BP 2011 Annual Report Download - page 293

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Financial statements
BP Annual Report and Form 20-F 2011 PC9
Parent company financial statements of BP p.l.c.
The parent company financial statements of BP p.l.c. on pages PC1 – PC14 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
6. Pensions continued
$ million
2011 2010
Represented by
Asset recognized –2,069
Liability recognized (2,088) (199)
(2,088) 1,870
The surplus (deficit) may be analysed between funded and unfunded plans as follows
Funded (1,852) 2,064
Unfunded (236) (194)
(2,088) 1,870
The defined benefit obligation may be analysed between funded and unfunded plans as follows
Fundeda(25,439) (20,548)
Unfunded (236) (194)
(25,675) (20,742)
a Reflects $25,324 million of liabilities of the BP Pension Fund (2010 $20,448 million), $78 million of liabilities of the BP Global Pension Trust (2010 $67 million) and $37 million of liabilities representing the
company’s share of the multi-employer Merchant Navy Officers Pension Fund (2010 $33 million).
$ million
2011 2010
Reconciliation of plan surplus (deficit) to balance sheet
Surplus (deficit) at 31 December (2,088) 1,870
Deferred tax –(480)
(2,088) 1,390
Represented by
Asset recognized on balance sheet –1,537
Liability recognized on balance sheet (2,088) (147)
(2,088) 1,390
The aggregate level of employer contributions into the BP Pension Fund in 2012 is expected to be $492 million.
$ million
2011 2010 2009 2008 2007
History of surplus and of experience gains and losses
Benefit obligation at 31 December 25,675 20,742 19,882 15,414 22,146
Fair value of plan assets at 31 December 23,587 22,612 20,953 16,930 29,411
Surplus (deficit) (2,088) 1,870 1,071 1,516 7,265
Experience gains and losses on plan liabilities
Amount ($ million) (84) 12 (146) (65) (155)
Percentage of benefit obligation 0% 0% (1)% 0% (1)%
Actual return less expected return on pension plan assets
Amount ($ million) (1,976) 1,479 1,634 (6,533) 404
Percentage of plan assets (8)% 7% 8% (39)% 1%
Actuarial (loss) gain recognized in statement of total recognized gains and losses
Amount ($ million) (4,770) 457 (585) (5,122) 698
Percentage of benefit obligation (19)% 2% (3)% (33)% 3%
Cumulative amount recognized in statement of total recognized gains and losses (6,005) (1,235) (1,692) (1,107) 4,015