bank-r-and-a

Overview Strategic report Corporate governance Risk management Financial statements Other information
Notes to the Bank financial statements continued
For the year ended 31 December 2013
All amounts are stated in £m unless otherwise indicated
36. Pensions continued
Bank (unfunded) pension scheme
The Bank also operates a small unfunded pension scheme.
2013 2012 2011 2010 2009
Rate of increase of pensions in payment 3.6% 3.3% 3.3% 3.7% 3.8%
Rate of increase in salaries 5.1% 4.8% 4.8% 5.2% 5.3%
Discount rate 4.7% 4.6% 4.6% 5.2% 5.6%
The assumptions used by the actuary were the best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered,
may not necessarily be borne out in practice.
The values of the assets and liabilities of the unfunded pension scheme were:
2013 2012
Present value of unfunded obligations (4.0) (4.0)
Deficit in scheme (4.0) (4.0)
Related deferred tax asset 0.9 0.9
Net pension liability (3.1) (3.1)
Analysis of amount charged to income statement:
Current service cost – –
Interest on pension scheme liabilities 0.2 0.2
0.2 0.2
Changes in the present value of the scheme liabilities are as follows:
2013 2012
Opening defined benefit liabilities 4.0 3.9
Current service cost – –
Interest on liabilities 0.2 0.2
Actuarial losses – –
Benefits paid (0.2) (0.1)
Closing defined benefit liabilities 4.0 4.0
Amounts recognised in the statement of comprehensive income:
2013 2012
Actuarial losses on scheme liabilities during the year – –
Total scheme losses during the year – –
The amounts for the current year are as follows:
2013 2012
Defined benefit obligation (4.0) (4.0)
Deficit in scheme (4.0) (4.0)
Experience adjustment on scheme liabilities – –
Experience adjustment on scheme assets – –
The Co-operative Bank plc Annual report and accounts 2013
193