BP 2015 Annual Report Download - page 207

6. Pensions – continued
$ million
2015 2014 2013
Fair value of pension plan assets
Listed equities – developed markets 13,474 16,190 17,341
– emerging markets 2,305 2,719 2,290
Private equity 2,933 2,983 2,907
Government issued nominal bondsa393 642 549
Government issued index-linked bondsa6,425 892 787
Corporate bondsa4,357 4,687 4,427
Propertyb2,453 2,403 2,200
Cash 564 1,145 855
Other 110 112 160
Debt (repurchase agreements) used to fund liability driven investments (1,791) – –
31,223 31,773 31,516
aBonds held are denominated in sterling.
bProperty held is all located in the United Kingdom.
$ million
2015 2014 2013
Analysis of the amount charged to profit before interest and taxation
Current service costa485 494 497
Past service costb12 – (22)
Operating charge relating to defined benefit plans 497 494 475
Payments to defined contribution plan 31 30 24
Total operating charge 528 524 499
Interest income on plan assetsc1,124 1,425 1,139
Interest on plan liabilities (1,144) (1,375) (1,221)
Other finance income (expense) (20) 50 (82)
Analysis of the amount recognized in other comprehensive income
Actual return less interest income on pension plan assets 315 1,269 2,671
Change in financial assumptions underlying the present value of the plan liabilities 2,054 (3,181) 60
Change in demographic assumptions underlying the present value of plan liabilities –42 –
Experience gains and losses arising on the plan liabilities 321 (42) 41
Remeasurements recognized in other comprehensive income 2,690 (1,912) 2,772
aThe costs of managing the fund’s investments are treated as being part of the investment return, the costs of administering our pensions plan benefits are included in current service cost.
bPast service cost represents the increased liability arising as a result of early retirements occurring as part of restructuring programmes.
cThe actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above.
The parent company financial statements of BP p.l.c. on pages 196-213 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
Financial statements
BP Annual Report and Form 20-F 2015 203