Statutory Reports
Corporate Overview
69th Annual Report 2013-14
204
Financial Statements
(Consolidated)
Post-retirement Pension scheme
Post-retirement Medicare scheme
As at / for the year ended on March 31,
2014
2013
2012
2011
2010
2014
2013 2012 2011
2010
(i)
Components of employer expense
Current service cost
1,626.77
1,009.27
780.53
752.63
480.03
0.58
0.52
0.46
0.64
0.53
Interest cost
2,587.53
2,177.34
1,829.87
1,529.40
1,555.04
0.48
0.60
0.53
0.71
0.61
Expected return on plan assets
(2,203.42)
(1,917.76)
(1,833.99)
(1,711.20)
(1,314.87)
-
-
-
-
-
Amortisation of past service cost
54.72
49.10
112.99
35.41
13.63
-
-
-
-
-
Curtailment
-
-
-
-
(5.45)
-
-
-
-
-
Settlement
-
-
-
(1.20)
-
-
(0.52)
-
-
-
Expenses paid
1.35
-
-
-
-
-
-
-
-
-
Asset restriction
-
-
-
-
-
-
-
-
-
-
Actuarial losses
-
-
-
-
-
-
-
-
-
-
Total expense recognised in the Statement of Profit and Loss in
Note 25, page 196 :
2,066.95
1,317.95
889.40
605.04
728.38
1.06
0.60
0.99
1.35
1.14
(ii)
Actual contribution and benefit payments
Actual benefit payments
1,314.88
1,112.62
866.72
910.70
826.05
0.10
0.09
-
-
-
Actual contributions
3,202.75
1,442.36
1,760.55
1,545.97
398.06
0.10
3.10
-
-
-
(iii)
Amount recognised in Pension Reserve
Actuarial loss / (gain)
1,283.81
3,972.49
1,490.14
1,391.86
642.93
(2.40)
0.86
0.84
(4.39)
1.67
Movement in restriction of pension assets
21.45
(235.08)
(42.75)
888.67
(481.33)
-
-
-
-
-
Onerous obligation
-
(1,056.73)
(37.41)
-
-
-
-
-
-
-
Economic benefit from pre payment of normal contribution
-
300.08
(266.44)
-
-
-
-
-
-
-
Deferred tax
(40.39)
(626.73)
(1,272.50)
-
-
-
-
-
-
-
Exchange fluctuation
-
-
-
-
102.13
-
-
-
-
-
Amount recognised in Pension Reserve
1,264.87
2,354.03
(128.96)
2,280.53
263.73
(2.40)
0.86
0.84
(4.39)
1.67
(iv)
Net liability recognised in Balance Sheet
Present value of Defined Benefit Obligation
60,249.67
49,426.92
40,065.65
30,723.35
26,340.24
9.15
9.60
10.76
7.69
10.76
Fair value of plan assets
53,576.49
44,046.30
38,372.91
29,816.11
25,908.86
-
-
-
-
-
Restriction of pension asset
(29.56)
(6.16)
(229.00)
(235.84)
(17.64)
-
-
-
-
-
Unrecognised actuarial gains and losses
-
-
-
-
-
-
-
-
-
-
Onerous obligation
-
-
(1,001.94)
(902.99)
(233.72)
-
-
-
-
-
Economic benefit from pre payment of normal contribution
-
-
284.52
(15.28)
5.10
-
-
-
-
-
Net asset recognised in balance sheet
4.38
3.61
15.49
6.72
3.06
-
-
-
-
-
Net (Liability) recognised in Balance Sheet
(6,707.12)
(5,390.39)
(2,654.65)
(2,068.07)
(680.70)
(9.15)
(9.60) (10.76)
(7.69)
(10.76)
Experience adjustment on plan liabilities
69.24
56.75
610.62
696.80
4,404.25
-
-
-
-
-
Experience adjustment on plan assets
(3,913.28)
(3,343.01)
(1,392.44)
217.97
3,826.63
-
-
-
-
-
(v)
Change in Defined Benefit Obligations (DBO)
Present Value of DBO at beginning of year
49,426.92
40,065.65
30,723.35
26,340.24
22,119.55
9.60
10.32
7.69
10.76
8.65
Liability on acquisition
-
-
-
-
-
-
-
-
-
-
Current service cost
1,626.77
1,009.27
780.53
752.63
480.03
0.58
0.52
0.46
0.64
0.53
Interest cost
2,587.53
2,177.34
1,829.87
1,529.40
1,555.04
0.48
0.60
0.53
0.71
0.61
Amendments
55.78
49.10
51.53
35.41
12.25
-
-
-
-
-
Actual member contributions
13.08
59.93
112.99
46.39
147.81
-
-
-
-
-
Actuarial losses / (gains)
(2,628.99)
7,314.38
2,797.44
1,608.01
4,902.21
(2.40)
0.86
0.84
(4.39)
1.67
Benefits paid
(1,314.88)
(1,112.62)
(866.72)
(910.70)
(826.05)
(0.10)
(0.09)
-
-
-
Expenses paid
-
(0.77)
(1.22)
(0.99)
(0.15)
-
-
-
-
-
Plan combinations
-
-
-
-
2.72
-
-
-
-
-
Plan curtailment
(1.06)
-
-
-
(5.45)
-
-
-
-
-
Plan settlement
-
-
-
(9.42)
(0.68)
-
(3.53)
-
-
-
Exchange fluctuation
10,484.52
(135.36)
4,637.88
1,332.38
(2,047.04)
0.99
0.92
0.80
(0.03)
(0.70)
Present Value of DBO at the end of year
60,249.67
49,426.92
40,065.65
30,723.35
26,340.24
9.15
9.60
10.32
7.69
10.76
(vi)
Change in fair value of assets
Plan assets at beginning of year
44,046.30
38,372.91
29,816.11
25,908.88
22,591.74
-
-
-
-
-
Plan assets on acquisition
-
-
-
-
-
-
-
-
-
-
Actual return on plan assets
(1,709.38)
5,259.65
3,141.29
1,927.28
5,574.15
-
-
-
-
-
Actual Company contributions
3,202.18
1,442.36
1,760.55
1,545.97
398.06
0.10
3.10
-
-
-
Actual member contributions
13.08
59.93
51.53
46.39
147.81
-
-
-
-
-
Benefits paid
(1,314.88)
(1,112.62)
(866.72)
(910.70)
(826.04)
(0.10)
(0.09)
-
-
-
Expenses paid
(1.35)
(0.77)
(1.22)
(0.99)
(0.15)
-
-
-
-
-
Plan combinations
-
-
-
-
-
-
-
-
-
-
Plan settlement
-
-
-
(8.22)
(0.68)
-
(3.01)
-
-
-
Exchange fluctuation
9,340.54
24.84
4,471.37
1,307.50
(1,976.01)
-
-
-
-
-
Plan assets at the end of year
53,576.49
44,046.30
38,372.91
29,816.11
25,908.88
-
-
-
-
-
(vii)
Actuarial assumptions
Discount rate (%)
3.71-4.59
3.69-4.40
4.38-5.10
5.19- 5.50
5.50- 5.60
4.35
4.10
4.88
5.74
6.22
Inflation (%)
2.00-3.44
2.00-3.40
2.00-3.30
2.00-3.40
2.00-3.50
N/A
N/A
N/A
N/A
N/A
Expected return on plan assets (%)
2.07-3.94
4.75-6.34
4.85-6.34
5.75-6.57
6.50
N/A
N/A
N/A
N/A
N/A
Medical cost inflation (%)
N/A
N/A
N/A
N/A
N/A
4.50
4.50
4.50
4.20
7.80
(viii)
The major categories of plan assets as percentage to
total plan assets
Equity securities
10%-37%
17%-38%
19%-38.4%
20%-40%
39%-53%
N/A
N/A
N/A
N/A
N/A
Debt securities
35%-69%
38%-68%
38.4%-67%
40%-63%
39%-56%
N/A
N/A
N/A
N/A
N/A
Other
19%-27%
15%-24%
8%-23.2%
2.4%-20%
1%-23%
N/A
N/A
N/A
N/A
N/A
(
`
in crores)
(a)
Defined Contribution Plans-
Jaguar and Land Rover group’s contribution to defined contribution plan aggregated
`
221.20crores
(
`
100.60 crores for the year ended March 31, 2013) has been recognised in the Statement of Profit and Loss in note 25 on page 196.
(b)
The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.
(c)
The assumption of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
(d)
The Company expects to contribute
`
1,124.75 crores
to the funded pension plans in the year 2014-2015.
33. (c) Details of Defined benefit plans applicable to Jaguar and Land Rover group
NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
