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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