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Notes to the Accounts continued<br />
28 RETIREMENT BENEFITS continued<br />
The five-year history of experience adjustments was as follows:<br />
Based on the most recent actuarial valuation, the estimated amount of contributions expected to be paid to the UK and Swiss plans<br />
during the year ending 1 April 2017 is £10,700,000.<br />
The levels of contributions are based on the current service cost and the expected future cash flows of the defined benefit pension<br />
plans. The Group estimates the plan liabilities on average to fall due over 20 and 24 years, respectively, for the <strong>Halma</strong> and Apollo plans.<br />
29 DISPOSAL OF OPERATIONS<br />
The total profit on disposal of operations of £556,000 comprises a charge of £34,000 related to the disposal of Monitor Elevator<br />
Products, Inc. (Monitor) in the prior year arising from a claim under the warranty arrangement, and £590,000 credit for the partial<br />
disposal of shares in the Group’s associate, Optomed Oy (Optomed) on 26 August 2015. The Group disposed of 9,176 shares<br />
in Optomed, representing 8.8% of its ownership interest in the associate. Consideration received was €1,236,000 (£907,000).<br />
The Group’s residual interest in Optomed after the disposal was 28.6%, reducing to 26.7% by the year-end as discussed in note 14.<br />
The total profit on disposal of operations shown in the prior year of £1,430,000 comprises £1,076,000 for the disposal of Monitor,<br />
£223,000 for the partial disposal of shares in Optomed and £131,000 for the fair value gain recognised in relation to the disposal<br />
of PSRM. The £4,248,000 cash inflow represents the £3,180,000, £695,000 and £610,000 proceeds from the sale of the shares<br />
in Monitor, Optomed, and PSRM respectively plus the £36,000 overdraft in Monitor less the disposal costs of £273,000. Further<br />
details are provided on page 149 of the 2015 Annual Report and Accounts.<br />
30 EVENTS AFTER THE BALANCE SHEET DATE<br />
There were no events after the balance sheet date.<br />
2 April<br />
<strong>2016</strong><br />
£000<br />
28 March<br />
2015<br />
£000<br />
29 March<br />
2014<br />
£000<br />
30 March<br />
2013<br />
£000<br />
31 March<br />
2012<br />
£000<br />
Present value of defined benefit obligations (274,186) (291,596) (227,358) (223,447) (185,956)<br />
Fair value of plan assets 221,863 224,806 190,509 176,275 152,959<br />
Deficit in the plan (52,323) (66,790) (36,849) (47,172) (32,997)<br />
Experience adjustments on plan liabilities<br />
Amount 2,709 (4,271) – (246) (224)<br />
Percentage of plan liabilities (1)% 1% – – –<br />
Experience adjustments on plan assets<br />
Amount (10,128) 22,031 (30) 10,756 (1,804)<br />
Percentage of plan assets (5)% 10% – 5% (1)%<br />
158 156<br />
<strong>Halma</strong> plc Annual Report and Accounts <strong>2016</strong>
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