john-lewis-partnership-plc-annual-report-2015

156
John Lewis Partnership plc Annual Report and Accounts 2015
Notes to the consolidated financial statements (continued)
23 Retirement benefit obligations (continued)
23.5 Retirement benefit obligations
Reconciliation of net defined benefit liability
Net defined benefit liability at beginning of year (1,003.4) (822.1)
Pension expense (215.2) (199.0)
Contributions 492.8 262.9
Total losses recognised in equity (523.5) (245.2)
Net defined benefit liability at end of year (1,249.3) (1,003.4)
2015
£m
2014
£m
Reconciliation of defined benefit obligation
Defined benefit obligation at beginning of year (4,218.2) (3,796.0)
Service cost (173.2) (159.2)
Interest on pension liabilities (183.1) (172.5)
Remeasurements
– loss from changes in financial assumptions (844.2) (234.9)
– experience gains 7.9 39.4
Benefits paid 109.8 105.0
Defined benefit obligation at end of year (5,301.0) (4,218.2)
2015
£m
2014
£m
The scheme liabilities are 51% in respect of active scheme participants, 16% in respect of deferred scheme participants and 33% in respect of retirees.
The weighted average duration of the scheme liabilities at the end of the period is 21 years.
23.6 Scheme assets
Reconciliation of value of assets
2015
£m
2014
£m
Value of assets at the beginning of year 3,214.8 2,973.9
Interest income on assets 145.5 137.2
Return on plan assets greater/(less) than discount rate 312.8 (49.7)
Benefits paid (109.8) (105.0)
Administrative expenses paid (4.4) (4.5)
Contributions 492.8 262.9
Value of assets at the end of year 4,051.7 3,214.8