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Retirement benefit obligations (Tables)

12 Months Ended

Dec. 31, 2022

Retirement benefit obligations

Schedule of assumptions used for the RIPS

​

​	​	​	​	​	​
​		24 February		31 December
​	​	2022	​	2021	​
Weighted average %	​		​
Discount rate		2.6	%	2.0	%
Future salary increases		n/a	​	n/a	​
Future pension increases		3.6	%	3.3	%
RPI inflation		3.7	%	3.4	%
CPI inflation		3.0	%	2.7	%

Schedule of movement in the net defined benefit obligation

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		​		Fair		​		​		Fair		​
​	​	Present	​	value of	​	​	​	Present	​	value of	​	​
​	​	value of	​	plan	​	​	​	value of	​	plan	​	​
​	​	obligation	​	assets	​	Total	​	obligation	​	assets	​	Total
​	​	2022	​	2022	​	2022	​	2021	​	2021	​	2021
​	​	£m	​	£m	​	£m	​	£m	​	£m	​	£m
At 1 January		(1,313)		1,305		(8)		(1,481)		1,461		(20)
Current service costs1		(2)		—		(2)		(1)		—		(1)
Past service costs1		(1)		—		(1)		1		—		1
Settlement gain		4		—		4		22		(21)		1
Transfer of RIPS annuity policies (buy-out)	​	1,159	​	(1,159)	​	—	​	—	​	—	​	—
Administration expenses1		4		(4)		—		—		—		—
Interest on defined benefit obligation/asset1		(5)		5		—		(21)		21		—
Exchange difference		(3)		2		(1)		2		(1)		1
Total pension income/(expense)		1,156		(1,156)		—		3		(1)		2
Remeasurements:
– Remeasurement gain/(loss) on scheme assets		—		(79)		(79)		—		(78)		(78)
– Remeasurement gain/(loss) on obligation2		81		—		81		79		—		79
Contributions:
– Employers		(1)		—		(1)		(1)		8		7
– Benefit payments		12		(10)		2		87		(85)		2
– Refund of surplus		—		(22)		(22)		—		—		—
At 31 December		(65)		38		(27)		(1,313)		1,305		(8)
​	​	​	​	​	​	​	​	​	​	​	​	​
Retirement benefit obligation schemes3		(49)		19		(30)		(63)		36		(27)
Retirement benefit asset schemes4		(16)		19		3		(1,250)		1,269		19

1. Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.

2. The actuarial movement on the UK RIPS comprises remeasurement gain arising from changes in demographic assumptions of £nil (2021: gain of £3m; 2020: gain of £16m), remeasurement gain arising from changes in financial assumptions of £82m (2021: gain of £75m; 2020: loss of £117m) and a remeasurement loss arising from experience of £7m (2021: loss of £1m; 2020: gain of £25m).

3. Benefit plans in an obligation position include plans situated in Thailand, the UK, Martinique, Trinidad and Tobago, Norway, South Africa, Germany, Austria, France, Italy, South Korea, Philippines, India, Hong Kong and Saudi Arabia.

4. Benefit plans in an asset position include plans situated in Australia, Barbados and Ireland.

Schedule of analysis of fair value of plan assets

​

​	​	​	​	​
​		2022		2021
​	​	£m	​	£m
Equity instruments		2		3
Debt instruments – unquoted		15		16
Insurance policies		—		1,239
Other		21		47
Total plan assets		38		1,305

X

- Definition

The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]

+ References

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X

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The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]

+ References

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