Notes to the Accounts (continued)


30. Pensions (continued) Movements in the fair value of scheme assets were as follows:


2011 £000


Scheme assets at the start of the year Expected return on scheme assets Actuarial gains


Contributions by employer


Contributions by scheme participants Benefits paid


Scheme assets at the end of the year


Contributions by employer include deficit contributions of £8 million (2010: £2 million). Movements in the present value of scheme obligations were as follows:


2011 £000


Scheme liabilities at the start of the year Current service cost Interest cost


Contributions by scheme participants Past service costs Actuarial (gain)/loss Benefits paid


Scheme liabilities at the end of the year The analysis of scheme assets at the balance sheet date was as follows:


Fair value of assets 2011


£000


Equities Debt


Property Cash


None of the scheme’s assets are invested in any property or other assets currently used by the Group.


To develop the expected long-term rate of return on assets assumption the Group considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset categories in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was weighted based on the benchmark asset allocation at 31 March 2010 to develop the expected long-term rate of return on assets assumption for the portfolio. This resulted in the selection of a 6.2% assumption for the year to 31 March 2012 (2011: 6.4%).


215,782 111,487 28,771 3,596


359,636


2010 £000


201,144 103,816 12,977 6,488


324,425


360,905 8,892


20,624 2,428 197


(8,195) (9,692)


375,159


2010 £000


251,012 6,642


17,088 2,511 406


92,247 (9,001)


360,905


324,425 19,413 5,462


17,600 2,428


(9,692) 359,636


2010 £000


247,161 14,919 57,338 11,497 2,511


(9,001) 324,425


56 / Annual Report and Accounts / Notes to the Accounts


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64