114 LV= Annual Report 2012
Notes to the financial statements continued
31 December 2012
39. Pension benefit asset/(obligation) (continued)
iii) Ockham Pension Scheme
a) Information about the scheme
The Society is responsible for the Ockham Pension Scheme, a defined benefit scheme that is closed to new entrants.
2012 2011
b) Net Statement of Financial Position £m £m
Present value of defined benefit obligation (117.5) (107.0)
Fair value of plan assets 115.0 105.8
Pension benefit obligation at the end of the year (2.5) (1.2)
2012 2011
The movement in the defined benefit obligation over the year is as follows: £m £m
Beginning of year 107.0 97.6
Interest cost 4.9 5.2
Actuarial losses 9.6 4.8
Benefits paid (4.0) (3.7)
Past service cost - 3.1
End of year 117.5 107.0
2012 2011
The movement in the fair value of plan assets over the year is as follows: £m £m
Beginning of year 105.8 88.8
Expected return on plan assets 4.0 5.0
Actuarial gains 2.1 8.7
Employer contributions 7.1 7.0
Benefits paid (4.0) (3.7)
End of year 115.0 105.8
2012 2011
c) Amounts recognised in the Statement of Comprehensive Income £m £m
Interest cost 4.9 5.2
Expected return on assets (4.0) (5.0)
Past service cost - 3.1
Amount charged to income 0.9 3.3
Actuarial net loss/(gain) 7.5 (3.9)
Total amount charged/(credited) to comprehensive income 8.4 (0.6)
The actual return on plan assets was £6.1m (2011: £13.7m).