Tesco 2015 Annual Report Download - page 133
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Movement in pension deficit during the financial year
Changes in the fair value of defined benefit pension assets are as follows:
2015
£m
2014
£m
Opening fair value of defined benefit pension assets 8,124 7,20 6
Interest income 386 372
Return on plan assets greater than discount rate 874 253
Contributions by employer 563 531
Additional contribution by employer 13 4
Actual member contributions 11 12
Foreign currency translation (15) (14)
Benefits paid (279) (240)
Closing fair value of defined benefit pension assets 9,677 8,124
Changes in the present value of defined benefit pension obligations are as follows:
2015
£m
2014
£m
Opening defined benefit pension obligation (11,317) (9,584)
Current service cost (631) (542)
Interest cost (522) (478)
Losses on change of financial assumptions (2,553) (938)
Losses on change of demographic assumptions (66) (6)
Experience gains/(losses) 272 (22)
Foreign currency translation 30 25
Benefits paid 279 240
Actual member contributions (11) (12)
Closing defined benefit pension obligation (14,519) (11,317 )
The amounts that have been charged to the Group Income Statement and Group Statement of Comprehensive Income for the year ended 28February 2015
are set out below:
2015
£m
2014
£m
Analysis of the amount charged to operating profit:
Current service cost (631) (542)
Total charge to operating profit (631) (542)
Analysis of the amount credited/(charged) to finance income/(cost):
Interest on defined benefit pension assets 386 372
Interest on defined benefit pension obligation (522) (478)
Net pension finance cost (Note 5) (136) (106)
Total charge to the Group Income Statement (767) (648)
Analysis of the amount recognised in the Group Statement of Comprehensive Income:
Return on plan assets greater than discount rate 874 253
Experience gains/(losses) on defined benefit pension obligation 272 (22)
Demographic assumption losses on defined benefit pension obligation (66) (6)
Financial assumption losses on defined benefit pension obligation (2,553) (938)
Foreign currency translation 15 11
Total losses recognised in the Group Statement of Comprehensive Income (1,458) (702)
Summary of movements in deficit during the financial year
2015
£m
2014
£m
Deficit in schemes at beginning of the year (3,193) (2,378)
Current service cost (631) (542)
Net pension finance cost (136) (106)
Contributions by employer 563 531
Additional contribution by employer 13 4
Foreign currency translation 15 11
Remeasurements (1,473) (713)
Deficit in schemes at the end of the year (4,842) ( 3,193)
Deferred tax asset (Note 6) 957 634
Deficit in schemes at the end of the year, net of deferred tax (3,885) (2,559)
Note 26 Post-employment benefits continued
131Tesco PLC Annual Report and Financial Statements 2015
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