Punch Taverns plc 2007 Annual Report and Financial Statements

Notes to the financial statements continued
for the 52 weeks ended 18 August 2007
31 Pensions and other post-retirement benefits continued
Analysis of amounts recognised in the SORIE in the period:
52 weeks to
18 August
2007
£m
52 weeks to
19 August
2006
£m
Actual return less expected return on assets (1.7) 4.8
Experience loss on liabilities 27.8 29.0
Actuarial gains recognised in the SORIE 26.1 33.8
Cumulative amounts recognised in the SORIE:
18 August
2007
£m
19 August
2006
£m
At beginning of period 33.8 –
Net actuarial gains in the period 26.1 33.8
At end of period 59.9 33.8
The amounts recognised in the balance sheet are as follows:
18 August
2007
£m
19 August
2006
£m
Present value of scheme liabilities (373.3) (393.5)
Fair value of scheme assets 380.0 368.8
Retirement benefit asset / (obligations) recognised in the balance sheet 6.7 (24.7)
Movements in the present value of scheme liabilities are as follows:
52 weeks to
18 August
2007
£m
52 weeks to
19 August
2006
£m
Present value of scheme liabilities at beginning of year 393.5 47.7
Present value of scheme liabilities acquired in the year – 368.9
Current service cost 0.4 0.3
Interest cost 19.4 12.8
Actuarial gains (27.8) (29.0)
Contributions paid by employees 0.1 0.1
Benefits paid (12.3) (7.3)
Present value of scheme liabilities at end of year 373.3 393.5
Movements in the fair value of scheme assets are as follows:
52 weeks to
18 August
2007
£m
52 weeks to
19 August
2006
£m
Fair value of scheme assets at beginning of year 368.8 40.1
Fair value of scheme assets acquired in the year – 284.3
Expected return on scheme assets 22.0 12.5
Actuarial (losses) / gains (1.7) 4.8
Contributions paid by employer 3.1 34.3
Contributions paid by employees 0.1 0.1
Benefits paid (12.3) (7.3)
Fair value of scheme assets at end of year 380.0 368.8
Scheme assets are stated at their market values at the balance sheet date and the expected return on scheme assets is derived as a
weighted average of the expected return on each asset class, recognising the proportions of the assets invested in each. The expected
return on each asset class is determined after taking external expert advice and by reference to relevant equity and bond indices.
290
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