Punch Taverns plc 2007 Annual Report and Financial Statements
Punch Taverns plc 2007 Annual Report and Financial Statements
Punch Taverns plc 2007 Annual Report and Financial Statements
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Notes to the financial statements continued<br />
for the 52 weeks ended 18 August <strong>2007</strong><br />
31 Pensions <strong>and</strong> other post-retirement benefits continued<br />
The assets in the scheme <strong>and</strong> the expected rate of return were:<br />
Long term<br />
rate of return<br />
expected at<br />
18 August<br />
<strong>2007</strong><br />
Value at<br />
18 August<br />
<strong>2007</strong><br />
£m<br />
Long term<br />
rate of return<br />
expected at<br />
19 August<br />
2006<br />
Value at<br />
19 August<br />
2006<br />
£m<br />
Equities 8.00% 28.8 7.50% 19.8<br />
Bonds 5.50% 15.0 5.00% 10.1<br />
Insured pensions 5.80% 3.6 5.25% 4.0<br />
Property 7.00% 0.1 – –<br />
Cash 5.50% 0.1 4.50% 0.1<br />
Total market value of assets 47.6 34.0<br />
Present value of scheme liabilities (51.3) (39.9)<br />
Net pension liability before deferred tax (3.7) (5.9)<br />
Deferred tax asset 1.0 1.8<br />
Net pension liability (2.7) (4.1)<br />
InnSpired Group Limited Scheme<br />
InnSpired Group Limited operated a defined benefit scheme in the UK until the scheme was merged into the Pubmaster Pension<br />
Scheme at 6 April <strong>2007</strong>. The values of the scheme’s liabilities have been determined by a qualified actuary based on the results of an<br />
actuarial valuation as at 5 April 2002 updated to 6 April <strong>2007</strong>, at which point the scheme ceased to exist. The mortality assumptions<br />
at 6 April <strong>2007</strong> are based on st<strong>and</strong>ard mortality tables which allow for future mortality improvements. The assumptions are that the<br />
life expectancy of a member who retires at the age of 63 is as follows:<br />
6 April<br />
<strong>2007</strong><br />
19 August<br />
2006<br />
Male currently aged 50 23.4 years 21.9 years<br />
Male currently aged 65 22.1 years 21.1 years<br />
Female currently aged 50 25.1 years 24.6 years<br />
Female currently aged 65 24.2 years 23.9 years<br />
The assumptions used in determining the valuations are as follows:<br />
6 April<br />
<strong>2007</strong><br />
19 August<br />
2006<br />
Rate of increase of salaries n / a n / a<br />
Rate of increase in pensions 3.50% 3.50%<br />
Discount rate 5.30% 5.05%<br />
Inflation assumption 3.00% 3.00%<br />
The assets in the scheme <strong>and</strong> the expected rate of return were:<br />
Long term<br />
rate of return<br />
expected at<br />
6 April<br />
<strong>2007</strong><br />
Value at<br />
6 April<br />
<strong>2007</strong><br />
£m<br />
Long term<br />
rate of return<br />
expected at<br />
19 August<br />
2006<br />
Value at<br />
19 August<br />
2006<br />
£m<br />
Equities – – 7.50% 7.0<br />
Bonds – – 5.00% 3.3<br />
Property – – 6.50% 0.4<br />
Cash <strong>and</strong> other investments – – 4.50% 0.2<br />
Total market value of assets – – 10.9<br />
Present value of scheme liabilities – (14.0)<br />
Net pension liability before deferred tax – (3.1)<br />
Deferred tax asset – 0.9<br />
Net pension liability – (2.2)<br />
292<br />
www.punchtaverns.com
Change language