Mitie Group plc 122 Annual Report and Accounts 2014
Notes to the consolidated financial statements For the year ended 31 March 2014
35
Retirement benefit schemes
Amounts recognised in the consolidated statement of comprehensive income are as follows: 20131
2014 Group scheme Other schemes £m £m
Total £m
Group scheme £m
Other schemes £m
Total £m
Actuarial gains/(losses) due to changes in financial assumptions
–
0.2
0.2
Actuarial gains/(losses) due to changes in demographic assumptions
0.9
–
0.9
–
–
–
Actuarial gains/(losses) due to liability experience
(0.1)
0.3
0.2
0.1
–
0.1
Return on scheme assets, excluding interest income
3.5
(0.3)
3.2
6.3
0.6
6.9
–
(2.1)
(2.1)
–
–
–
4.3
(1.9)
2.4
Contract transfers
(17.4)
(11.0)
(0.8)
(0.2)
(18.2)
(11.2)
Note: 1 Restated following amendments to IAS 19, as described in Note 1.
The cumulative amount of actuarial loss recognised since 1 April 2004 in the consolidated statement of comprehensive income is £52.3m (2013: £54.7m). The amounts included in the balance sheet arising from the group’s obligations in respect of its defined benefit retirement benefit schemes are as follows: 2014 Group scheme Other schemes £m £m
Fair value of scheme assets Present value of defined benefit obligations (Deficit)/surplus in scheme Contract adjustment Net pension liability
2013
Total £m
Group scheme £m
Other schemes £m
Total £m
143.8
16.2
160.0
134.0
7.9
141.9
(160.8)
(18.3)
(179.1)
(163.7)
(8.1)
(171.8)
(17.0)
(2.1)
(19.1)
(29.7)
(0.2)
(29.9)
– (17.0)
– (2.1)
– (19.1)
– (29.7)
– (0.2)
– (29.9)
Movements in the present value of defined benefit obligations were as follows: 2014 Group scheme Other schemes £m £m
At 1 April
163.7
2013
Total £m
Group scheme £m
Other schemes £m
Total £m
8.1
171.8
137.9
10.6
148.5
Current service cost
3.6
0.4
4.0
3.8
0.3
4.1
Interest cost
7.4
0.5
7.9
6.8
0.3
7.1
Contributions from scheme members
0.2
0.1
0.3
1.0
0.1
1.1
(0.9)
–
–
–
0.8
18.2
Actuarial (gains)/losses on liabilities arising from demographic assumptions Actuarial (gains)/losses on liabilities arising from changes in financial assumptions Actuarial (gains)/losses liabilities arising from experience Benefits paid Past service cost Contract transfers At 31 March
(0.9)
–
–
(0.2)
(0.2)
17.4
0.1
(0.3)
(0.2)
(0.1)
(2.8)
(0.2)
(3.0)
(3.1)
(10.5)
–
–
(0.1)
(0.1)
(3.2)
(3.9)
(3.9)
(10.5)
–
9.9
9.9
–
160.8
18.3
179.1
163.7
8.1
171.8