108 918
Curtailment (7) (20)
Settlement (3) (22)
Special termination benefits 45 42
Contributions by plan participants 41 37
Benefit payments (funded plans) (998) (900)
Benefit payments (unfunded plans) (3) –
Disposals (91) 143
Actuarial (gain) loss on obligation (294) 132
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Benefit obligation at 31 December 22,146 21,507
Movements in fair value of plan assets during the year
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Fair value of plan assets at 1 January 27,169 21,542
Exchange adjustment 452 3,082
Expected return on plan assets 1,927 1,593
Contributions by plan participants 41 37
Contributions by employers (funded plans) 507 420
Benefit payments (funded plans) (998) (900)
Disposals (91) 143
Actuarial gain (loss) on plan assets 404 1,252
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Fair value of plan assets at 31 Decembera29,411 27,169
Surplus (deficit) at 31 December 7,265 5,662
Represented by
Asset recognized 7,381 5,771
Liability recognized (116) (109)
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7,265 5,662
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The surplus (deficit) may be analysed between funded and unfunded plans as follows
Funded 7,381 5,771
Unfunded (116) (109)
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7,265 5,662
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The defined benefit obligation may be analysed between funded and unfunded plans as follows
Fundedb(22,030) (21,398)
Unfunded (116) (109)
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(22,146) (21,507)
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