Appendix C - Analysis of Assets
C7 – Pension fund assets
In addition to the assets recognised directly on the Group’s balance sheet outlined in the disclosures above, the Group is also exposed to the ‘Plan Assets’ that are shown net of the present value of scheme liabilities within the IAS19 net pension deficit. The net pension deficit is recognised within Provisions on the Group’s balance sheet.
Plan Assets include investments in Group-managed funds in the consolidated balance sheet of £123 million in the UK scheme, and insurance policies of £142 million and £1,109 million in the UK and Dutch schemes respectively. Where the investment and insurance policies are in segregated funds with specific asset allocations, they are included in the appropriate lines in the table below, otherwise they appear in “Other”. The Dutch insurance policies are considered non-transferable under the terms of IAS19 and so have been excluded as assets of the relevant scheme in this table.
The total strict IAS19 assets (i.e. excluding the non-transferable insurance policies) of the schemes are analysed as follows:
| 30 June 2008 | |||||
|---|---|---|---|---|---|
| United Kingdom £m |
Netherlands £m |
Canada £m |
Ireland £m |
Total £m |
|
| Equities | 3,702 | - | 130 | 238 | 4,070 |
| Bonds | 2,678 | - | 75 | 179 | 2,932 |
| Property | 490 | - | - | 40 | 530 |
| Other | 928 | 3 | 3 | 1 | 935 |
| Total fair value of assets | 7,798 | 3 | 208 | 458 | 8,467 |
