Note 35 Defined Benefit Pension Schemes (continued) 2016/17 Pension Schemes PCC and Group 2017/18 real rates LPGS LPGS LPGS LPGS of return PCC Group PCC Group experienced in Reconciliation of the Movements in Fair Value of the £’000 £’000 £’000 £’000 the respective Plan Assets 2,462 261,638 Opening fair value of scheme assets at 1 April 2,369 307,884 markets. The expected return on scheme assets is determined by 92 9,495 Interest income 61 8,041 considering the expected returns available on the assets (392) 32,722 Remeasurement (gains) and losses return on plan assets 38 4,854 – underlying the current investment policy. 135 7,887 Contributions from employer 151 9,433 PCC and Group 76 3,197 Contributions from employees into the scheme 68 3,528 Expected yields on fixed interest investments are based - (6,858) Benefits paid (230) (10,191) on gross redemption yields as at the Balance Sheet date. (4) (197) Administration expenses (3) (215) Expected returns on equity investments reflect 2,369 307,884 Closing fair value of scheme assets at 31 March 2,454 323,334
Note 35 Defined Benefit Pension Schemes (continued) Reconciliation of the Movements in Fair Value of the Plan Assets The expected return on scheme assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected yields on fixed interest investments are based on gross redemption yields as at the Balance Sheet date. Expected returns on equity investments reflect real rates of return experienced in the respective markets. PCC and Group 2016/17 Pension Schemes PCC and Group 2017/18 LPGS PCC LPGS Group LPGS PCC LPGS Group £’000 £’000 £’000 £’000 2,462 261,638 Opening fair value of scheme assets at 1 April 2,369 307,884 92 9,495 Interest income 61 8,041 (392) 32,722 Remeasurement (gains) and losses – return on plan assets 38 4,854 135 7,887 Contributions from employer 151 9,433 76 3,197 Contributions from employees into the scheme 68 3,528 - (6,858) Benefits paid (230) (10,191) (4) (197) Administration expenses (3) (215) 2,369 307,884 Closing fair value of scheme assets at 31 March 2,454 323,334
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