Accounting for Pensions Survey 2001
Appendix 2  -  Detailed disclosure listing

This table shows the disclosures made by the companies surveyed and the corresponding ranking score as explained in section 5.

Where sufficient information was given to show the actuarial value used for assets, for example, if an unsmoothed market value is used, this is counted as being the same as disclosing the dividend growth rate on the more common discounted income model.

Where the assumptions appear to represent a market basis but have not been stated as such the company has been awarded three out of five points for the asset valuation, shown as YES* in the Asset valuation column below.

Company Asset valuation Pension increases Spreading method Split of regular cost and variation Total
3i YES YES NO NO 16
Abbey National YES YES YES YES 20
Alliance & Leicester YES YES YES YES 20
Allied Domecq YES YES NO NO 16
Associated British Foods YES YES NO NO 16
AstraZeneca YES YES YES NO 18
BAA YES YES YES YES 20
BAE Systems YES YES YES NO 18
Bank of Scotland YES YES YES YES 20
Barclays YES YES YES YES 20
Bass YES* YES NO YES 16
BAT NO YES YES YES 15
BG YES YES NO YES 18
Blue Circle YES YES YES NO 18
BOC YES YES YES YES 20
Boots YES YES NO NO 16
British Airways YES YES NO NO 16
BT YES YES NO NO 16
Cable & Wireless YES YES NO YES 18
Cadbury Schweppes YES YES YES NO 18
Capita Group YES NO YES NO 17
Carlton YES YES YES NO 18
Celltech NO YES NO NO 11
Centrica YES YES YES YES 20
CGNU YES YES YES NO 18
CMG YES YES NO NO 16
Daily Mail YES YES YES YES 20
Diageo YES YES YES NO 18
Dixons YES YES YES YES 20
Electrocomponents YES YES NO NO 16
EMI YES YES NO NO 16
Exel YES YES YES YES 20
GKN YES YES NO YES 18
GlaxoSmithKline YES YES YES YES 20
Granada Media YES YES NO NO 16
GUS YES YES NO NO 16
Halifax YES YES YES NO 18
Hanson YES YES YES NO 18
Hays YES YES YES YES 20
Hilton YES YES YES YES 20
HSBC YES YES NO NO 16
ICI NO NO YES YES 14
Imperial Tobacco YES YES NO NO 16
Invensys YES YES YES YES 20
Kingfisher YES YES NO NO 16
Land Securities YES NO NO NO 15
Lattice YES YES NO YES 18
Legal & General YES YES YES YES 20
Lloyds TSB YES YES YES NO 18
Marconi YES* YES NO NO 14
Marks & Spencer YES YES NO YES 18
National Grid YES YES NO YES 18
National Power YES YES NO NO 16
Nycomed Amersham YES YES YES NO 18
Pearson YES YES YES YES 20
Powergen NO YES NO YES 13
Prudential YES YES YES YES 20
Railtrack YES NO YES NO 17
Reckitt Benckiser YES YES YES YES 20
Reed Elsevier YES* YES YES YES 18
Rentokil Initial YES YES NO NO 16
Rio Tinto YES YES YES NO 18
Rolls Royce YES YES YES NO 18
Royal & Sun Alliance YES YES YES YES 20
Royal Bank of Scotland YES YES NO YES 18
Safeway YES YES YES YES 20
Sainsbury YES YES NO YES 18
Schroders YES YES YES YES 20
Scottish & Southern Energy YES YES NO NO 16
Scottish Power YES YES YES YES 20
Smiths Industries YES YES NO NO 16
Spirent YES* YES NO NO 14
Standard Chartered YES YES YES YES 20
Tesco YES YES NO NO 16
Unilever YES YES YES YES 20
United Business Media YES YES YES YES 20
United Utilities YES YES NO NO 17
Vodafone YES NO NO NO 15
WPP YES YES YES NO 18


The 79 companies listed above were analysed in depth. Those not analysed were: Amvescap, ARM Holdings, Autonomy, BSkyB, Canary Wharf Group, COLT, Dimension Data, Energis, Logica, Misys, Reuters, Sage, Shire Pharmaceuticals and Telewest (no evidence of significant defined benefit provision); BP Amoco, Anglo American and Shell (do not report under UK generally accepted accounting principles), Billiton, Old Mutual and South African Breweries (wholly overseas); Compass (report not available).