John Lewis Partnership plc annual report and accounts 2013
Notes to the accounts continued
24 Retirement benefit obligations (continued)
Reconciliation of defined benefit obligation - 2013 £m - 2012 £m
Defined benefit obligation at the beginning of year 3,175.0 2,880.0
Current service cost 129.0 117.4
Interest on pension liabilities 154.8 160.2
Actuarial losses 434.6 109.7
Benefits paid (97.4) (92.3)
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Defined benefit obligation at the end of year 3,796.0 3,175.0
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Reconciliation of value of assets - 2013 £m - 2012 £m
Value of assets at the beginning of year 2,536.9 2,466.0
Expected return on assets 193.0 190.5
Actuarial gains/(losses) 108.3 (145.1)
Benefits paid (97.4) (92.3)
Contributions 233.1 117.8
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Value of assets at the end of year 2,973.9 2,536.9
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Analysis of assets - 2013 % - 2013 £m - 2012 % - 2012 £m
Equities 73 2,168.3 77 1,958.6
Bonds 12 363.0 12 309.8
Properties 6 181.6 8 191.0
Other 9 261.0 3 77.5
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2,973.9 2,536.9
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Actual return on assets - 2013 £m - 2012 £m
Expected return on assets 193.0 190.5
Actuarial gains/(losses) 108.3 (145.1)
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Actual return on assets 301.3 45.4
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