Defined benefit schemes

The net pension expense before taxation recognised in the income statement in respect of the defined benefit schemes is summarised as follows:

Continuing operations2014
£m
Restated*
2013
£m
Current service cost(17.2)(15.9)
Curtailments/settlements arising on reorganisation(1.7)(0.6)
Administrative expenses(2.2)(2.9)
Pension expense charged to operating profit(21.1)(19.4)
Net pension interest income/(expense) credited/(charged) to investment income/finance expense (see notes 5 and 6)1.3(1.5)
Net pension expense charged before taxation(19.8)(20.9)

* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.

Defined benefit pension costs excluding curtailments/settlements arising on reorganisation included within employee benefit expense were £19.4 million (2013: £18.8 million) comprising current service costs and administrative expenses. Total post-employment benefits expense excluding curtailments/settlements arising on reorganisation charged to operating profit of £27.5 million (2013: £24.3 million) comprise the defined benefit costs described above of £19.4 million (2013: £18.8 million) and defined contribution pension costs of £8.1 million (2013: £5.5 million) (see note 3).

The reconciliation of the opening and closing net pension (obligations)/surplus included in the statement of financial position is as follows:

Group2014
£m
Restated*
2013
£m
At the start of the year15.1(92.0)
Expense recognised in the income statement(19.8)(20.9)
Contributions paid28.193.0
Actuarial (losses)/gains gross of taxation(200.8)35.0
At the end of the year(177.4)15.1

* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.

Included in the contributions paid of £28.1 million (2013: £93.0 million) were accelerated deficit repair contributions of £nil (2013: £65.0 million) and an inflation funding mechanism payment of £9.9 million (2013: £10.0 million).

Remeasurement gains and losses are recognised directly in the statement of comprehensive income.

2014
£m
Restated*
2013
£m
The (loss)/return on plan assets, excluding amounts included in interest(125.1)205.6
Actuarial losses arising from changes in financial assumptions(108.3)(176.9)
Actuarial gains arising from changes in demographic assumptions(1)34.4
Actuarial (losses)/gains arising from experience(1.8)6.3
Remeasurement (losses)/gains on defined benefit pension schemes(200.8)35.0

* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.

Note:

  1. Following investigations carried out as part of the last triennial scheme funding valuation performed in March 2013.

For more information in relation to the group's defined benefit pension schemes see note A2.

Defined contribution schemes

The schemes also include a defined contribution section which constitutes around two per cent of the total asset value.

During the year, the group made £8.1 million (2013: £5.5 million) of contributions (see note 3) to defined contribution schemes relating to continuing operations, which are included in arriving at operating profit.

Company

The company did not participate in any of the group's pension schemes at 31 March 2014 or 31 March 2013.