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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012
notes to the consolidated financial statements
continued
36
RETIREMENT BENEFIT SCHEMES CONTINUED
The amount included in the statement of financial position arising from the Group’s obligations in respect of its defined benefit retirement benefit
schemes is as follows:
29 December 31 December
£m 2012 2011
Fair value of scheme assets 185.8 170.6
Present value of defined benefit obligations (175.8) (161.3)
Surplus in scheme 10.0 9.3
Related deferred taxation liability (2.3) (2.3)
7.7 7.0
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescale
covered, may not necessarily be borne out in practice.
Movements in the present value of defined benefit obligations were as follows:
29 December 31 December
£m 2012 2011
Opening balance (161.3) (167.9)
Current service cost – (1.1)
Interest cost (7.9) (9.0)
Contributions from scheme members – (0.8)
Benefits paid 6.0 7.9
Loss on change of assumptions (12.6) (1.5)
Experience loss – (0.9)
Gain from curtailments – 12.0
Closing balance (175.8) (161.3)
Movements in the fair value of scheme assets were as follows:
29 December 31 December
£m 2012 2011
Opening balance 170.6 179.7
Expected return on scheme assets 9.7 11.7
Experience gain/(loss) 8.7 (16.5)
Contributions from the sponsoring Companies 2.8 2.8
Contributions from scheme members – 0.8
Benefits paid (6.0) (7.9)
Closing balance 185.8 170.6
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