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SABMiller plc Annual Report 2011 143 32. Pensions and post-retirement benefits continued Grolsch pension scheme The Grolsch pension plan, named Stichting Pensioenfonds van de Grolsche Bierbrouwerij, is a funded scheme of the defined benefit type, based on average salary with assets held in separately administered funds. The latest valuation of the Grolsch pension fund was carried out at 31 March 2011 by an independent actuary using the projected unit credit method. South Africa pension schemes The group operates a number of pension schemes throughout South Africa. Details of the major schemes are provided below. The ABI Pension Fund, Suncrush Pension Fund and Suncrush Retirement Fund are funded schemes of the defined benefit type based on average salary with assets held in separately administered funds. The surplus apportionment schemes for the ABI Pension Fund, the Suncrush Pension Fund and Suncrush Retirement Fund have been approved by the Financial Services Board. The active and pensioner liabilities in respect of the ABI Pension Fund and the Suncrush Retirement Fund have been settled. The only liabilities are in respect of the surplus apportionment scheme and unclaimed benefits. Once the surplus liabilities have been settled, the Funds will be deregistered and liquidated. The trustees have resolved that any surplus remaining in the Suncrush Retirement Fund should be transferred to the Suncrush Pension Fund, although this has not yet been approved. Principal actuarial assumptions at 31 March (expressed as weighted averages) Medical and other post- Defined benefit pension plans retirement benefits Latin America Grolsch Other South Africa Other At 31 March 2011 Discount rate (%) 8.4 5.3 5.2 8.8 8.4 Salary inflation (%) 4.0 2.0 2.4 – – Pension inflation (%) 4.0 2.0 3.0 – – Healthcare cost inflation (%) – – – 7.3 4.0 Mortality rate assumptions – Retirement age: Males 55 65 – 63 55 Females 50 65 – 63 50 – Life expectations on retirement age: Retiring today: Males 27 21 – 16 27 Females 36 24 – 20 36 Retiring in 20 years: Males – 22 – 16 – Females – 25 – 20 – At 31 March 2010 Discount rate (%) 8.8 5.0 4.9 9.5 8.8 Salary inflation (%) 4.0 2.5 3.6 – – Pension inflation (%) 4.0 2.5 3.1 – – Healthcare cost inflation (%) – – – 8.0 4.0 Mortality rate assumptions – Retirement age: Males 55 65 – 63 55 Females 50 65 – 63 50 – Life expectations on retirement age: Retiring today: Males 20 21 – 16 20 Females 25 22 – 20 25 Retiring in 20 years: Males – 22 – 16 – Females – 23 – 20 – Overview Business review Governance Financial statements Shareholder information
SABMiller plc Annual Report 2011 144 Notes to the consolidated financial statements continued 32. Pensions and post-retirement benefits continued The present value of defined benefit pension plan and post-employment medical benefit liabilities are as follows. Defined benefit pension plans post-retirement benefits Medical and other Latin America US$m Grolsch US$m Present value of scheme liabilities at 1 April 2009 109 241 69 419 38 42 80 – Portion of defined benefit obligation that is unfunded 107 – 21 128 38 42 80 – Portion of defined benefit obligation that is partly or wholly funded 2 241 48 291 – – – Benefits paid (14) (10) (21) (45) – (7) (7) Contributions paid by plan participants – 3 – 3 (2) (2) (4) Current service cost 1 5 2 8 1 2 3 Interest costs 13 14 5 32 4 4 8 Actuarial losses/(gains) 5 43 (7) 41 4 (4) – Transfer (to)/from other provisions (1) – 1 – – – – Exchange adjustments 35 3 13 51 14 9 23 Present value of scheme liabilities at 31 March 2010 148 299 62 509 59 44 103 – Portion of defined benefit obligation that is unfunded 146 – 24 170 59 44 103 – Portion of defined benefit obligation that is partly or wholly funded 2 299 38 339 – – – Benefits paid (18) (9) (14) (41) – (6) (6) Contributions paid by plan participants – 3 – 3 (2) – (2) Current service cost 1 5 3 9 2 – 2 Past service cost – – – – – (1) (1) Interest costs 11 14 4 29 6 4 10 Actuarial losses/(gains) 24 (18) – 6 2 6 8 Settlements and curtailments – (3) – (3) – (6) (6) Transfer from/(to) other provisions 3 – (3) – – – – Acquisitions 1 – – 1 – – – Transfers to disposal group classified as held for sale – – (6) (6) – – – Exchange adjustments 5 14 2 21 4 2 6 Present value of scheme liabilities at 31 March 2011 175 305 48 528 71 43 114 – Portion of defined benefit obligation that is unfunded 175 – 13 188 71 43 114 – Portion of defined benefit obligation that is partly or wholly funded – 305 35 340 – – – Other US$m Total US$m South Africa US$m Other US$m Total US$m Overview Business review Governance Financial statements Shareholder information
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Performance highlights Delivering e
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Strategic priorities SABMiller has
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Governance An introduction to the b
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