John Lewis Partnership plc annual report and accounts 2012






24 Retirement benefit obligations (continued)


Amounts recognised in the income statement | Year ended 28 January 2012 (£m) | Yeard ended 29 January 2011 (£m)


Current service cost 117.4 | 120.0
Curtailment gain – | (2.4)
Contribution expense* 4.9 | 3.5
Administrative costs 1.7 | 1.8
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Operating cost 124.0 | 122.9
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Interest cost on liabilities 160.2 | 159.6
Expected return on assets (190.5) | (162.1)
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Finance income (30.3) | (2.5)
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Total pension charge 93.7 | 120.4
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* Includes Partnership contributions to the defined contribution scheme and contributions to a separate plan managed by a third party, together with pension supplements in respect of certain Partners in lieu of future pension accrual.






Amounts recognised in equity | Year ended 28 January 2012 (£m) | Yeard ended 29 January 2011 (£m)


Actuarial losses/(gains) on assets 145.1 | (179.2)
Actuarial losses/(gains) on defined benefit obligation 109.7 | (159.5)
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Total losses/(gains) recognised in equity 254.8 | (338.7)
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Cumulative loss recognised in equity 485.6 | 230.8
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Reconciliation of net defined benefit liability | 2012 (£m) | 2011 (£m)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net defined benefit liability at beginning of year (414.0) | (904.6)
Pension expense (87.1) | (115.1)
Contributions 117.8 | 267.0
Total (losses)/gains recognised in equity (254.8) | 338.7
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net defined benefit liability at end of year (638.1) | (414.0)







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