128
IMI plc
SECTION 4 – CAPITAL STRUCTURE AND FINANCING COSTS
Continued
4.5.4 Overall reconciliation of changes in the net liability for defined benefit obligations
2014
2013
Net defined
Net defined
Defined
benefit
Defined
benefit
benefit
Asset
asset/
benefit
Asset
asset/
obligation
Assets
Ceiling
(liability)
obligation
Assets
Ceiling
(liability)
£m
£m
£m
£m
£m
£m
£m
£m
Brought forward at start of year
(1,450.2)
1,292.6
(0.3)
(157.9)
(1,442.5)
1,210.5
(0.2)
(232.2)
Current service cost
(4.9)
-
-
(4.9)
(6.1)
-
-
(6.1)
Past service cost - plan amendments
0.1
-
-
0.1
(0.7)
-
-
(0.7)
Past service cost - curtailment
-
-
-
-
0.1
-
-
0.1
Settlement
33.0
(25.0)
-
8.0
-
-
-
-
Net Interest (Cost)/Income on Net Defined Benefit
(Liability)/Asset
(59.7)
56.6
-
(3.1)
(56.4)
48.1
-
(8.3)
Immediate Recognition of losses -
Other Long-Term Benefits
(1.0)
-
-
(1.0)
(0.3)
-
-
(0.3)
Total (charged)/credited to income statement
(32.5)
31.6
-
(0.9)
(63.4)
48.1
-
(15.3)
Actuarial Gain due to Experience
13.1
-
-
13.1
8.6
-
-
8.6
Actuarial Loss due to Financial Assumption Changes
(146.4)
-
-
(146.4)
(22.8)
-
-
(22.8)
Actuarial Gain due to Demographic
Assumption Changes
3.3
-
-
3.3
0.4
-
-
0.4
Return on Plan Assets* Greater than Discount Rate
-
146.4
-
146.4
-
55.3
-
55.3
Change in Effect of Asset Ceiling
-
-
0.2
0.2
-
-
(0.1)
(0.1)
Total remeasurements recognised in other
comprehensive income
(130.0)
146.4
0.2
16.6
(13.8)
55.3
(0.1)
41.4
Employer contributions
-
74.4
-
74.4
-
41.2
-
41.2
Employee contributions
(3.1)
3.1
-
-
(3.2)
3.2
-
-
Benefits and settlements paid directly by the Company
22.2
-
-
22.2
7.7
-
-
7.7
Benefits paid from plan assets
65.0
(65.0)
-
-
65.4
(65.4)
-
-
Net cash outflow/(inflow)
84.1
12.5
-
96.6
69.9
(21.0)
-
48.9
Disposals
11.0
(3.9)
-
7.1
-
-
-
-
Transfer to liabilities held for sale
-
-
-
-
1.8
(1.0)
-
0.8
Changes in exchange rates
7.2
(3.4)
-
3.8
(2.2)
0.7
-
(1.5)
Total other movements
18.2
(7.3)
-
10.9
(0.4)
(0.3)
-
(0.7)
Carried forward at end of year
(1,510.4)
1,475.8
(0.1)
(34.7)
(1,450.2)
1,292.6
(0.3)
(157.9)
* Net of asset management costs
