John Lewis Partnership plc annual report and accounts 2012

Notes to the accounts continued

24 Retirement benefit obligations (continued

Reconciliation of defined benefit obligation | 2012 (£m) | 2011 (£m)

Defined benefit obligation at the beginning of year 2,880.0 | 2,853.0
Current service cost 117.4 | 120.0
Curtailment gain – | (2.4)
Interest on pension liabilities 160.2 | 159.6
Actuarial losses/(gains) 109.7 | (159.5)
Benefits paid (92.3) | (90.7)
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Defined benefit obligation at the end of year 3,175.0 | 2,880.0
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Reconciliation of value of assets | 2012 (£m) | 2011 (£m)

Value of assets at the beginning of year 2,466.0 | 1,948.4
Expected return on assets 190.5 | 162.1
Actuarial (losses)/gains (145.1) | 179.2
Benefits paid (92.3) | (90.7)
Contributions 117.8 | 267.0
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Value of assets at the end of year 2,536.9 | 2,466.0
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Analysis of assets | 2012 (%) | 2012 (£m) | 2011 (%) | 2011 (£m) 

Equities 77 | 1,958.6 | 74 | 1,818.1
Bonds 12 | 309.8 | 13 | 324.9
Properties 8 | 191.0 | 8 | 193.8
Other 3 | 77.5 | 5 | 129.2
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2,536.9 | 2,466.0
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Actual return on assets | 2012 (£m) | 2011 (£m)

Expected return on assets 190.5 | 162.1
Actuarial (losses)/gains (145.1) | 179.2
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Actual return on assets 45.4 | 341.3
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