Our performance in 2009 - Sappi

27. Post-employment benefits – pensions continued
US$ million
Southern
Africa
Europe
(incl UK)
2009 annual report
2009 2008
North
America Total
Southern
Africa
Europe
(incl UK)
North
America Total
Surplus (deficit) 41 (206) (85) (250) 61 (72) (16) (27)
Unrecognised past service cost – (6) – (6) – – – –
Recognised pension plan
asset (liability) 41 (212) (85) (256) 61 (72) (16) (27)
Reconciliation of pension
asset (liability) movement
in the balance sheet
Recognised pension plan asset
(liability) at beginning of year
Pension liability acquired during
61 (72) (16) (27) 93 (126) (28) (61)
the year
Net pension (gain) cost for the
– (52) – (52) – – – –
year – (15) (6) (21) 4 (13) – (9)
Employer contributions paid 7 30 17 54 9 33 34 76
Net actuarial (loss) gain (28) (99) (80) (207) (30) 36 (22) (16)
Translation difference 1 (4) – (3) (15) (2) – (17)
Recognised pension plan asset
(liability) at end of year 41 (212) (85) (256) 61 (72) (16) (27)
Periodic pension cost
recognised in income
statement
Current service cost 6 10 5 21 8 12 6 26
Past service cost – – – – – 1 – 1
Fund administration costs – – – – – – – –
Interest cost 22 53 28 103 24 47 26 97
Expected return on plan assets (28) (48) (28) (104) (36) (46) (33) (115)
Amortisation of past service cost
Gain on curtailment
– – 1 1 – – 1 1
and settlement – – – – – (1) – (1)
Net periodic pension cost (gain)
charged to cost of sales
and selling, general and
administrative expenses – 15 6 21 (4) 13 – 9
153
financials