The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the financial statements, is available online.

Instructions

Refer to M&S’s financial statements and the accompanying notes to answer the following questions.

a. What kind of pension plan does M&S provide its employees?

b. What was M&S’s pension expense for 2017 and 2016?

c. What is the impact of M&S’s pension plans for 2017 on its financial statements?

d. What information does M&S provide on the target allocation of its pension assets? How do the allocations relate to the expected returns on these assets?