126
IMI plc
4.5.3.1 Cash flow impacts
2014
2013
UK Overseas
Total
UK Overseas
Total
£m
£m
£m
£m
£m
£m
Amounts from employees
-
3.1
3.1
-
3.2
3.2
Amounts from employers
70.0
4.4
74.4
33.6
7.6
41.2
Benefits and settlements paid directly by the Group
-
22.2
22.2
-
7.7
7.7
Total
70.0
29.7
99.7
33.6
18.5
52.1
The expected contributions to defined benefit arrangements in 2015 are as follows:
UK Overseas
Total
£m
£m
£m
Employer contributions
16.8
4.2
21.0
Employee contributions
-
2.8
2.8
Total
16.8
7.0
23.8
4.5.3.2 Other comprehensive income
Movements in pension assets and liabilities that arise during the year from changes in actuarial assumptions, or because actual experience is different from
the underlying actuarial assumptions, are recognised in equity via other comprehensive income. These movements are analysed below:
2014
2013
Overseas Overseas
Overseas
Overseas
post
non-post
post
non-post
UK employment employment
Total
UK employment employment
Total
£m
£m
£m
£m
£m
£m
£m
£m
Change in discount rate
(170.1)
(41.3)
-
(211.4)
39.4
13.7
-
53.1
Change in inflation
64.5
0.5
-
65.0
(75.9)
-
-
(75.9)
Change in other assumptions
6.4
(3.1)
-
3.3
-
0.4
-
0.4
Actuarial experience
12.1
1.0
-
13.1
5.6
3.0
-
8.6
Asset experience
136.9
9.5
-
146.4
49.1
6.2
-
55.3
Actuarial gains/(losses) in the year
49.8
(33.4)
-
16.4
18.2
23.3
-
41.5
Change in the asset ceiling
-
0.2
-
0.2
-
(0.1)
-
(0.1)
Exchange gains/(losses)
-
3.9
(0.1)
3.8
-
(1.6)
0.1
(1.5)
Gains/(losses) recognised through equity
49.8
(29.3)
(0.1)
20.4
18.2
21.6
0.1
39.9
IMI takes advice from independent actuaries regarding the appropriateness of the assumptions used to determine the present value of the defined benefit
obligations. These assumptions include the discount rate applied to the assets and liabilities, the life expectancy of the members, their expected salary and
pension increases and inflation. The assumptions used for this purpose in these financial statements are summarised below:
Weighted Averages
31 Dec 2014
31 Dec 2013
31 Dec 2012
UK Overseas
UK Overseas
UK Overseas
% pa
% pa
% pa
% pa
% pa
% pa
Inflation - RPI
3.1
n/a
3.5
n/a
3.0
n/a
Inflation - CPI
2.1
1.7
2.5
1.8
2.0
1.9
Discount Rate
3.6
2.1
4.5
3.3
4.3
2.8
Expected salary increases
n/a
2.2
n/a
2.3
n/a
2.8
Rate of pension increases
3.1
0.3
3.5
0.5
3.0
0.5
SECTION 4 – CAPITAL STRUCTURE AND FINANCING COSTS
Continued
