16 Pension Schemes (continued)


None of the fair values of the assets shown on the previous page includes any of the Company’s own financial instruments or any property occupied by, or any other assets used by, the Company.


2015 £000


Movements in present value of defined benefit obligation At beginning of financial year Interest on plan obligations Benefits paid


Remeasurement (loss)/gain At end of financial year


Movements in fair value of plan assets At beginning of financial year Interest on plan assets


Return on plan assets less interest Benefits paid


Contributions by employer At end of financial year


(23,371) (989) 745


(809) (24,424)


19,741 835 656


(745) 100


20,587


2014 £000


(21,571) (994) 847


(1,653) (23,371)


18,728 862 927


(847) 71


19,741


Remeasurement gains and losses arise due to changes in the key assumptions such as inflation, mortality rates, demographic rates and discount rates as well as experience gains and losses. Remeasurement gains and losses are shown separately below.


2015 £000


(Expense)/income recognised in the Consolidated Statement of Profit and Loss Interest on plan assets/finance income


Interest on plan obligations/finance expense Past service cost


Total (expense)/income


Remeasurement gains and losses recognised directly in equity in the statement of recognised income and expense since 1 July 2006, the transition date to Adopted IFRSs


Cumulative amount at beginning of financial year


Recognised in the financial year – return on plan assets less interest Recognised in the financial year – loss from changes to financial assumptions Recognised in the financial year – loss from changes to demographic assumptions Cumulative amount at end of financial year


(5,852) 656


(790) (19)


(6,005) 2015


Principal long-term actuarial assumptions at the year end were as follows CPI price inflation assumption


Increases to pensions in payment Discount rate for liabilities Rate of return for plan assets


(5,126) 927


(1,653) -


(5,852) 2014


2014 £000


835


(989) -


(154)


862


(994) -


(132)


2.3% 2.3% 3.9% 3.9%


2.5% 2.5% 4.3% 4.3%


61


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