With effect from 30 September 2009, the Group closed its principal defined benefit pension plans in the US and Canada to future service accrual and the deferred pension benefits accrued under those plans were frozen, based on the pensionable salaries of participating employees at that date. In addition, the Group closed the Gates post-retirement healthcare plan in the US to employees who had not retired by 31 December 2009 and reduced the benefits payable to existing beneficiaries.
As a result of these amendments, the Group recognised a gain of $63.0 million in 2009, of which $35.3 million related to pensions and $27.7 million to healthcare benefits.
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
|---|---|---|---|
| Ongoing segments | |||
| Industrial & Automotive: | |||
| – Power Transmission | 29.7 | – | – |
| – Fluid Power | 31.4 | – | – |
| – Other Industrial & Automotive | 1.7 | – | – |
| 62.8 | – | – | |
| Corporate | 0.2 | – | – |
| 63.0 | – | – | |